International Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to International Law.
VAT often accumulates before a company begins its ordinary business activity and likewise, when a company is undergoing a winding-up process and is no longer active. Two rulings will help us understand that under no circumstance will the input VAT be lost in either of these two stages of a business.
Risks in the Acquisition of the Status of Business Established in Spain for more Expedient VAT Refunds
Our client, a French company, dissatisfied with the tardiness of the Spanish administration in refunding output VAT in Spain (and which had already been reported on more than one occasion by the European Commission), decided to become established in Spain for VAT purposes (but not in regard to other taxes). The company thus obtained a Spanish tax number (NIF) and established the commencement of its activity in Spain in December.
By Cai & Lenard
Today the economic growth should be something more than a line of political slogan for Ukraine. Approving itself as the EURO-2012 organizer, the country hopes for the inflow of investments and economic breakthrough. To fill the vessel with precious moisture, it must be intact, but the bottom of Ukrainian economy looks more like a sieve because most money is transferred to offshore accounts. What is the reason of such love for offshores: heavy taxes or just mentality?
A new regulation published on 03 July 2012 dated, 28342 numbered Official Gazette amending the Regulation for Implementation of Foreign Direct Investment Law. By thus, liaison offices are subject to new regulations both in in permission and operation proceedings. According to the article 6 of the new Regulation, Ministry of Economy is authorized to give permissions as the governmental body.
International sales contracts constitute a specialist area of law that raises unique considerations when compared with domestic counterparts. Commercial law, responding to the requirements of the international trading community as a whole, has adapted in order to meet the special needs and problems posed by such international contracts. International sales are generally governed by common law, legislation, a number of international conventions, rules, terms and customs.
The Democratic Republic of Congo [DRC] is the newest member of OHADA and officially announced its joining OHADA in February 2004 but it’s had to deposit instruments of ratification for the statehood party. This has now been donThe Democratic Republic of Congo [DRC] is Finalizing its Accession to the OHADAe since the 27th June 2012.
Please highlight any main trends or shifts in the current Ukrainian financing market? Due to limited or no appetite for Ukrainian risk and global finance markets volatility, capital markets and traditional bank lending are no longer easily accessible to Ukrainian borrowers (subject to few exceptions). At the same time, supply of ECA-backed trade financing continues to be available and trade financing seems to be active this year as well.
On the way to the European integration, and by virtue of the determined Ukrainian policy towards energy independence, the Ukrainian Government is taking significant steps to improve Ukrainian energy sector. Currently, important changes are being introduced in the oil-and-gas industry. This has already encouraged global oil-and-gas companies such as Exxon Mobil, Shell, Chevron, and Eni to commence investment activity in Ukraine.
Development of efficient tax and corporate structures from the shareholders’ and potential investors’ perspective are key issues in a business restructuring. Each cross-border restructuring usually involves several jurisdiction. Below are some of the most frequently asked questions (and answers) on the cross-border restructuring of Ukrainian business:
4 Questions You Should Consider When Selling Your Stake in Business to a Private Equity Fund - Ukraine
Unlike Western developed economies, Ukraine has only recently started to unlock its potential in the area of attracting investments from Private Equity Funds (“PEFs”). Therefore, on the one hand, every more or less serious Ukrainian business (“Business”) has a good chance to attract the attention of a PEF.
The Law, long-awaited by the national port industry, establishes the basis of governmental regulation and defines new procedures for building, expanding and closing seaports in Ukraine, as well as the procedure for performing any economic activity on the sea ports’ territory.
Some would have you believe that Scots law allows anyone to be the Lord of, if not all he surveys, at least a square foot of the Scottish Highlands. One site advertises souvenir plots “from just £29.99” and claims that, in return, you can use a clan crest, coat-of-arms and tartan. By “Scottish tradition”, it says, ownership of the plot “legally allows” you to use the courtesy title of Laird, Lord or Lady. But what is the legal truth behind these offers of instant ennoblement?
The photovoltaic market in Greece offers great opportunities for investors, as it is expected to rise significantly within the coming years. Greece has grown to be one of the major investment destinations for solar energy production in the European Union; it is the southernmost country of EU, with almost 300 days of sunshine per year, and thus a massive potential for photovoltaic investments.
I. General Standard - With some exceptions, the general legal standard of care for business actors and agents is “prudence.” In this context “prudence” means to act as an ordinary prudent person would act under the circumstances. But, this standard can be misleading because, at law, prudent people arguably do not make common mistakes, like combing their hair or changing the radio dial while driving, let alone sending texts.....
International arbitration: substantive law, procedural law and arbitration rules in the context of the United Kingdom Arbitration Act 1996. International arbitration: substantive law, procedural law and Arbitration Rules in the context of the Arbitration Act 1996. By: Mr. Femi D. Ojumu*
The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law that amends the International Trusts Law. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional advisors across the island.
In 2008, a new Decree allows installation of private ports in Brazil. The federal government published on Thursday, April 30, 2008 the decree that allows the installation of private ports for the handling of third country. The goal is to create mechanisms for the development of the port, but the measure is already being criticized by the opposition.
If you are planning on visiting any country, it is always helpful to be familiar with the rules governing the import and export of currency and other securities. In Russia these issues are regulated by Federal Law from 10.12.2003 No.173-FZ “On Currency Regulation and Currency Control” and Customs Legislation.
The State Administration of Taxation has issued the Provisional Measures of Applying the Exempt, Credit and Refund Method to Zero-rated Value-added Tax Services in Their Transformation from Business Tax to Value-added Tax under the Pilot Program (the “Provisional Measures”) on April 5th, 2012, which has retrospectively become into effective since January 1st, 2012.
Following the said draft becomes law upon the decision of the parliament; foreigners will be able to purchase property from all sides of Turkey provided that they comply with the legal limitations. It should be noted that, the condition of reciprocity is removed for the property acquisition of foreigners with the Draft Version. The maximum area to be purchased by a foreigner is increased from 2,5 hectares to 30 hectares with the condition of a project.
By Asia Law
Can a company that does business only in Asia, with all of its manufacturing, sales and deliveries taking place there pursuant to contracts signed in Asia, be held liable for infringement under the U.S. Patent Act? Yes, quite possibly, as explained in this article by an international technology attorney based in Taipei, Taiwan.
The Catalog for the Guidance of Foreign Investment Industries (Amended in 2011) (the “Catalog”), which shall come into force as of January 30th, 2012 and replace the old version of the Catalog promulgated on October 31, 2007. The new Catalog includes 473 items in total - 354 encouraged items, 80 restricted items and 39 prohibited items.
The new Detailed Rules of the Provisional Regulations on Value-added Tax of the People’s Republic of China (the “VAT Rules”) and the new Detailed Rules of the Provisional Regulations on Business Tax of the People’s Republic of China (the “Business Tax Rules”) were issued by the Ministry of Finance and the State Administration of Taxation on October 28, 2011 and will become effective as of November 1, 2011.
Administrative Measures of Shanghai Municipality on Pharmaceutical Prices (Trial Implementation, the “Measures”) were issued by Shanghai Development and Reform Commission on July 29, 2011. The Measures will be effective as of September 1, 2011. The main contents of the Measures are as follows:
The Ministry of Human Resources and Social Security issued the Tentative Measures for Social Insurance Enrollment of Foreign Employees in China (Draft for Comments) (the "Tentative Measures") on June 10, 2011. The main contents of the Tentative Measures are as follows:
A foreigner and the potential employer should get proper permit before the foreigner starts his work in China. This article also give some basic guidance for the legal issues about the employment contract.
This article explains the statutory requirements for a joint venture in Ghana involving a foreign partner. Under the laws of Ghana, a foreign investor or company may collaborate with a Ghanaian businessman or company through a joint venture agreement.
The Italian term “Avvocato” (from Latin “advocate”) is normally translated with similar equivalent terms in the English language, namely with the expressions “Italian lawyer” or “Italian solicitor” in England, Wales and Ireland or “Italian attorney” in the United States.
The Irish Government has launched two new immigration programs aimed at Investors and Entrepreneurs who are prepared to invest or create jobs in Ireland. - Immigrant Investor Program - The Immigrant Investor Program requires applicants to make substantial investments in Ireland.
Over the last few years Israel has become an attractive jurisdiction for tax planners, the following article will provide information on some of the tax benefits which new immigrants or returning residents can obtain.
More than two years ago Thailand decided to concentrate several governmental services for foreign investors at one place in Bangkok. In the meantime, Thailand has gone through ups and downs. Therefore, it is justified to make a judgement in 2012 whether the formation of this one-shop-solution has been accepted and adopted by foreign investors.
It has been held by the UK Court of Appeal that foreign based speakers will be excluded from the UK if they have exhibited “Unacceptable Behaviour".
On 2 March 2012, MOFCOM published its conditional approval to the $4.5 billion acquisition of Viviti Technologies Ltd (a company directly holding Hitachi Global Storage Technologies Netherlands B.V. ,which holds Hitachi Global Storage Technologies Singapore Pte. Ltd.) (“Viviti”) by Western Digital Corporation (“Western Digital”).
Main purpose of this article is to explain the principle characteristics of the new ICC Arbitration Rules that will come into force on 1st of January 2012 and to analyze how they differ from the prior version. The author focuses to substantial amendments, major procedural innovations, new introduced mechanisms and de-regulated rules of existing ICC principles.
Recently, McDole & Williams has received multiple requests to evaluate official-looking trademark registration notices received by clients. These official-looking notices claim to be from governmental trademark offices, alleging that the client must pay fees in order to maintain his/her trademark and rights.
By Karbal & Co.
At a time when Libyans are eagerly gearing up towards the task of rebuilding their country, previous international contractors are gathering their records to calculating their losses during the Libyan revolution. Although, these claims have a legitimate place in commerce, it is unfortunate at time of rebirth; Libyans are left to deal with the uneven commercial legacy of the old regime. Yet, this is the insistent nature of commerce.
In that aviation has helped advance the globalization of our world, it is important to review our beginnings and look forward to where we see ourselves in the future. This article will concentrate on the origins, functions and licensing of modern air transportation systems throughout our world; in particular, where we started and the direction we are headed.
In this article you will find general information on Free Trade Zones regulation of Turkey that will help foreign investors to make transit trade through Turkey without involving to any domestic trade area.
English solicitors are used to being instructed to raise proceedings against opponents who are based in Scotland, very often by clients who don't see there's a problem. We lawyers know that, as legal jurisdictions, Scotland and England are quite distinct. There's really little reason, though, why our clients need know or care, at least until they have to consult us.
Entry Into the Spanish Market Through a Representative Office and the Implications for VAT and Corporate Tax
Our firm often deals with consultations on the effects of VAT for a foreign company developing an activity in Spain through a representative office. This is one of the easiest ways of entering into the Spanish market. In that scenario, the foreign company does not need to incorporate any companies in Spain nor create a branch.
In the context of a severe lack of liquidity in the Spanish public finances and with the purpose of increasing revenue for Corporate Tax collection, on August 19, 2011, the government urgently approved two significant changes for Corporate Tax in relation to offsetting the losses incurred by Spanish companies.
Double-Taxation Agreements in Spain Expands and the List of Countries Classified as Tax Havens is Shortened
To date there are 80 Double Taxation Agreements in force in Spain. For some years, the number of these agreements has been increasing significantly, and this makes international tax planning much easier. Among recent agreements, we can highlight: Among recent agreements, we can highlight the one existing with Panama, which came into force last July, which aims for this country to be removed from the list of countries regarded by Spanish tax authorities as tax havens.
Documentary credits law depends on the principle of autonomy or independence of the credit and the doctrine of strict compliance. The principle of autonomy protects the beneficiary (exporter) while the doctrine of strict compliance protects the issuing bank and the applicant (importer).
Considering some facts regarding disputes in the International Trade arena. Most of the time parties in international trade develop all kind of businesses without primary concern of a potential conflict between them.
It can be tricky to separate law from politics. Some politicians claim sincerely to believe that any Act passed by the Scottish Parliament which provided for the holding of a referendum on Scottish independence would be unlawful. Some lawyers claim to agree with them. In Scotland, we are living in exciting times and the politics may be genuinely intriguing but is the law not actually, and drily, beyond any real debate?
Overview of SEPA - The Single Euro Payments Area (SEPA) is an initiative of the European banking industry to simplify all electronic payments across the euro area by credit card, debit card, bank transfer or direct debit and to make them as easy as domestic payments within one country are now.
Legality and application of foreign judgments in Turkey depends on completion of several procedures which are called enforcement and recognition in Turkish Law. The provisions about recognition and enforcement take place in Law numbered 5718 dated 22.11.2007. Recognition is regulated under Art. 58 of Law numbered 5718.
On February 3, 2012, the International Court of Justice delivered its judgment in proceedings instituted by Germany against Italy for alleged violations of the jurisdictional immunities enjoyed by States under public international law. The Court held that Italy committed several breaches of Germany’s State immunity.
The dissolution of a marriage is a legal act that may not coincide with the emotional tearing asunder. Divorce is typically a painful process for all concerned. While it can take adults time to regain psychological equilibrium, there is also a threat to be involved in a court proceeding claiming for compensation for children’s maintenance and support. However different jurisdictions have different solutions to the issue. In this article we will describe the question under Dubai and UAE Law.
An overview on the foundation structure, with a particular focus on Private Interest Foundations in Panama. There are many countries offering legal entities known as offshore foundations. A private offshore foundation is a private entity usually set by an individual or married couple to provide for their children and their heirs.
EU leader Member States agreed on a new Treaty on Stability, Coordination and Convergence in the Economic and Monetary Union. The European Stability Mechanism (ESM) Treaty was signed by euro area Member States on 2 February 2012 and ratification is pending by the 17 euro area Member States. The target date of its operation is July 2012, a year earlier than expected.
To further encourage foreign investments into the PRC, the Ministry of Commerce published a Circular extending the cross border use of Renminbi (“RMB”) for direct investments into PRC (Shang Zi Han  Number 889) (the “Circular”) on 12 October 2011. Pursuant to the Circular, foreign investors are now allowed to use RMB proceeds legally obtained overseas for investments into PRC. The Circular is also applicable to Hong Kong, Macau and Taiwan investors.
European Commission Imposes Simplified Rules on Mergers and Divisions in Six Member States among Which Cyprus
Directive 2009/109/EC of the European Parliament and of the Council of 16 September 2009, regarding the simplification of the rules on merger and divisions, has not been yet implemented in some Member States of the EU. Cyprus is one of those Member States which failed to fulfill their obligations and commitments under the relevant Directive.
Under § 16 (1) of the German Law on inheritance and gift tax a tax free amount on the taxable acquisition of up to €500 000 (depending on the degree of kinship) is generally granted. However, this exemption is only €2 000 if both the decedent and the beneficiary are not resident in Germany. The new law now allows to avoid choose the application of the full tax free amount if the beneficiary taxes his worldwide acquisition.
EU labor law in offshore gas-drilling operations has been recently challenged in the case of Salemink v. Raad van bestuur van het Uitvoeringsinstituut werknemersverzekeringen, in the judgment of the Court’s Grand Chamber in January, 17, 2012.
The "Residential Visa" program will provide an opportunity for people worldwide to live in the United States by purchasing a half million dollars of Real Estate. Senators Charles Schumer and Mike Lee have recently proposed a program that would allow anyone in the world to obtain a United States visa by purchasing United States real estate.
International sale is when one of its elements it is connected with the legal order of another state or country. Uniform regulation of international sales is contained in the Vienna Convention (IC) of the United Nations on Contracts for the International Sale of Goods.
This article addresses the “paradox between peace and justice” that has emerged in discussions about the relationship between the International Criminal Court [ICC] and traditional forms of justice, namely the Acholi tradition of "Mato Oput" in Uganda. While its sees the merit of using a traditional system this article also points out the potential danger of using these mechanisms as an excuse to avoid moral and legal accountability.
Asset Protection Errors - How to Avoid the Most Common Errors in Setting Up an Asset Protection Strategy
Many of you probably receive unsolicited junk e-mails offering different Asset Protection schemes. With so many "tax haven" jurisdictions and unlicensed companies selling unproven and unreliable Asset Protection techniques and entities, which do you trust? There are many flawed asset protection packages offered on the internet now days.
On 4 February 2004, Ukraine ratified the Kyoto Protocol to the United Nations Framework Convention on Climate Change. This gave Ukraine an opportunity to engage in various types of projects purported at reduction of greenhouse gas emissions (the “GHG emissions”), in particular and especially joint implementation projects (the “JI projects”).
The “green” tariff for electricity (also known in many other jurisdictions as the “feed-in” tariff) was introduced in Ukraine relatively recently – only in 2008. Since that time it has evolved substantially and now appears to be quite mature in terms of the legislative base.
Regulation Proposal Regarding the Promotion of Activities for the Protection of EU Financial Interests
The protection of EU’s financial interests reflect s the basic targets and objectives of the European Union to suppress the illegal traffic of products as well as counterfeiting activities within EU Member States. Hercule I and II, as well as Pericles constitute the means and the tools with the aid of which, relevant European and national authorities will be empowered to take all the measures needed and execute the harmonized strategy of the Union.
The courts must enforce foreign judgments that meet the criteria described in this article. In fact, once a foreign judgment has been rendered “executor” by a court in the DR. Congo, it may be enforced by writ or order of the court. Generally, as in most civil law systems, the court will recognize the foreign judgment and issue the enforcement order in the same proceeding.
The Commercial and Legal Significance of Laytime & Demurrage in English Law and the New Turkish Commercial Code
So far as the global shipping practice is concerned, laytime & demurrage is one of the most complicated topics for both ship-owners and charterers under voyage charter-parties. Thus, the dynamic between the parties has been sought to be balanced through a number of attempts which have been made either by courts or legislators in shipping world.
The Hungarian Parliament has recently adopted a new act arguing that the provisions of the current data protection are outdated. Although the applicable EU directive is under significant review in the EU, the new Hungarian act still follows the old (current) EU legislation. The new act is called Information Act), and maintains the rigid Hungarian system of data protection and misses the opportunity to help foreign data processing.
By Karbal & Co.
During the late 1960’s and early 1970’s, Libya was the leading state among the Developing Countries. Due to Gadaffi’s arbitrary economic policy, Libya became the least developed among oil producing countries.
The new package of measures adopted by the European Commission regarding the action to be followed for growth governance and stability contains four elements: the 2012 Annual Growth Survey consists of priorities for the coming year, a Green Paper on the feasibility of introducing Stability Bonds and two new Regulations to further strengthen budgetary surveillance in the Euro area. By adopting this package, the European Union focuses on the strengthening of the Eurozone governance.
In the Republic of Cyprus only certain persons and companies are permitted to undertake investment services and activities (for a full list of such regulated activities please refer to the end of this article)[i] and such entities are tightly regulated in order to ensure high standards and full consumer protection. The Cyprus Securities and Exchange Commission is the body responsible for the issuing of licenses and for overseeing the operation of such entities.
Regulation D, Rule 506 Offerings - To offer and sell securities in the United States, an issuer must comply with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), or must offer and sell the securities pursuant to an exemption from the registration statement requirements.
Investor relations involve the dissemination of information regarding a publicly traded company to create awareness of the public company and its business and to increase its stock price. The person who provides the investor relations services is known as a “Stock Promoter”. Stock promoters have used illegal practices and are often the subject of enforcement actions by the Securities and Exchange Commission (the “Commission”) is the stock promoter.
FINRA Rule, 6490, recently enacted in September 2010, requires issuers of equities and debt securities not listed on exchanges to provide timely notice to FINRA of certain corporate actions. These corporate actions include name changes, forward stock splits, reverse stock splits, distributions of cash or securities such as dividends, stock splits and other actions, and rights and subscription offerings.
What is a Shell Company? Securities Act Rule 405 and Exchange Act Rule 12b-2 define a Shell Company as a company, other than an asset-backed issuer, with no or nominal operations; and either: • no or nominal assets; • assets consisting of cash and cash equivalents; or • assets consisting of any amount of cash and cash equivalents and nominal other assets. By: Brenda Lee Hamilton, Attorney Hamilton & Associates Law Group
Registration of securities on Form S-8 (“Form S-8”) is a short-form registration statement under the Securities Act of 1933, as amended (the “Securities Act”). By Brenda Lee Hamilton, P.A. Hamilton & Associates
Given the new globalization effects in modern societies and the consequences of the financial crisis, EU adopted a new approach towards immigration policy. This European policy intends to establish bilateral and multilateral agreements with EU neighbors and other countries presenting immigration flows towards the EU, in order to benefit the human capital from the countries concerned.
Introduction - Environmentally sustainable management at an international level requires reliable information on the natural environment, as well as sharing of knowledge on the social, economic, legal and political systems. Environmental impacts of human activities on the deep sea floor are of increasing international concern.
Purpose, Scope, Basis and Definitions
Foreign national citizens are obliged to be granted work permit by the General Directorate of Foreign Capital in order to perform work inside the borders of Turkey. The application to the General Directorate of Foreign Capital is submitted by the Employer.
Corporate law attorneys are required in a number of aspects of a business and business affairs. Legal orders may sometimes require you to necessarily incorporate a new company to make sure that the correct paperwork is filed with adequate governmental requirements.
Have you wondered how the Ethiopian law addresses the issue of execution of foreign judgments? Below you will find brief note on how foreign Judgments are executed or enforced in Ethiopia.
Do you want to know about areas of investment permitted for investment according to Ethiopian law? Below you will find these areas of investment divided by sector of investment.
The author has prepared this document to assist in the evaluation of alternatives offshore structures for the better planning of their assets, estate and business transactions.
Canada is the foremost foreign destination for expanding franchises and a preferred entry point for cross border franchisers, especially for those seeking to enter the North American market. With high per capita personal incomes, a stable and reliable economy, and a sophisticated consumer culture, many franchisers find Canada to be an opportunistic and rewarding market. However the Business Franchise Law in Canada is too stringent and hence seeks attention.
On November 3, 2011, Verkhovna Rada of Ukraine adopted in general the draft Law of Ukraine On amendments to the Customs Code of Ukraine that will become effective as of January 1, 2012.
On May 4th 2011, the Ministry of Commerce (“MOFCOM”) issued a Draft of the Management Measures regarding Capital Contribution by Equity to Foreign Invested Enterprises (“FIEs”) for public comments ("Draft Measures"). The deadline for the submission of comments was May 20th, 2011.
On March 4th 2011, Ministry of Commerce (“MOFCOM”) issued the Interim Rules on Implementation of a Security Review System regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises (the “Interim Rules”), which will come into effect on March 5th, the same day the Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) comes into effect.
Security Review System Regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises - China
Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) was issued by China's State Council on February 3, 2011, which will come into effect on March 5, 2011.
Measures for the Launching of a Pilot Foreign-Invested Equity Investment Enterprise Project in Shanghai
Implementing Measures for the Launching of a Pilot Program for Foreign-Invested Equity Investment Enterprises in Shanghai (the "Measures") were issued jointly by the Shanghai Municipal Financial Services Office, Shanghai Municipal Commission of Commerce and Shanghai Municipal Administration of Industry and Commerce on January 12th, 2011. The Measures will be effective on February 1st, 2011.
The Connecting Europe Facility (CEF) Regulation and its impact on Cyprus Republic. The European Commission adopted on October 2011, a plan with a huge budgetary importance of around 50 billion euro aiming at improving EU’s transport, energy and networks.
Cyprus was a British colony until 1960 and as such the Cyprus legal system was highly influenced by the English legal system and the principles of common law and equity were adopted by the legal system of Cyprus.
The international law operates on the basis of coordination with elements of compromise in the relations between states. In these relations equality prevails between states based on their sovereignty. This spirit is entirely followed by the law “On International Law” nr.10428 date 02.06.2011. The law is conceived as an act which reflects the rules adopted by the EU legislation and fulfills the obligations of Albania that arise from the membership in the Hague Conference on International Law.
The EU Commission has recently presented a draft regulation with the purpose of creating a standard sales regime across the European Union.
By Molina & Co.
Panama and the United States approved the Trade Promotion Agreement (TPA).
In September, 2011, a consortium of five Chinese companies invested 2 billion USD to acquire a minority stake in a Brazilian metal company...
By MMLC Group
This update looks at major recent developments in legal and business issues in China.
One of the advantages of arbitration proceedings over domestic court proceedings is the opportunity for the parties to select the person(s) that will decide on the issue in question, the arbitrator(s). In arbitration proceedings the parties are enabled to nominate arbitrators that have a certain specialized and up-to-date know-how that might be required to understand the technical background of the issues in question.
Arbitration proceedings offer various important advantages to the normal local court proceedings in Thailand.
In Thailand, Section 11 of the Arbitration Act (2002)(the "Act") specifically requires that the parties, must enter into a written "Arbitration Agreement" that is signed by both parties. Furthermore, the Arbitration Agreement must state that the parties want arbitration proceedings govern all disputes arising out of a specified legal relationship, like a contract.
If you are doing business in Thailand you might have already had some experience with the local court system. An all too common complaint of the local business community is that court proceedings in Thailand are agonizingly slow.
A Sovereign Investment Authority (Establish, Etc.) Act, 2011 has established for Nigeria a Sovereign Investment Authority. This Authority is charged to receive, manage and invest in diversified portfolios the excess of the medium and long term revenue of the Federal, States, Local Governments and Area Councils. The Proceeds of these investments are statutorily required to create a savings base for the country, develop infrastructure that will attract local and foreign direct investments.
A Limited Liability Company (LLC) is an important investment vehicle for Israelis who operate in the US. An LLC is a company incorporated under the laws of one of the US states. In practice, LLC’s are often formed in the state of Delaware for administrative ease. They are relatively cheap to form and run. An LLC does not have shareholders, but rather members.