Get to know How to Avoid Double Taxation
When you launch a business, the first thing to research is the marketplace and other factors. Some countries are more favorable for launching a business than others. Andorra is one of them because of its low taxation policy and other things. It has also been a part of many double taxation bilateral treaties, which aim to avoid double taxation of income of companies, residents, and other economic agents who work in multiple countries.
Importance of double taxation treaties
You may ask, what is double taxation? Without the bilateral treaties, the residents, companies, and other establishments are taxed twice on the same income. It affects the residents and companies alike. It is why double taxation situations need to be avoided.
Why should you launch a company in Andorra?
As the reasons are stated above, you shouldn’t let any chance skip from your grip to pay low and transparent taxes. The low tax burden is what makes the country a preferred choice.
There are some other benefits also if you launch a company in Andorra. First, the beautiful landscape of this country is out-worldly and mesmerizing. It is an excellent living place where education and healthcare are at par with the highest standards.
To launch a company in Andorra, you must have a clean record without any criminal cases, and there must be government authorization to include the firm.
If you aren’t aware of the procedure followed, you can help from outside services like Andorra Lawyers. The company is there to help you every step of the way. The formal steps that you go through include the following:
- Reserving of a corporate name through application
- Application for the approval of foreign investment
- Creation of the company’s bank account in an Andorran bank
- Public deed and signature before the notary
Andorra has been becoming one of the best investment destinations. Make sure not to be left behind by others.