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Good offer Luxembourg STANDARD
Grand Duchy of Luxembourg is located in Western Europe and is bordered by Germany, Belgium and France. The country, together with Belgium and Netherlands is part of the Benelux. Luxembourg is one of the richest countries in Europe and the fourth largest in the world in terms of per capita income.
The official languages in the country are Luxembourgish, German and French. After joining to Eurozone, the official currency is euro, which was preceded by the Luxembourg and Belgian franc. The country`s economy is based on the production of iron, pig iron, iron ore. However, the most profitable areas of the economy is banking sector and the financial services sector.
Offshore zone Luxembourg has following advantages for foreign investors:
- Stability of economic and political situation;
- Ability for doing business in prestigious European country, which is one of the founders of the EU;
- Highly developed banking sector and attractive opportunities for investment;
- High level of privacy, particularly with regard to banking secrecy that is guaranteed on the constitutional level;
- Effective legal and regulatory framework;
- Favorable conditions for opening and operating of the various funds.
The most popular forms of company's registration in Luxembourg are:
- Limited Liability Company (SARL);
- Joint-stock company (SA);
- Partnership with unlimited liability (SENC);
- Limited Partnership (SCA, SCS).
Activity of Joint Stock Company and limited liability Company is governed by the Law of Commercial Organizations 1915.
There are following requirements for SARL:
The minimum authorized capital is 12 500 euros, which must be paid at the time of registration. The number of shareholders whose liability is limited by their share of stocks should be no more than 40 people. The company must have at least one director and shareholder (private and legal persons without residency requirements). Information about directors and shareholders is public. One should submit annual financial statements without audit requirements. Registered office in Luxembourg is necessary. The annual shareholders` meeting is unrequired, if their number is less than 25. The Company may be engaged in commercial activities in Luxembourg and outside its national territory, except the case when the company is registered in the form of wealth management holding (SPF).
Joint stock company (SA)
The minimum size of the authorized capital (shares, free in circulation) is 31 000 euros, 25% of which must be paid at the time of registration. Minimum number of directors is three, making the Board of Directors, the shareholders - two. Extent of shareholder’s liability depends on their belonging to shares. Private or legal persons, including non-residents of Luxembourg can be directors and shareholders. Management functions are delegated to the Executive Director; there are requirements for the position of Secretary. Joint stock company may issue both registered shares and bearer (at 100% payment of the authorized capital). One should submit financial statements and holding annual shareholders’ meeting. The audit is necessary with annual turnover of more than 4.6 mln. euros, annual income of more than 2.3 mln. euros and staff strength with more than 50 people.
There are no requirements for the size of authorised capital for partnership with limited and unlimited liability. In the case of partnership with unlimited liability (SENC), partners bear responsibility for all partnership liabilities. The control functions are assigned to the general partner. Limited liability partnership with the right to issue shares (SCA), and without the right to issue shares (SCS). In the first case fund in the form of stock is divided between the partners. Person, managing the partnership has a wide range of powers up to veto concerning the decision of the partners meeting. Supervisory Board, consisting from three internal auditors controls company`s activity.
Offshore zone Luxembourg - taxation
Companies registered in Luxembourg or having Governing bodies here are subjected taxes.
Corporation tax is payable at the rate of 20%, if the amount of income is more than 15 000 euro and 21% if the income exceeds this amount.
The tax on dividends is 15%, can not be paid, if the parent company owns at least 10% of the subsidiary’s shares with the value of more than 1.2 mln. euros during the year.
The VAT rate is 15%
Municipal business tax is 6 -10.5%.
Partnership are taxed at the partner level, based on the distributed profits. The municipal tax is charged on income earned by the Partnership.
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