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Why Conduct an Entity Health Check in Panama?

by Legal Team Panama | Sep 14, 2020

Corporate compliance in Panama is constantly changing. Therefore, conducting an entity health check in Panama will ensure that your business or the company you plan to do business with complies with local legislation. Foreign executives doing business in Panama must undertake an entity health check regularly. Hiring a trusted local partner to review the status of your company in terms of corporate compliance will protect your business from penalties and avoid risks. What is an entity health check in Panama? An entity health check is important to mitigate risks when doing business in Panama. An entity health check in Panama is an audit conducted by independent experts to examine accounting and legal compliance. An entity health check reviews if a company doing business in the country complies with tax declarations, labour regulations, monthly reports, and accounting registries. As a result, there is a better understanding of the overall corporate compliance landscape. The main objective of conducting an entity health check is to identify any discrepancies within a company that might affect business operations. Why is it important to conduct regular entity health checks? An entity health check in Panama is important to mitigate risks when doing business in the country. It covers various aspects of a company’s activities, including the legal, accountancy, tax and human resources practices. This examination seeks to understand if a legal entity established in Panama is and has been fully compliant with local corporate regulations....

What Are Companies’ Corporate Compliance Requirements in Uruguay?

by Legal Team Uruguay | Aug 13, 2020

Uruguay is a very politically stable country with high legal security. It has a non-discriminatory investment policy with no restrictions on the participation of foreign capital. However, as you establish your business, you must be aware of corporate compliance requirements in Uruguay. Legal structures in Uruguay Once a legal entity is duly incorporated in Uruguay, it must meet the necessary corporate compliance requirements to freely operate in the country. These legal obligations are not very complex or difficult to comply with as long as you understand them or seek the support of a local expert. Uruguay offers companies several legal structures to establish their business. Uruguay offers companies several legal structures to establish their business, from non-profit organizations to stock corporations. A foreign company may incorporate a legal entity in one of the following structures: Corporation (Sociedad Anónima- S.A.)Simplified Share Companies (Sociedad por Acciones Simplificadas- S.A.S.)Limited Liability Company (Sociedad de Responsabilidad Limitada- S.R.L.)Branch Office of a Foreign Company (Sucursal) Legal representation in Uruguay All established companies in Uruguay must appoint a legal representative, who will be in charge of representing the organization before third parties. Note that businesses expanding in the country must also appoint a legal representative during the company incorporation process. Some of the responsibilities of a legal representative include: Legally representing the company by expressing the will of the company.Following...

Why Outsource Corporate Secretarial Services in Bolivia?

by Legal Team Bolivia | Jul 4, 2020

Find out what corporate secretarial services in Bolivia are available to your business from third-party providers, and how they can relieve pressures on your expanding commercial activities. One of the most important things to take into consideration when doing business in Bolivia is to ensure your company stays compliant with local corporate obligations at all times. These services will help companies to develop their activities without legal hurdles. Any company needs the best legal, accounting and financial advice, in order to fulfil all requirements before regulatory entities on time. Being a constant support to manage companies’ compliance, corporate secretarial services will help a company in Bolivia to avoid penalties. What are the available corporate secretarial services in Bolivia? One of the most important corporate secretarial service in Bolivia is the analysis of all company documents. Legal and financial audit One of the most important corporate secretarial service in Bolivia is the analysis of all company documents; a legal and financial audit will detect any problems in the company’s compliance with its annual obligations. Once the audit is completed, a legal report will determine if the company’s compliance is faultless. If the audit detects some pending obligations actions can be taken immediately to avoid any kinds of penalties from public entities, such as the Bolivian Tax Office. Payroll and personal Each month, the Ministry of Labor and social security demand a payroll declaration. Having corporate secretarial services in Bolivia for your...

Why Get an Entity Health Check in Australia?

by Legal Team Australia | Jun 19, 2020

Getting an entity health check in Australia is a vital step before incorporating a company in the country. As it becomes an exciting destination for foreign investors, Australia offers a favorable business environment, promoted by a dynamic and competitive economy. Thus, an entity health check will allow you to access critical information to understand the risks and opportunities when doing business in Australia. In this article, we will explain what an entity health check is and how beneficial it can be for your company. What is an entity health check in Australia? An entity health check in Australia calculates potential risks and challenges for a business. An entity health check in Australia is the best way to identify and calculate the risks and challenges executives may face when expanding their business in the country. It relies on a due diligence process to determine whether a company is fully compliant with local regulations or not. In the same way, an entity health check refers to a detailed professional investigation that examines a company’s legal and accountancy data, human resources processes, and environmental practices to calculate future contingencies. Evaluating legal, financial and other aspects An entity health check may vary in terms of extension, scope, and depth. It can include legal information but also commercial and financial records. A basic entity health check should cover the following aspects: Basic company details such as the name, commercial address, type of industry, and shareholdersLicense numbers, operational...

What is a Compliance Officer for an NGO in Peru?

by Legal Team Peru | May 23, 2020

Forming an NGO in Peru requires a range of legal aspects, such as the nomination of a compliance officer. NGOs in Peru must create an internal compliance system with a Compliance Officer. This is a part of the work culture of an NGO in Peru and the organisation must enforce it. Find out about requirements for NGOs in Peru to work with a Compliance Officer. What is the compliance system for an NGO in Peru? The main task of a compliance officer in an NGO in Peru is to ensure the organisation works ethically. A compliance system prevents corruption inside a company resulting in either direct or indirect benefit. The characteristics of a comprehensive compliance system for an NGO in Peru are: The general board and general management should be the main supporters of this system.Its implementation must function as a system that goes through the different business units.A compliance must take as a basis: values, promises and commitments of the organization. In addition to that, it must be measurable in order to confirm compliance.It should be considered that the company’s evaluation is carried out in the future. It is very important to put this comprehensive risk management model into effect in NGOs, since this involves identifying the most critical risks. Some organizations may apply international standards. What does a Compliance Officer do in an NGO in Peru? The Peruvian government established Decree Law N° 1352 of the Law N° 30424, which regulates the administrative liability of legal entities against transnational active bribery. The scope of application includes...

How to Liquidate a Company in Belize

by Legal Team Belize | Apr 7, 2020

It is important to understand the steps on how to liquidate a company in Belize if you are considering exiting the market. As a small country in Central America experiencing positive, but slow, economic growth, companies may make the decision to close down operations.The liquidation process of a company in Belize is complex and undertaking the full and correct process can take time. There are various important steps and legal obligations you need to undertake to fully comply with the law along the way. You’ll need to engage with a local legal expert in Belize for assistance with this process. Find out what steps you’ll need to take to liquidate your company in Belize. Overview of company liquidation in Belize Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. It is an occasion that normally happens when an organization is insolvent, which means it can’t pay its obligations when they are expected to. As a company's operations end through liquidation, its remaining assets are utilized to pay creditors and shareholders. If the company does not have outstanding debts, then in theory the process should be faster. However, it is important to review the accounting documents (financial statements, balance sheets, annual statements) to fully understand the company's financial situation. Steps to liquidate your company in Belize According to current...

Update on Ecuador Taxation and Accounting Compliance

by Accounting Team Ecuador | Mar 21, 2020

Understand crucial reforms of Ecuador’s taxation and accounting compliance regulations, and what should be expected for the year 2020 on Ecuador’s tax front. The country's President Lenin Moreno is trying to reform the economy and improve the business environment with the help of the International Monetary Fund (IMF). An important part of these attempts was a major tax reform at the end of last year. 18 tax reforms were implemented between 2007 and 2017. What were the effects on Ecuador's tax system and how does it look now? Timeline of changes in Ecuador’s taxation and accounting compliance The elimination of the advanced payment of income tax as a minimum income tax and the elimination/reduction of the foreign currency exit tax is what the business sector calls for the most. President Rafael Correa, who had his presidential term from 2007 to 2017, announced from the beginning of his campaign that his intentions were to remove inequalities, distribute wealth and achieve social justice. He also sought to eliminate commercial activities connected with tax havens. As Ecuador is a dollarized economy, it was not an option to use an exchange rate policy as a tool to balance public finances. This led, in 2012, to the creation of the controversial foreign currency exit tax. In order to support investment in national production, encourage the use of environmentally friendly technologies, support strategic economic sectors and encourage job creation, the government issued the Organic Code of Production, commerce, and investments in 2010. The Moreno government The Moreno...