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As more and more jurisdictions open to foreign trade, companies can gain access to large pool of resources abroad. They can establish relationships with foreign partners and move their production to foreign locations or simply export their products to new markets. IT and software development businesses also seek to benefit from moving the production to foreign jurisdictions.
Generally, the main benefit for moving the software development abroad is lower costs in comparison to the home-country. For example, the cost of developing exactly the same software is 50% less in India if compared to the US. The savings generally come from lower labour costs, but moving the IT and software production abroad can also broaden company’s access to a wider pool of labour with higher skills and expertise. This might explain why 50% of American Fortune 500 businesses are using offshore IT and software development. Let us look at some of the jurisdictions where opening a software development business might be more beneficial in comparison to others and discuss the reasons why.
India India has long been one of the preferred outsourcing software development destinations for leading multinational companies around the world. This means that one of the biggest benefits of choosing India for your IT and software development business would be a multinational demand for outsourced software development services. Meanwhile, the company would enjoy relatively lower labour costs, wide pool of skilled labour and business-friendly environment with the government that promotes start-ups and small businesses. Additionally, due to favourable policy and economic initiatives by the Indian government, IT industry is expected to grow in early to mid-teens for the next few years.
United Kingdom London was recently described as the city that offers the most opportunities to businesses and ranked first for technology readiness. While low labour costs will not be one of the benefits of setting up a software development company in London, there are several other benefits that might compensate for relatively higher wages. Numerous hubs and incubators offer an environment for new start-ups and small businesses with all the necessary functions and support for less than 300 GBP per month. Also the government is committed to support software development and technology sector with such organizations as Tech City UK and Innovate UK with an aim to accelerate the growth of IT businesses. Meanwhile, various tax benefits are available to IT and software development companies in London. Other benefits to consider are skilled workforce and high-speed internet access.
Poland Eastern Europe is becoming increasingly attractive for IT and software development companies with Poland ranking as the number one Eastern European country. While Poland cannot offer as low labour costs as those in India, it can offer other benefits such as proximity to Western Europe and ability to find common working hours with the rest of the world. Poland also shares a cultural affinity with the Western world as well as other Eastern countries. It is also believed to provide better product quality and business environment in comparison to lower-cost destinations for software development businesses.
More jurisdictions to consider for registering an IT business can be found on each continent – each with their own benefits and peculiarities:
Americas: Brazil, Argentina and Chile; Asia/Pacific: China; Europe: Romania, Belarus and Ukraine. Above countries have large enough populations to have wide labour pool and good education systems to produce skilled software developers. Business risks in these countries are manageable and costs are reasonable in comparison to US, Canada and Western Europe.
It is important to remember, that while a particular jurisdiction can be considered to be the best place for incorporating an IT company for one entrepreneur, it may be unsuitable for another one. Consider the necessities that your business is most interested in. It can be a language, geographical location, regulation of particular activities, skilled workforce or costs.
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In general electronic commerce (EC) or as it is called e-commerce is defined as commercial transactions conducted electronically on the Internet, Intranet, Extranet, World Wide Web, by email and by fax. These transactions aren't required to have a price and include both sales and items like free downloads. All the transaction can be made on a global scale.
Simply put, e-commerce means buying and selling goods online. It also includes other types of activities related to business transactions. The latest and nearest branches of e-commerce include mobile commerce, when goods are sold using different mobile devices and Facebook commerce which provides an audience to transact business.
E-commerce involves the creation of new value business structures and business relationships between companies, their customers and suppliers.
Examples of e-commerce business
Best examples of e-commerce are: online shopping (e.g. Amazon.com), electronic payments (e.g. PayPal), online auctions (e.g. eBay), online ticketing (e.g. Ecolines) and internet banking (online bank accounts). It can be executed in two ways – business to business transactions (B2B) between traders, retailers and manufacturers on both sides, business to consumer (B2C) between businesses and consumers and between consumers (C2C), where both parties involved in transactions are creating barter-type deals. Third type of e-commerce transactions can be clearly described as auctions.
There are various ways to execute business deals: email exchange, online catalogs and digital coupons, shopping carts operating with the help of operating system software used to allow consumers to purchase goods and services as well as to easily track customers by putting together all trade aspects into one cohesive whole, File Transfer, social media marketing, targeted advertisements and other web services.
E-commerce industry brief overview
E-commerce helps to save time by speeding up the whole selling process, ensuring wider range of goods in one place, stay available around-the-clock, to find target audience, create and accept business offers and lowers transactions’ costs as well. This means that there are no barriers of time or distance while using the Net. However, it is still not possible to do some important things using this way of making business. For example, consumers as well as retailers and traders are not able to touch the goods straightway and have a tangible experience of the interested items.
Businesses started to use electronic data for sharing their deals in early 1690-s,. In 1979 the American National Standards Institute developed a universal standard for businesses to share business data through electronic networks called ASC X12. The whole industry hit the road in the 1990s with the development of amazon.com and eBay. Past 5 years are recorded to be nourishing for Internet business transactions.
According to data from the U.S. Commerce Department in 2015 Web sales made up to 341.7 billion USA dollars. E-commerce helps to keep things simple while having fewer limitations. It helps to boost the business, build up marketing automation systems, and manage sales and communication with clients and business partners remotely.
Top jurisdictions for incorporating an e-commerce company
Certain jurisdictions have some useful advantages for e-commerce businessmen and international online traders. For example, England has a mature investment and banking industry, allowing an online trade and ensuring a bridge between US market and companies looking forward to break into that market. France has a dedicated minister to digital business (Axelle Lemaire) by creating a brand (La French Tech) meant to promote French startups internationally. Germany or Berlin in particular enjoys lots of attention from famous tech multinationals such as Google Campus @ Factory. Top10 e-commerce markets by country also include China (rated 1), United States (rated 2), Japan (rated 4) and South Korea (rated 7). These ratings were made in 2014 and are based on the statistical data reflecting the amount of total online sales.
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Before incorporating a company or even choosing a jurisdiction, you must plan a corporate structure for your business and, based on that, determine the purpose of the business you wish to incorporate. It is important to understand the business structure of your company as this will determine the jurisdiction and type of business you choose to best serve your needs.
Since different legal entities are usually subject to different tax regulations, it is important to have a clear vision for your company, including its scope of activity and corporate structure. Choosing the right legal form for your business is crucial for tax planning purposes; otherwise you risk additional costs that could easily have been avoided. In addition, some types of companies have certain restrictions on accepting new business partners or third-party investors, which can be problematic if you plan to work with invested capital. One of the most important aspects is the liability of the owners: different legal entities have different levels and mechanisms of liability for the business owner in relation to the company's relationships with third parties. In order to avoid unnecessary risks, we strongly recommend that you think carefully about your choice of legal form.
A company’s legal structure refers to its internal composition and its management and supervisory bodies as well as the liability of the owners in relation to third parties. On this basis, we can offer you the following legal company structures:
Limited liability company (LLC) Joint-stock company (JSC) Limited partnership (LP) Limited liability partnership (LLP) Foundation General partnership (GP) Branch office Representative office Trust Confidus Solutions can provide you with in-depth legal consultation regarding business and tax planning strategies, as well as advising on a suitable legal structure for your company. As each type of entity has its own benefits and disadvantages, we strongly recommend that you contact us before proceeding with the company formation procedure.
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The Panama foundation is a type of private foundation specifically designed as an asset protection tool. Introduced by the Panamanian Government in 1995 (through the Private Interest Foundation Law), it is based on the principles of Swiss, Luxembourg and Liechtenstein family foundations. The most obvious advantage of the Panamanian private foundation is that it is a distinct legal entity, independently capable of exerting its rights, executing agreements, acquiring property, etc.
On the other hand, the difference between an offshore limited liability company and a private foundation is that the latter does not engage in commercial activity and cannot be used for trading purposes. Nor is it to be confused with a corporation, which has owners and members. However, a Panamanian private foundation can participate in investment activities: real estate, holding shares, bonds, patents, interests, stocks, etc.
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Croatia is a unitary parliamentary constitutional republic. In terms of political and civil liberties, Croatia ranks 1st. Citizens of Croatia enjoy complete freedom. The majority of countries in which citizens enjoy extensive civil and political liberties are representative democracies, in which civil servants are elected directly by the citizens to advocate for their needs and aspirations. Free countries are often backed by healthy economies and well-functioning governments. The head of government is Kolinda Grabar-Kitarovic.
According to the World Bank Group, Croatia's government effectiveness index is 0.69. This shows that the government of Croatia is effective. Citizens benefit from well-organized public and civil services and government efficiency is high. Although some services may be lacking in some areas, the overall environment encouraged by state legislation is favorable. In Croatia, legislative power rests with a Sabor. The Global Peace Index (GPI) for Croatia is 1.55. The Strength of the Legal Rights Index for Croatia is 5. Overall, it is considered rather insufficient – bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to a certain extent; Credit information may be sufficient but scarcely available or, conversely, available but not sufficient. Croatia is a member of the United Nations (UN). On May 22, 1992, it joined the United Nations as a full member. Croatia is a member of the European Union (EU). On May 22, 1992, it joined the EU as a full member. Croatia is a member of the World Bank.
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Order one of the offered Danish business services and preparation of possible solutions will be undertaken. Confidus Solutions, in conjugation with a multitude of experts (Danish local including), develops a strategy and creates a unique tailor-made corporate solution for each customer. Once the communication is established, you will receive a list of documents and information required to proceed.
The area of expertise is either a ready-made company or incorporation of a new company or development of a unique corporate structure.
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Colombia is mainly located in northwestern South America with some areas in Central America. Colombia borders Panama, Venezuela, Brazil, Ecuador, and Peru, while its maritime border borders Costa Rica, Honduras, Nicaragua, Jamaica, Haiti, and the Dominican Republic. Colombia is the third most populous country in Latin America and almost five times the size of Great Britain.
Colombia has a relatively advanced and diverse economy, as well as economic and political stability. Entrepreneurs have numerous opportunities in various industries, especially in niche areas. Major industries include textiles, clothing and footwear, food processing and beverages, petroleum, chemicals, cement and automobiles, coal, gold and emeralds, and household appliances. Main exports are coal, crude oil, coffee and non-ferrous metals.
Colombia is home to numerous local and multinational companies. Below is the list of the top five companies in Colombia.
Ecopetrol Ecopetrol, formerly known as Empresa Colombiana de Petroleos SA, is the largest company in Colombia and its main activity is oil and gas exploration and other activities. As a result of efficient operations and continued growth, the company has risen to the top of the Fortune Global 500 as one of the largest companies in the world by revenue. In 2012, Ecopetrol was the 346th largest company in the world according to the Fortune Global 500 Top. It was also one of the top 25 oil companies in the world and one of the top 4 oil companies in Latin America. Since then, the company has lost some of its revenue year after year and, with sales of nearly $16 billion in fiscal 2016, was not included in the Fortune Global 500 list of the largest companies in the world, but is currently the number 559th company in Forbes Global 2000 top.
The largest company in Colombia was founded in 1921 and is currently headquartered in Bogota, the capital of Colombia. Exploration is one of the Company's primary activities. It has made numerous significant advances in the exploration segment, particularly offshore prospecting for hydrocarbons. Some of them are Rydberg with Shell and Nexen, Lion with Repsol, and part of the Orca-1 discovery team, the first discovery of its kind in the deep waters of the Colombian Caribbean. Other business activities include manufacturing, innovation, science and technology, transportation, supply and marketing.
Group Aval In recent years, Grupo Aval has managed to grow in terms of revenue, surpassing Bancolombia to take the second place at the top of the largest companies in Colombia. Grupo Aval is a holding company headquartered in Bogota, Colombia, which primarily operates in Colombia and Central America. The Company is engaged in a variety of activities including banking, telecommunications and real estate. The holding is controlled by Luis Carlos Sarmiento, who directly and indirectly owns over 90% of the company's shares.
Grupo Aval owns BAC-Credomatic, which operates in Guatemala, El Salvador, Mexico, Panama, Costa Rica, Honduras, Nicaragua and Florida in the United States. In addition, the holding company owns enough shares in other companies to control their operations. Most of them are financial institutions in Colombia: Banco de Bogota SA, Banco de Occidente SA, Banco Popular SA, Banco AV Villas SA, etc.
Grupo Aval ranks 693rd in the Forbes Global 2000 peak with $8.5 billion in revenue and figures in many other Forbes-based peaks: #88 in Top Regarded Companies, #377 in Assets, #899 in Profit and # 1289 in Market Value.
Bankcolumbia With 2016 operating income of nearly $7 billion, Bancolombia is the second largest commercial banking financial institution in Colombia and one of the largest in Latin America. The bank was founded in 1945 and is currently headquartered in Medellin, Colombia. Bancolombia is a full-service bank offering a wide range of financial products and services to a diversified corporate and retail customer base not only in Colombia but also in countries such as Panama, Puerto Rico, El Salvador, Peru, Brazil and the Cayman Islands , the United States, Australia, Spain, Sri Lanka and Malaysia. Bancolombia operates in nine segments: Banks in Colombia and Banks in El Salvador, Trust, Investments, Leasing, Pensions & Insurance, Brokerage, Offshore and All Others.
Banco Davivienda Banco Davivienda is a Colombia-based bank founded in 1972 and with headquarters in Bogota, Colombia. It is currently a part of Grupo Bolivar, the third biggest financial institution in Colombia by profits and assets. Banco Davivienda offers financial services to corporate and individual customers as well as the rural sector. Banco Davivienda currently is number 1374 in the Forbes Global 2000 top with 3.3 billion USD.
Grupo Bolivar Grupo Bolivar is a holding company with over 70 years of experience and operating in various sectors, such as financial, insurance and construction. Interestingly, although Grupo Bolivar had a slightly bigger amount of revenues than Banco Davivienda, Forbes has placed it below its daughter company – it takes 1546th place in Forbes Global 2000 top.
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As each individual result is based on the background and experience that created it, it may be helpful to take a quick look at already established startup companies in that geographic area before starting to explore the most popular and effective jurisdictions for incorporation in to describe Asia.
Asia is leading the growth in technology investment, defying the dismal numbers for other parts of the world with economic powerhouses in China and India. The most popular business areas or business trends in this region today are: E-Commerce, Marketplaces, Financial Technologies, Transportation, Biotechnologies, Computing Technologies, Internet Infrastructure and Enterprise Business Solutions Area. These sectors accounted for about 30% of VC investments a few years ago.
Market leader in Asia Each of these areas has its leader in terms of business performance and funding. For example, e-commerce site Lazada was valued at $1.3 billion with total funding of $686 million. Ride-hailing cab application Grab has received $680 million in funding. There are other Asian startups that have really great potential: Zalora (e-commerce sector, fashion industry); PropertyGuru (real estate business); Elevenia (e-commerce area, marketplaces and platforms); M-DAQ (fintech area); Tokopedia (e-commerce section, consumer-to-consumer marketplace); Qoo10 (e-commerce section, business-to-consumer marketplace); Capillary Technologies (cloud-based customer loyalty platform for retailers); Aslan Pharmaceuticals (biotech company); IcarsClub (peer to peer car rental platform) and other companies. Most of these startups are formed in Southeast Asia in countries like Singapore, Malaysia, India, China, United Arab Emirates and Indonesia. These can be considered as the top 6 jurisdictions for company formation in Asia.
Singapore This country has one of the best startup ecosystems in Asia Pacific. Today, around three and a half startups are active there. It is a well-known business center that is home to the headquarters of Uber, Facebook and Google. Therefore, the main areas of development include e-commerce, social media and gaming. It is a perfect place for e-commerce development as 9/10 of its citizens have access to a smartphone. Only half of Singapore's potential startup clients live abroad.
Indonesia This jurisprudence is more cooperative compared to other countries. There is also a large flow of investors in the country entering the market. For example, Jakarta gathers investors around the world focused on e-commerce, travel and lifestyle.
Malaysia The country has had special programs for startups since 2013, which support them and help entrepreneurs by equipping them with skills, networks and the necessary knowledge. These programs are the largest startup accelerators in this region. It is also perfect for developing and nurturing foreign talent. Hence, Malaysia has a really supportive government. Incidentally, the cost of living in Malaysia is significantly cheaper than in Singapore. Another advantage is that the country has a good test market, which is slightly larger than the Singapore market.
China Beijing is one of the top startup cities in Asia along with Hong Kong, which is seeing global growth in startups across various industries such as fintech, hardware, and e-commerce. The second has about 2,000 small and large startups. China also has a tax break program for startups. Annual tax deductions are around $1,500 million. They are usually awarded to companies set up by previously unemployed workers and university graduates. Currently, the country operates about 1,500 business incubators created by the Ministry of Science and Technology. It is conducted as part of the 27-year Torch program, which provides policy, consulting and financial services to high-tech companies.
India India has about 5,000 operational startups established in cities like Bangalore, Delhi, Mumbai and others. New projects are actively funded, consolidated, growing financially and evolving in the technical sense. India is making a revolution in this business field that is fundamentally changing the way markets work today. There are some estimates by the Internet and Mobile Association of India showing that India has 500 million internet users worldwide in 2017. This place also has a lot of high-profile talent, a larger number of investors willing to invest in potentially successful projects, rather cheap real estate prices
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04.04.2024 12:44