SBILL

CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
LESSON 11: Setting up of Business outside
India and Issues Relating Thereto
LAWS /AUTHORITY GOVERNING SETTING UP OF BUSINESS OUTSIDE INDIA
• The Reserve Bank of India issues regulatory Master Directions on various topics,
consolidating existing regulations and updating them as needed.
• These directions are clarified through FAQs to ensure they are understandable.
• The RBI, under FEMA 1999, regulates permissible capital account transactions and their
foreign exchange limits.
• Recent changes include the consolidation of various older regulations into the new FEMA
(Overseas Investment) Rules and Regulations, 2022.
• This new regime simplifies procedures, reduces the need for specific approvals, and
lowers compliance costs, enhancing operational ease and clarity in overseas investments.
• Key changes in the new regulations include clearer definitions, the introduction of a
"strategic sector," and simplified approval processes for certain investments and financial
actions.

OVERSEAS INVESTMENT
• Prior to August 22, 2022, direct investment outside India was defined differently, excluding
portfolio investments and financial commitments.
• "OI Rules" now integrate these to define "Financial Commitment" and "Overseas Portfolio
Investment" as components of Overseas Investment (OI).

Financial Commitment (FC) is the total investment by an Indian resident through direct
investment and other financial extensions to foreign entities.
• Overseas Portfolio Investment (OPI) involves investing in foreign securities not involving
direct control or major equity shares.
• Investments can follow two routes: Automatic and Approval, guided by OI Rules, OI
Regulations, and OI Directions.
• Conditions for FC by an Indian entity: a. Must be eligible to make ODI. b. Should have
made ODI in the foreign entity. c. Must have control over the foreign entity at or before
financial commitment.

Regulatory Framework:
• OI Rules: Govern the framework for overseas investment including permissions,
conditions, restrictions on ODI, pricing guidelines, and procedures for transfer,
liquidation, and restructuring of ODI.
• OI Regulations: Focus on the operational aspects like conditions for undertaking
FC, considerations in equity transfers of foreign entities, payment modes,
obligations of Indian residents, and reporting requirements.

ELIGIBILITY (ENTITIES ARE REFERRED TO AS “INDIAN ENTITY”)

• Indian Entity includes:
• Companies under the Companies Act, 2013.
• Body Corporate incorporated under any law.
• Limited Liability Partnerships under the Limited Liability Partnership Act, 2008.
• Partnership Firms registered under the Indian Partnership Act, 1932.
• Foreign Entity Definition:

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SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Replaces the old Joint Venture (JV) and Wholly Owned Subsidiary (WOS) terms.
• Defined as an entity outside India or in an International Financial Services Centre
(IFSC) within India, with limited liability.
• Limited Liability:
• Structures like limited liability companies or partnerships where Indian residents'
liability is clear and limited.
• If a foreign entity is a regulated investment fund, the Indian investor’s liability is
limited to their interest or contribution, and the trustee must be a non-resident.

NON-APPLICABILITY
• Excludes:
• Investments by financial institutions in an IFSC.
• Investments made from a Resident Foreign Currency Account.
• Investments made with foreign currency resources held outside India by
individuals temporarily employed in India.
• Investments made by individuals who were non-residents at the time of investment
or inherited from a non-resident, according to Section 6(4) of FEMA.

PROHIBITIONS
• Restricted Investments:
• No investments in foreign entities involved in real estate or gambling.
• No dealing in financial products linked to the Indian Rupee without RBI approval.
• Start-ups:
• Investments in start-ups must be from internal accruals of the Indian entity or its
group/associate companies, or from the personal funds of resident individuals.
• Structural Limitations:
• No investment in a foreign entity that invests back into India resulting in more than
two layers of subsidiaries.
• Exceptions apply to certain financial and government institutions as specified in
the Companies Act and other relevant legislations.

AUTOMATIC ROUTE
• Rule 9 of OI Rules, 2022: Specifies general conditions for overseas investments under
the automatic route.
• Investments must be in foreign entities engaged in bona-fide business activities,
directly or through step-down subsidiaries or special-purpose vehicles (SPVs).
• Bona-fide business activities are defined as those permissible under laws in both
India and the host country.
• Step-down Subsidiary:
• A subsidiary where the foreign entity has control.
• Must comply with the structural requirements of a foreign entity, i.e., have limited
liability.
• Changes and Expansions:
• The new rules allow investment into entities through multiple layers of step-down
subsidiaries or SPVs, expanding from the previous limit of one layer.
• The definition of bona-fide activities brings clarity but raises questions about
activities permitted in some jurisdictions but not others, such as gambling.
• The definition's wording leaves ambiguity about whether pure holding companies
qualify as engaging in bona-fide business activities.
• Control Considerations:

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.2
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Control involves the right to appoint the majority of directors or to manage policy
decisions.
• Overseas Direct Investment (ODI) can be considered even without capital infusion,
such as in cases where control is acquired through non-monetary means (e.g., gift
of controlling shares).

APPROVAL ROUTE
• Geographic and Sectoral Restrictions:
• Investments into companies in Pakistan or other restricted countries as specified
by the Central Government require prior approval.
• Investments in strategic sectors or specific geographies beyond set limits also
require government approval, processed through RBI.
• Financial Commitments:
• Any Indian entity’s financial commitment exceeding USD 1 billion in a financial year
requires RBI’s prior approval, even if within the permissible limit.
• The rule aligns with previous regulations that also required RBI approval for large
financial commitments.
• Dispensed Approvals:
• Certain requirements for prior approvals have been removed, including for
deferred payment of considerations and investments by entities under
investigation.
• Historical Regulations:
• Previous restrictions against investing in countries identified by the Financial
Action Task Force (FATF) as non-cooperative do not explicitly appear in the new
rules but allow the Central Government to designate restricted investment
territories.
No Objection Certificate
• Rule 10 Requirements:
• Individuals or entities with an NPA account, classified as willful defaulters, or under
investigation (by CBI, ED, SFIO) must obtain a No Objection Certificate (NOC)
from the concerned authorities for making any financial commitments or
divestments under the OI Rules.
• This requirement specifically applies to financial commitments and does not extend
to Overseas Portfolio Investments (OPI).
• Deemed Consent:
• If the NOC is not provided within 60 days of application, it is presumed granted.
This provision of ‘deemed consent’ may raise concerns among lenders and
regulatory bodies.
• Exceptions:
• If an Indian entity has issued a guarantee before being investigated or classified
as an NPA/willful defaulter and is required to honor it later, this does not constitute
a new financial commitment, and thus, no NOC is required.

METHOD OF FUNDING
• Permissible Methods of Payment:
• Remittance through banking channels.
• Funds from accounts compliant with the Act.
• Swap of securities.
• Proceeds from American Depository Receipts (ADRs), Global Depositary Receipts
(GDRs), or external commercial borrowings aligned with Act provisions.
• Restrictions and Provisions:

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.3
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Cash investments overseas are not permitted.
• Indian entities can remit funds to their overseas branches only for normal business
operations, not for overseas investments.
• Payments on behalf of a foreign entity must comply with financial commitments as
outlined in the OI Rules/Regulations.
• Investments or financial commitments in Nepal and Bhutan must follow specific
regulations, ensuring repatriation of all dues and proceeds in freely convertible
currencies.

FOREIGN DIRECT INVESTMENT POLICY

• Department and Policy Formulation:
• The Department for Promotion of Industry and Internal Trade (DPIIT) is responsible
for formulating and managing the FDI policy in India.
• It maintains data on inward FDI based on reports from the Reserve Bank of India
(RBI).
• FDI policy is continuously reviewed to make it more investor-friendly.
• FDI Policy Framework:
• India has a liberal FDI policy allowing up to 100% investment under the automatic
route in most sectors.
• Recent changes aim to make India a more attractive investment destination.
• Policies are made through the Consolidated FDI Policy Circular and notifications
by the Department of Economic Affairs.
• Reporting Requirements:
• Overseas Investment (OI) Regulations mandate detailed reporting for Foreign
Commitment (FC) and Overseas Portfolio Investment (OPI), including
disinvestment and restructuring.
• Reporting ensures compliance and is critical to manage delays via the Late
Submission Fee (LSF), which can be up to 100% of the amount involved in delayed
reporting.
• Specific Reporting Protocols:
• Reporting through designated Authorized Dealer (AD) banks as per specified
formats.
• Financial commitments are reported at the time of remittance or commitment,
whichever is earlier.
• Disinvestments are reported within 30 days of receiving proceeds.
• Restructurings are reported within 30 days of the event.
• OPI transactions are reported semi-annually, within 60 days of the half-year end.
• Specific provisions exist for reporting investments under Employee Stock
Ownership Plans (ESOPs) or similar schemes.
• Annual Reports:
• Annual Performance Report (APR) is required for any equity acquisition in a
foreign entity classified as ODI, due annually by 31st December.
• APR is not required if the investment is less than 10% without control or if the
foreign entity is under liquidation.
• An Annual Return on Foreign Liabilities and Assets must be submitted to the RBI’s
Department of Statistics and Information Management within a specified
timeframe.

ISSUES IN CHOOSING LOCATION OUTSIDE INDIA

1. Geographical and Infrastructure Factors:

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.4
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Importance of location relative to geographical access such as proximity to ports,
airports, and availability of specialized storage (e.g., cold or secure storage).
• Accessibility for transportation of goods, materials, and personnel.
• Significance within the supply chain including raw material sourcing, processing,
and dispatching of finished products.
• Talent pool availability for production, services, and management.
• Risk considerations such as pandemics and natural disasters (earthquakes,
tsunamis).
2. Economic Aspects:
• Ease of doing business: Factors include setting up, restructuring, and closing
businesses; visa availability.
• Cost effectiveness: Analysis of return on investment compared to similar locations.
• Labor laws: Quality and availability of labor, unemployment rates, labor unions,
worker motivation, and turnover.
• Taxation laws: Consideration of investment allowances, subsidies, profit
repatriation, and double-taxation avoidance agreements.
• Incentives: Evaluation of local, regional, or state economic incentives that could
reduce project costs.
3. Political Aspects:
• Relationship status of the host country with India and other neighboring countries,
including Most Favored Nation (MFN) status.
• Stability and predictability of the legislative and regulatory environment.
• Impact of governmental regulations on business operations, including the approval
processes for building plans, environmental permits, and utility connections.
4. Social Aspects:
• Trade relations and interactions between businesses from both countries.
• Expatriate-friendliness for relocating key personnel.
5. Technological Aspects:
• Protection of intellectual property rights: ability to create, maintain, and manage IP
effectively.
• Availability and reliability of essential services such as power, communication, and
telecommunications.
6. Additional Strategic Considerations:
• Consideration of infrastructure, geographical location, political stability, economic
policies, cultural and language barriers.
• Alignment with global value systems and institutions to ensure stakeholder
support.
• Compliance with legal and regulatory requirements in the host country.
• Global tax implications and planning within the legal framework.

Setting up a Business in New Zealand

1. Regulator and Online Registration:
• The New Zealand Companies Office is the regulator responsible for business
registrations.
• Initial steps include securing a business name and structure, followed by online
registration for company incorporation, IRD (tax) number, GST registration, and
obtaining a New Zealand Business Number (NZBN).
• Required tools and accounts include a RealMe Login and an online services
account with the Companies Register.
2. Securing Your Business Name:
• Use the ONECheck tool to start the process.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.5
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Register a domain name through authorized registrars listed by the Domain Name
Commission.
• Reserve your company name via the Companies Office website, ensuring
uniqueness and reservation for up to 20 working days.
3. Online Application Process:
• Follow the link in the confirmation email after name reservation approval or log into
your account.
• Navigate to ‘My unfinished business’ > ‘My tasks’ > ‘Complete Coy Application’.
• Enter details for Directors, Shareholders, and Tax Registration.
• Review and submit the application along with the application fee.
4. Director and Shareholder Consents:
• Upon submission, consent forms for directors and shareholders are emailed for
signatures.
• Signed forms must be returned within 20 working days to avoid expiration.
• The certificate of incorporation is issued via email after the last consent form is
accepted.
5. IRD Number and GST Registration:
• Apply for an IRD number and register for GST simultaneously with company
incorporation.
• Required details include contact information, the date of commencing
employment, details of employees and contractors, the main business activity,
trading name (if different), and applicable taxes like the Fringe Benefit Tax.
6. New Zealand Business Number (NZBN):
• NZBN is automatically issued to registered companies and links essential business
information like trading name and contact details.
• Sole traders and partnerships can register for an NZBN free of cost online.
7. Trademark and Regulatory Checks:
• Before finalizing the business name, check for trademark issues with the
Intellectual Property Office New Zealand (IPONZ) through a search and
preliminary advice (SPA) report.
• Ensure compliance with specific industry or regional regulations such as fair
trading, consumer guarantees, privacy, health and safety, and food licensing.

Business Reforms in New Zealand (World Bank Doing Business Report 2020)
2019
• Starting a Business: Reduction in fees for name search and company incorporation
made starting a business less expensive.

2018
• Paying Taxes: Introduction of an improved online portal for filing and paying general sales
tax simplified the tax payment process.
• Enforcing Contracts: Temporarily suspended the filing of new commercial cases in the
High Court's Commercial List during the setup of a new Commercial Panel, making
enforcing contracts more challenging temporarily.

2017
• Paying Taxes:
• Abolition of the cheque levy eased the process.
• Decrease in the accident compensation levy rate paid by employers reduced costs.
• Increase in property tax and road user levy rates made paying taxes more
expensive.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.6
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal

2016
• Getting Electricity: Improved payment monitoring and confirmation processes for
connection works reduced the time required to get an electricity connection.

2015
• Getting Credit: Started distributing both positive and negative credit information,
improving access to credit data.

2014
• Enforcing Contracts: Improved case management system to ensure quicker and less
costly adjudication of cases.

2013
• Getting Credit: Allowed credit bureaus to collect positive information on individuals,
improving access to credit.

2012
• Paying Taxes: Lowered corporate income tax rate and fringe benefit tax rate.

2011
• Enforcing Contracts: Enacted new district court rules to make the contract enforcement
process more user-friendly.

2010
• Dealing with Construction Permits: Increased fees made dealing with construction
permits more costly.

2009
• Starting a Business: Simplified the start-up process to a one-day online registration,
making it easier to start a business.
• Paying Taxes: Reduced corporate income tax rate, lowering tax costs for companies.
• Resolving Insolvency: Introduced a reorganization procedure aimed at providing an
alternative to liquidation and receivership, enhancing the chances of a company
continuing as a going concern.

Setting up of Business in Singapore

Regulator: Accounting and Corporate Regulatory Authority (ACRA)

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.7
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal

There are 7 types of companies which can be incorporated in Singapore. On submitting the
company name application, the relevant company type must be specified. The available options
are:
1. Exempt private company
2. Private company limited by shares
3. Public company limited by shares
4. Public company limited by guarantee
5. Unlimited private company
6. Unlimited exempt private company
7. Unlimited public company

The private limited company is governed by the Singapore Companies Act and must comply with
its laws under ACRA and the Inland Revenue Authority of Singapore (IRAS). Designations include:
• Company name – Must be approved by the ACRA.
• Shareholders – Minimum of one.
• Directors – At least one director must reside in Singapore.
• Company Secretary – Also must be a Singapore resident.
• Paid-up capital – At least S$1
• Registered address – A physical office address is required

Employee Compensation Insurance and Business Reforms in Singapore

Employee Compensation Insurance:
• Under Section 23(1) of the Work Injury Compensation Act (WICA), Chapter 354, in
Singapore, it is mandatory for every employer to insure and maintain insurance against all
liabilities which the company may incur under this Act in respect of any employee, unless
exempted by the Minister.
• Since November 2017, the purchase of Workman Injury Compensation Insurance (WICI)
can be done through NTUC Income via the ACRA’s online Bizfile+ system immediately
after completing the online business registration process.
• The cost and time involved in securing insurance depend on the specific arrangements
between the company and the insurance agency.

Initiatives in Singapore for Setting Up of Business (World Bank Doing Business Report
2020):

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.8
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
2020:
• Dealing with Construction Permits: Enhanced risk-based approach to inspections,
improved public access to soil information, and streamlined processes for obtaining
construction permits.

2019:
• Starting a Business: Eliminated the requirement for corporate seals, simplifying the start-
up process.
• Enforcing Contracts: Introduced consolidated laws on voluntary mediation, facilitating
smoother contract enforcement.

2018:
• Trading Across Borders: Enhanced port infrastructure and electronic equipment, making
exporting and importing processes more efficient.
• Resolving Insolvency: Introduced a new scheme of arrangement procedure with debtor-
in-possession reorganization features and provisions for prepackaged restructurings.

2017:
• Dealing with Construction Permits: Streamlined procedures and enhanced online one-
stop shop services.
• Registering Property: Introduced an independent mechanism for reporting errors on
titles and maps, simplifying property transfers.
• Paying Taxes: Improved online systems for filing corporate income tax and VAT returns,
although social security contributions by employers increased, and a vehicle tax rebate
expired.

2015:
• Enforcing Contracts: Launched a new electronic litigation system that streamlines
proceedings.

2014:
• Registering Property: Made transferring property easier with an online procedure.
• Getting Credit: Guaranteed borrowers' right by law to inspect their own credit data.

2011:
• Getting Credit: Enhanced credit information systems by collecting and distributing
information on firms.

2010:
• Starting a Business: Integrated tax registration with business registration into a single
online form.
• Dealing with Construction Permits: Introduced new safety regulations allowing online
document submission for low-risk industries.
• Registering Property: Upgraded electronic systems and streamlined administrative
procedures in government agencies.

2009:
• Starting a Business: Reduced the time and procedures needed to start a business by
simplifying the online start-up process.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.9
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Dealing with Construction Permits: Improved internal data management and
processing at agencies involved in the permitting process.

Setting up of a Business in Hong Kong SAR, China

Setting up a Business and Managing Business Reforms in Hong Kong SAR

Choosing and Registering a Company Name:
• Search for a company name online at the Companies Registry or the mobile website.
• Once a unique name is found, reserve it through the e-Registry system, where you will be
informed about the name's acceptability before proceeding to payment.
• Necessary documents for incorporation include:
• Incorporation form (Form NNC1 for companies limited by shares)
• A copy of the articles of association
• Notice to Business Registration Office (IRBR1)
• Once the documents are submitted and fees paid, the certificate of incorporation and
business registration certificate will be issued, often within less than a day through the “e-
Registry” system.

Mandatory Registrations:
• Following incorporation, the company will automatically be registered for tax purposes with
the Inland Revenue Department.
• Employee’s Compensation Insurance and Mandatory Provident Fund (MPF) schemes are
necessary:
• Employee's Compensation Insurance covers liabilities for employee injuries or
fatalities under the Employees’ Compensation Ordinance.
• Employers must enroll eligible employees in an MPF scheme, managing
contributions for retirement funds.

Business Reforms in Hong Kong SAR (World Bank Doing Business Report 2020):
2020:

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.10
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Dealing with Construction Permits: Enhanced risk-based inspections and improved
access to soil information simplified the permit acquisition process.
2019:
• Getting Electricity: A specialized task force was established to manage trenching and
excavation for faster electricity connections.
2018:
• Starting a Business: Business tax fees were reintroduced, increasing the cost.
• Registering Property: Improved land administration systems and introduced a
complaints mechanism.
2017:
• Starting a Business: Reduced business registration fees.
• Getting Electricity: Streamlined application reviews and reduced time for excavation
permits.
2016:
• Starting a Business: Removed the requirement for a company seal.
• Getting Electricity: Streamlined connection and meter installation processes.
• Getting Credit: Introduced a modern collateral registry.
• Paying Taxes: Simplified compliance for mandatory provident fund obligations and
adjusted tax allowances.
2015:
• Starting a Business: Increased the registration fee, making it more difficult.
• Protecting Minority Investors: Enhanced disclosures of conflicts of interest.
2014:
• Starting a Business: Abolished capital duty on local companies.
• Registering Property: Increased stamp duty costs.
2012-2010:
• Multiple reforms to make starting a business easier, improve the efficiency of getting
electricity and registering property, and streamline construction permit processes.
2009:
• Dealing with Construction Permits: The "Be the Smart Regulator" Program simplified
building inspections and approvals.
• Resolving Insolvency: Granted more powers to trustees, enhancing the efficiency of the
liquidation process.

Setting up of Business in New York City

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.11
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal

Recent Business Reforms in New York

2020
• Starting a Business: Introduction of online filing for LLCs in California, applicable to Los
Angeles.
• Paying Taxes: Reduction of the corporate income tax rate, benefiting businesses in New
York City and Los Angeles.
• Enforcing Contracts: Introduction of electronic filing and payment systems for court fees
in Los Angeles.
2019
• Employing Workers: Changes in regulations related to parental leave specifically in New
York City.
2018
• Employing Workers: Increase in the maximum paid days of sick leave per year in Los
Angeles.
2015
• Starting a Business: Streamlining of online business registration procedures in New York
City.
2011

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.12
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Paying Taxes: Introduction of a new payroll tax affecting companies in the New York City
metropolitan commuter transportation district.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.13
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
Setting up of a Business in Canada

Setting Up a Business in the United Kingdom

Steps for Incorporation and Initial Compliance:
1. Company Name and Incorporation
• Agency: Companies House
• Process:
• Check for a unique company name via the Companies House website.
• Complete application form IN01, which includes information about the proposed
company name, type of company (private or public), liability of members, and
share capital details.
• File the form and other required documents such as the model articles of
incorporation and company memorandum online at Companies House or through
paper application.
• Fees: GBP 12 for online filings; GBP 40 for paper filings; additional fees for expedited
services.

2. Tax and Employer Registration

• Agency: HM Revenue and Customs (HMRC)
• Register for PAYE (Pay As You Earn):
• Necessary for deducting tax and national insurance contributions from employees'
wages.
• Apply online and receive an activation PIN to complete the setup.
• Companies must report PAYE in real time.

3. Value Added Tax (VAT) Registration

• Threshold: Mandatory registration for businesses with taxable supplies over GBP 85,000.
• Process: Register online at the HMRC website or via paper forms if applicable.

4. Employer's Liability Insurance

• Requirement: Minimum cover of GBP 5 million; must be from an authorized insurer.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.14
SBILL
CS Praveen Choudhary
Prof Abhijeet C. Jaiswal
• Penalty: GBP 2,500 per day for non-compliance.
• Display: Proof of insurance must be displayed at the workplace or electronically.

5. Publication and Compliance

• From June 30, 2016, companies need to declare their "People with Significant Control"
during the incorporation process, enhancing transparency about beneficial ownership.

Business Reforms in the United Kingdom (World Bank Doing Business Report 2020):
2020 Reforms
• Paying Taxes: Introduction of a new pension scheme increased the financial burden on
employers.
2019 Reforms
• Getting Electricity: Expedited external connection works to streamline new electricity
connections.
Recent Years' Highlights
• Enforcing Contracts and Paying Taxes: Various reforms aimed at reducing costs and
simplifying processes, including the reduction of the corporate income tax rate and
modernization of court procedures.
• Starting a Business: Enhanced efficiency through online services for tax registration and
model articles.
• Registering Property: Introduction of electronic lodgment for property transfers to
streamline the process.

“A person who never made a mistake never tried anything new.” — Albert Einstein 11.15