Eternity Law International — News — To create an IT-company

To create an IT-company

Published:
August 17, 2020

To create IT-company – where is it profitable to do in 2020? Over the past few decades, the IT sector has been developing at a rapid pace, making significant changes in the economic and other spheres of life.

IT corporations, based on the algorithms of typos, communication between social groups, the distribution of photo, video and entertainment content, have already become an integral part of our life.

This also affected business activities as well. Many platforms, for example, Amazon, and others have become some of the largest and most profitable business projects, bringing billions to their owners.

In general, activities in the field of IT will allow its founder to receive much higher profits than, for example, investments in mining, which was popular there in the twentieth century.

Where to register an IT firm: Cyprus

Cyprus has quite favorable conditions. A lot of companies with owners from the CIS countries settled there. Let’s take a closer look at how Cyprus attracts those who have decided to start implementing IT projects.

  1. Cyprus provides newcomers with the opportunity to transport their employees and employ employees with Cypriot citizenship. The spending on essential items and services is much lower here than elsewhere in the EU.

In addition, prospects are opening up for obtaining Cypriot citizenship. This can be done by registering an organization and investing in this business more than 225,000 euros.

  1. Advantages of the taxation system. The tax rate in Cyprus is 12.5%, which is one of the lowest rates within the territory of the European Union. In addition, this rate can also be lowered to 2.5% through the IP Box Regime – special tax incentives for those who develop intellectual property.
  2. Simple and fast procedure for renting office space. Hiring personnel to work in a company is also a simple process that does not take much time and effort.
  3. Banks and capital investment opportunities. Banking institutions there are very loyal to IT firms, so it will not be difficult to open an account for such an enterprise.
  4. Fast preparation of financial statements and professional audit records.
  5. English is available for documentation purposes, which is extremely important for entrepreneurs.

Registration of IT business in Ireland

Ireland is also very attractive for executives who have decided to start their activities in the IT field.

  1. Benefits in the taxation system. If you sell goods or products, the tax rate will be 12.5%, if you provide services, then 25%. However, they are allowed to be reduced thanks to the “IP Box Regime”, the main thing here is to fix all the expenses that were made for the development of intelligent products.
  2. Only those organizations whose assets exceed 6 million euros, and whose annual turnover is more than 12 million, need to submit financial reports and conduct audits.
  3. Unique offers and structures of banking institutions and payment systems.
  4. Ireland is home to global corporations such as Apple, Google and the like, by which one can judge how reliable and respectable this jurisdiction is.

It is also worth noting that Ireland is more expensive in terms of service.

Hong Kong and Singapore

Asia is not only a large-scale market for IT products, but also a place where many experienced and highly qualified specialists work. Singapore and Hong Kong stand out from the countries that are rated as “gold-bearing veins” for IT founders.

  1. Taxation on a territorial basis.
  2. The source of dividends is tax-free.
  3. Special opportunities regarding business immigration to Singapore.
  4. You can use companies that are registered in these regions outside of Asia. This is especially true for those who plan to conduct business activities and partnerships with China.

All countries and regions discussed above are most convenient for the development of projects related to the IT sphere.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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