Here is an introduction on how the Vatican grant citizenship:
Source: romereports. The Vatican bank is well known for it’s secrecy.
Hong Kong Attracts Start-Up Entrepreneurs
Invest Hong Kong (InvestHK) has announced the launch of its StartmeupHK Venture Program 2013 to attract local and overseas entrepreneurs to set up or expand their business in Hong Kong.
Picture courtesy of Tietew
InvestHK, the Government department established in July 2000 to take responsibility for foreign direct investment, and to support overseas and Mainland Chinese businesses that want establish themselves or expand in Hong Kong, has set up the Venture Program that features a global competition for innovative and high-impact entrepreneurs, culminating in December this year when 12 shortlisted finalists will be provided with access to business partners, financial capital, market knowledge and marketing opportunities.
The Secretary for Commerce and Economic Development, Gregory So, said: “Make no mistake, start-ups and entrepreneurs make significant contributions to Hong Kong. What InvestHK is doing to promote Hong Kong as a premier start-up destination in Asia and attract start-up entrepreneurs will help build the city’s start-up ecosystem – an ecosystem where overseas and local entrepreneurs can meet, exchange ideas, discover synergies and access markets, capital and talent together.”
Simon Galpin, the Director-General of Investment Promotion, confirmed that, in the past two to three years, InvestHK has seen a rising number of entrepreneurs setting up business in Hong Kong. The percentage of such projects in InvestHK’s portfolio has risen from less than 10 percent to over 15 percent in 2013.
“These businesses may start small and employ only a few people in the beginning, but they also create jobs through outsourcing some of their activities to local service providers. In fact, some of these businesses grow very quickly, employing 50 or more people within one to two years,” he added. “And just as, if not more, important are the innovative business ideas and skills they bring to Hong Kong, which lend further competitive advantage to our economy in the long run.”
InvestHK’s runs a dedicated website offering a one-stop portal to the start-up community in the city, and is the first such Hong Kong Government portal on start-ups for entrepreneurs. It points the way to various government incentives and incubation schemes.
Nicaragua Approve Canal Plans
Nicaragua’s National Assembly has approved a bid from a Hong Kong magnate for the construction of a canal to rival Panama’s long-established waterway, costing around USD40bn.
Map courtesy of Biblioteca Verde
Nicaragua, one of the region’s least developed nations, had received expressions of interest from investors in several nations, including Japan, South Korea, Russia, Venezuela and Brazil.
Under the agreement, Hong Kong-based Nicaragua Canal Development Co Ltd will be granted a 50-year concession to build the canal, and a further 50 years to manage it. The project, which would involve the creation of a canal approximately 10 kilometers in length, is now anticipated to cost USD40bn, up from early estimates of USD30bn — almost four times the nation’s gross domestic product.
The Nicaraguan government had previously anticipated that the project could be completed by as early as 2019, and could handle 573 million metric tons by 2025 – substantially more than the record of 322.1 million tons of cargo handled by the Panama Canal in 2011.
Even though a significant expansion of the Panama Canal is presently underway, Nicaragua’s canal would be able to cater for ships too large to pass through the Panama Canal, of up to 400 meters in length and 60 meters in width.
Hong Kong Offer Tax Exemption to Hedge Funds
In a media interview, Philip Tye, Chairman of the Hong Kong branch of the Alternative Investment Management Association, which represents the hedge fund industry, confirmed that the extended tax exemption proposed in his last Budget by Financial Secretary John Tsang should strengthen Hong Kong’s position as an international asset management center.
Picture of Hong Kong by Samuel Louie, retouched by Carol Spears.
In an article on the website of the South China Morning Post, Tye said that “the proposed reform plans would now make Hong Kong more attractive for fund companies to domicile their funds here. This will create job opportunities and benefit the hedge fund industry as a whole.”
To attract more private equity funds in Hong Kong, Tsang’s proposal is to extend the profits tax exemption for offshore funds to include transactions directly in private companies that are incorporated or registered outside Hong Kong (for example in Mainland China) and do not hold any Hong Kong properties nor carry out any business in Hong Kong. That would allow private equity funds to enjoy the same tax exemption as offshore funds.
In addition, while, at present, investment funds established in Hong Kong can only take the form of trusts, the Government is considering legislative amendments to introduce the open-ended investment company into Hong Kong. That should also encourage more traditional mutual funds and hedge funds to domicile in Hong Kong.
Portugal Launch Investment Tax Credit
Portugal’s Finance Minister Vitor Gaspar has unveiled details of a raft of financial and fiscal incentives, designed to boost investment, growth, and employment in Portugal.
The elegant downtown of Lisbon, the heart of the city is Baixa’s Rua Augusta, which leads to Lisbon’s famous Terreiro do Paço. Picture courtesy of Osvaldo Gago.
Gaspar made clear that “the time is right for investment,” given the successful reduction of the budget deficit and in view of financial stability in Portugal. The Minister argued that the Government’s proposed measures are intended to initiate the recovery of economic activity by reviving “productive private investment.” As a result, an increase in investment is expected in the second half of the year, Gaspar said.
To re-launch investment in Portugal in 2013, the Government plans to introduce an extraordinary investment tax credit. The Government also plans to introduce a package of fiscal initiatives, designed to create attractive fiscal conditions, to stimulate productive investment.
Alluding to the extraordinary investment tax credit as an “innovative measure, unprecedented in Portugal,” given the amount and scope of the investment tax break, Finance Minister Gaspar explained that the provision corresponds to a corporate tax reduction (IRC) of 20 percent of the investment, up to a maximum 70 percent of total IRC due.
Gaspar emphasized that the incentive will serve to reduce the effective corporate tax rate to 7.5 percent for those companies that elect to invest significantly in 2013. Already approved by the European Union, the provision will apply to investments realized between June 1, 2013, and December 31, 2013, up to EUR5m (USD6.5m).
The proposed package of fiscal measures is designed to consolidate the various tax benefits currently provided for in the country’s Investment Tax Code.
Defending the proposals, Finance Minister Gaspar underscored that Government efforts to balance the Portuguese budget will not be affected by the resulting revenue shortfall, pointing out that the tax initiatives will generate growth and promote economic activity.
Referring to the announcement as “a very important day” for Portugal, Economy and Employment Minister Alvaro Santos Pereira stated that the proposals are already having a positive impact on the country’s economy, by “restoring investor confidence.”
State Secretary for Fiscal Affairs Paulo Nuncio stressed that the provisions are a “very powerful incentive,” both for companies that have not thought about investing in 2013, and for businesses that have so far hesitated, unsure of whether to invest in Portugal or in other countries.