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Company Formation Madeira
Company formation Madeira: About us
We are an English tax and law office within the
network of international tax consultants and lawyers (LowTax Network
International), focussing, in particular, on
"international tax planning for
natural and legal persons". Other focal points are: the setting up of
financial services companies and banks abroad, licences for games of chance
within the EU and offshore, the setting up of trusts and foundations and, in
addition, the transfer of domestic assets into trusts within the English-speaking
legal area (asset protection,bankruptcy protection,inheritance law).
Our work
focusses on the following activities:
–setting up the company, recording it in the register
of the county
-registered office, virtual office up to and including an office (proper
registered office)
–if required: provision of a trust manager or salaried
manager in the country where the company has its head office
(5 DTAs: location of the senior management of the company as the
location of the business premises for tax purposes). This task is only taken
on, in our case, by lawyers or tax consultants within the country where the
company has its head office.
–if required: provision of trust shareholders
–opening of an account in the name of the company,
incl. credit card and online banking
-bookkeeping, preliminary turnover tax return and
annual accounts
Company formation Madeira: Tax Madeira
Madeira’s economy depends very much on tourism and
on subsidies from the Portuguese State and the EU. The International
Business Centre Madeira (IBCM) in the Free Trade Zone was created to
offer an additional sector for the island’s economy.
With full
approval from the European Commission,
Madeira is an internationally respected jurisdiction. The laws governing
the IBCM are well-founded and in accordance with Portuguese law and EU
Directives.
You can choose between a:
- Type I: "2000" Lda., which is tax free until
31.12.2011 (incorporated until end of 2000).
From 2012 to
2020, this type of company will have the same conditions as
- Type II: "new" Lda., with a corporate tax of 4-5% until
31.12.2020, incorporation now. This type has the following conditions:
The company must have substance in the form of an office
and
•
either hire some employees (the higher number of
employees, the higher the tax free ceiling for the company) or
•
invest Euro 75.000 during the first two years
after incorporation
There are some ways to comfortably cover these
requirements.
The "Lda." (the equivalent to a “Ltd.”, with 5.000 €
capital) can easily be changed into an SA (stock company, with 50.000 €
capital)
All companies come with a representative address, a
bank account and
a European tax number.
Through a Madeira company, you can work with all European countries
except Portugal.
The best option for clients who are
trading
is Type I. Traded goods do not have to be sent to Madeira, but the
invoicing has to be done from the Region.
To use the preferential
import duties the Free Trade Zone offers, the clients can also install
or rent a space in the FTZ in order to
distribute,
produce or finish goods coming from
other continents, for import into the EU. Company formation Madeira: Madeira GeographyMadeira is a group of islands with a surface area of 314 square miles spread across an area of 5,000 square kilometers and forming part of an archipelago located in the Atlantic Ocean between Africa and the Azores. The islands are on the same latitude as the Moroccan city of Casablanca, are approximately 700 kilometers from the coast of northwest Africa, and consist of Madeira, Porto Santo and several small deserted islets. The capital city is Funchal, on Madeira. The climate is sub-tropical and rainfall is plentiful. Madeira is covered in lush green vegetation with the temperature ranging from 17°C to 24°C in the summer and averaging 13°C in winter. The islands experience micro-climates which lead to distinct climatic variations between one area and another. Thus in May and June the west coast experiences plenty of sunshine whereas an enveloping cloud known as "el capacete" often blocks out the sun over Funchal bay. The airport of Santa Caterina on Funchal has daily flights to Lisbon, taking 90 minutes, and connections to many other European cities. Madeira uses Greenwich Mean Time, plus one hour in summer.
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