Investment opportunities in the Islamic Republic of Iran

22 Aprile 2016

  • Iran
  • Diritto societario

The GmbH is a capital company under German law. The liability of the shareholders in this kind of corporation is limited to the company’s share capital i.e. the company’s assets alone shall serve to fulfil the company’s obligations vis-à-vis its creditors. Being the GmbH – a limited liability company – a legal person, it holds autonomous rights and obligations; as such it may e.g. acquire ownership and other rights in real property and autonomously sue and be sued in court in connection with its rights and duties.

The corporate bodies of the GmbH required by compulsory provisions of the Limited Liability Company Act (GmbHG) are the entirety of the shareholders, who regularly adopt resolutions at the shareholder meeting (Gesellschafterversammlung), and the managing director(s) (Geschäftsführer). The establishment of a supervisory board (Aufsichtsrat) is, with some specific exceptions, optional.

Shareholders’ rights and duties

The rights and duties of shareholders may be quite different in origin and nature. Shareholder rights and duties may exist by force of law or may be created by, or based upon, the articles of association (Satzung). Said rights and duties may attach to all shares as such or belong to, or be imposed upon, a shareholder personally (personal shareholder rights and duties). Shareholder rights and duties may be available to, or be imposed upon, all shareholders equally or upon one or several shareholders particularly. In principle such rights and duties pass to any transferee of the share, whether such a transfer is by assignment, inheritance, or otherwise, and cannot be assigned or otherwise transferred separately from the share itself.

Both rights and duties attaching to shares, that are not created by law, and personal shareholder rights and duties can only be granted or imposed by the articles of association or by shareholder resolutions passed on the basis of the articles of association. These rights and duties must be distinguished from the ones provided within agreements between the shareholders, which are made “outside the articles of association”. Such latter agreements can only create contractual rights and duties among the parties thereto. If a share is transferred, the transferee can only exercise the contractual rights of the transferor, provided those rights were specifically assigned to him by contract; said transferee is accordingly bound by his transferor’s contractual duties only if he has agreed to take them over.

Shareholder rights can be divided into administrative and property rights. Administrative rights include the right (i) to request the calling of the shareholders’ meeting (ii) to participate in the shareholder meeting (iii) to vote and (iv) to be provided with information about the corporate activities. The right to information basically entails that the managing directors must provide every shareholder with information about the affairs of the company upon their simple request and allow them to inspect the books and records of the company. Property rights include the entitlement to a quota of the annual profits, the right to dispose of the share and the entitlement to a share of the liquidation proceeds.

The most important shareholder duties are the duty to render contributions, the fiduciary duty and the duty to ensure that the share capital, once provided, is preserved. Shareholder rights and duties can be expanded, restricted or excluded in the articles of association, as long as this is not in conflict with mandatory law provisions.

Finally, once the company gets into economic trouble, a shareholder is obliged to either (i) inject new equity to the company, (ii) liquidate the company or (iii) cause the management to commence insolvency proceedings.

Liability

The GmbH is a legal entity separate from its shareholders. Therefore, the shareholders are in principle not liable for debts of the GmbH. There are only a few scenarios of shareholder liability in literature and court practice:

  • Shareholders may be liable for debts or losses of the company – on a contractual basis – if they undertake a contractual obligation towards the company’s creditors or the company (e.g. by means of a guarantee or a comfort letter).
  • A shareholder may be personally liable to the company for payments received from the company to the extent such payments cause the equity of the company to fall short compared to the registered share capital.
  • Shareholders may be held liable by the company if, disregarding the purpose of the company’s assets to serve as collateral for its creditors, they intentionally abuse their control to remove assets or business opportunities from the company, rendering it unable to satisfy its debts.
  • Additionally, a shareholder may become personally liable towards the company’s creditors if the assets are not clearly allocated to the shareholders or the company in the books of the company (intermingling of assets) and such allocation is not inferable from other circumstances, e.g. the physical separation.

 Shareholders’ meeting

The shareholders’ meeting is the company’s ultimate decision-making authority. Shareholders usually exercise their rights in the shareholders’ meeting. Shareholder resolutions may also be taken without a physical meeting. In particular, a meeting is not necessary if all the shareholders confirm in text form that they agree with the resolution to be passed or to cast their votes in writing.

Usually, the articles of association determine the powers of the shareholders’ meeting and the rules of procedure to be applied in its context. To the extent that the articles of association do not contain specific provisions regarding the procedures to be applied within the shareholders’ meeting, §§ 46-51 GmbHG apply as the relevant model framework.

The shareholders’ meeting is exclusively entitled to:

  • amend the articles of association,
  • call in additional contributions of the shareholders,
  • liquidate the company and  appoint and dismiss the liquidators,
  • resolve upon measures pursuant to the Transformation Act (Umwandlungsgesetz – UmwG) such as mergers, spin-offs and changes of the company’s legal form.

Except as otherwise provided in the articles of association, the shareholders resolve upon:

  • the formal approval of individual and consolidated annual financial statements and the distribution of profits,
  • the repayment of additional contributions,
  • the division, consolidation and redemption of shares,
  • the appointment and dismissal of managing directors, as well as their discharge,
  • the execution and termination of service agreements with managing directors,
  • the assertion of damage claims to which the company is entitled against managing directors or shareholders, as well as the representation of the company in litigation proceedings against managing directors or shareholders,
  • the rules of procedure for the management,
  • the appointment of a Prokurist (person vested with the general power of representation) and of persons vested with the commercial power of attorney for the entire business establishment (Handlungsvollmacht).

The above mentioned tasks can be however transferred by the shareholders’ meeting to the supervisory board, if any, by adopting a relevant resolution.

In addition, the shareholders’ meeting has the right to issue instructions to the managing directors and to appoint or dismiss members of an optional supervisory board.

A shareholders’ resolution is deemed to be passed, when more than a half of the given votes are favourable. In exceptional cases a majority of ¾ will be necessary, e.g. with regard to amendments of the articles of association, the dissolution of the company, resolutions on mergers, spin-offs and other measures under the Transformation Act (UmwG), execution of domination agreements and of profit and loss transfer agreements.

Managing director

The company must have one or more managing directors (Geschäftsführer). The GmbH is not legally required to have more than one managing director except in particular cases (e.g. in case indicated by the Co-Determination Act. Both shareholders and non-shareholders (however only natural persons, no legal persons) may be appointed managing directors. In the articles of association the shareholders can set requirements regarding the qualification for the position of managing director.

If the GmbH has only one managing director, he represents the company severally. If several managing directors have been appointed, they must represent the company jointly. However, if the company has more than one managing director, the shareholders can also grant the power of representation to the individual managing director derogating the statutory rule of joint representation, by a corresponding clause of the articles of association. In other words any modification of the statutory powers of representation must be based upon a provision in the articles of association. That provision must either itself define directly the extended power of representation in favour of an individual managing director, or permit the shareholders to extend the power of representation of the managing directors by passing a relevant shareholder resolution.

In detail, the shareholders may grant each managing director, or one or several managing directors, the right

  • to represent the company acting alone,
  • to represent the company acting jointly with one or several other managing directors, or
  • to represent the company acting jointly with one or several managing directors or Prokurist.

The managing directors have authority to represent and act on behalf of the company in all legal transactions in and out of court.

A limitation of the authority of managing directors to represent the GmbH – even within the articles of association or resolved by shareholder resolution – will have no effect with respect to third parties. Should the articles of association e.g. set forth that the managing directors are not entitled to execute agreements with a value exceeding 5,000 € and the managing directors enter into an agreement with a 10,000 € value, such latter agreement shall be nonetheless valid vis à vis the contractual counterparty.

The limitation of the power to represent the company, however, operates in individual cases where the third party interacting with the managing director is not entitled to rely on the unlimited power of the managing director. This occurs in particular where a managing director abuses his powers to represent the company and the third party knows or deliberately ignores the abuse.

The power to represent the company is further limited by the prohibition of self-dealing and multiple representations. A managing director is in general not allowed to enter into legal transactions on behalf of the company with himself as counterparty (so called self-dealing) or as the representative of the company and of a third party (multiple representations). However, he can be exempted from such prohibitions. Such exemption may be granted in the articles of association or, if the articles of association allow it, by the shareholder meeting.

In the context of the internal relations between the company and the managing directors, the managing directors must observe the restrictions contained in the articles of association, the instructions set within shareholders’ resolutions or in the management contracts of the managing directors. The shareholders can issue instructions ad hoc or in a general way by establishing rules of procedure for the management (e.g. make certain kind of transactions subject to the consent of the shareholders’ meeting). In case the managing directors do not comply with such instructions, they are obliged to compensate the company for any damages incurred as a consequence thereof.

The shareholders may entrust specific fields of responsibility – i.e. administration, accounting, finance, employment and social matters, production, distribution, sales or marketing – to one or more managing directors. The shareholders may also introduce a hierarchic structure under which one managing director is granted an overall responsibility for any fields, while other managing directors are required to report to him with respect to matters regarding the specific field for which they are responsible. However, no managing director can be completely released from the joint overall responsibility for the well-being of the company. Thus, any managing director in charge of a special area of responsibility must report to the other managing directors whatever matters arise in his particular area if said issues may have an effect on the whole company; moreover any managing director may decide upon matters falling under the area of responsibility of another managing director if he believes that the overall well-being of the company may be affected by decisions taken with respect to those matters. In any case, such internal allocation of specific fields of responsibility does not lead to a limitation of the power of the managing directors to represent the GmbH and has no effect with respect to third parties.

Supervisory board

The creation of a supervisory board (Aufsichtsrat) is either optional or mandatory. It is mandatory if it is required by the One-Third Participation Act (Drittelbeteiligungsgesetz, in case of more than 500 employees), the Coal, Iron and Steel Co-Determination Act (Montanmitbestimmungsgesetz, in case of more than 1,000 employees), the Co-Determination Act (Mitbestimmungsgesetz, in case of more than 2,000 employees) or the Capital Investment Act (Kapitalanlagegesetzbuch, in case the company’s purpose is the management of investment funds).

In companies with up to 500 employees, no supervisory board needs to be established. However, the articles of association can provide for the formation of a supervisory board. In this event, the articles of association can even set forth rules for the supervisory board, including the board’s composition, competencies and mode of procedure. The scope of the competencies can be limited to monitoring and advisory responsibilities or even comprise decision-making and representation of the company vis-à-vis the managing directors.

Recently People’s Republic of China central government has unveiled and adopted a wide range of initiative to reduce the regulatory burden on daily business operations and provide greater autonomy in investment decision-making.

The reforms aim to give both domestic and foreign investors more autonomy and should make investments in the private sector much easier by reducing bureaucracy and increasing transparency. Investors will have more flexibility to determine the form, amount and timing of their business contributions. In addition, a system of publicly-available, electronic information (including annual filings and a corporate blacklist) will replace the old annual inspection system. Thanks to these reforms China’s requirements will become one step closer to international standards.

In this post I will analyze which are the enterprises affected by the reform; the Negative-list – setting out the industries that still need the approval to be established – and the new application process for company establishment.

Foreign invested enterprises

Generally speaking, foreign invested enterprises are the vehicle through which foreign investors may establish a presence to do business in China, choosing among one of the several different statutory forms recognized by the existing regulatory regime (such as: Wholly Foreign Owned Enterprise – WFOE; Equity Joint Venture – EJV; Contractual Joint Venture – CJV; Foreign Invested Company Limited by Shares; Foreign Invested Partnership Enterprise; or Holding companies). These entities are regulated under stricter laws than domestic companies, and are also subject to the same generally-applicable regulations.

The establishment of FIEs in Mainland China up is currently subject to a rather lengthy and bureaucratic examination and approval process by different Authorities. The same stringent requirements and burdensome procedure apply also to any major change related to FIEs structure, such as: increase or decrease of total investment/registered capital; change of business scope; shares or equity transfer; merger, division or dissolution; etc.

Nowadays, the set-up procedure of a WFOE undergoes through the following steps, having an average time frame of at least 3-4 months for the whole process:

Pre-issuance Business License

  • Collection of the basic information from Investor’s side (7 working days)
  • Company name pre-approval (5-7 working days)
  • Lease agreement (it depends on Investor/Landlord)
  • Legalized documents prepare by the Investor for the incorporation (few weeks)
  • Certificate of Approval issued by MOFCOM (4 weeks)
  • Business license issued by AIC (at least 10 working days)

Post-issuance Business License

  • Carve company chops (1-2 working days)
  • Foreign exchange registration certificate (around 10 working days)
  • Open a CNY bank account (depends on the bank)
  • Open a Foreign capital account (at least one week)
  • Capital injection, in compliance with company Article of Association
  • Capital verification report (it depends on accounting firm)
  • Foreign trade operator filing before MOFCOM (at least 5 working days)
  • Basic Customs Registration Certificate – if any (at least 5 working days)
  • Advance Customs Registration (at least 30 working days)
  • SAFE Preliminary Foreign Trader filing (2-3 working days)
  • VAT general taxpayer application (1-2 working days)
  • VAT general taxpayer invoice quota (30-60 working days)

On September 3rd 2016, the China National People Congress (NPC) Standing Committee adopted a resolution introducing several amendments related to the establishment of foreign-invested enterprises (FIEs) in China, which has taken effect starting from October 1st 2016. The resolution is going to produce its effect for some of the FIEs statutory forms only (WFOE, EJV, CJV).

These amendments repeal the current examination and approval regime to set-up legal entities, shifting to a different system where a FIE may be established following a streamline procedure of filing requirements before the competent authority, as long as the industry in which it engages is not subject to any national market access restrictions.

Negative List

Within October 2016 a Negative List will be issued, setting out the industries in which FIE establishment must still be examined and approved under the existing laws and regulations: a complicated and time consuming process, involving verification, approval and registration with several Authorities. The current list includes:

  • Agriculture and fishery (crop seed, animal husbandry, etc.)
  • Infrastructure (airports, railroads, postal service, telecom and internet, etc.)
  • Wholesale and retail (newspaper and magazine, tobacco, lottery, etc.)
  • Finance (investment in banks or other financial companies, etc.)
  • Professional services (accounting, legal advisors, market research, etc.)
  • Education (establishment of schools, management of educational institution, etc.)
  • Healthcare (EJV or CJV are required to set-up medical institution, etc.)

The publication of this list is a fundamental step, in order to better understand how the new regime will operate, as it will determine which sectors and matters are covered by the new filing requirements and, on the other hand, which items continue to undergo through a pre-approval process (basically all the sectors indicated in the Negative List).

The Negative List approach towards foreign investment was originally introduced by the Shanghai Free Trade Zone and subsequently extended to other Free Trade Zones in Mainland China (FTZs): according to the Negative List foreign investors were granted “national treatment” and were allowed to invest in several different business activities, with the exception of those listed in the Negative List form.

Essentially established as testing ground for new reforms, the FTZs were also established to drive regional growth by encouraging selected industries to cluster in specific geographical areas and, at the same time, served as a mean to promote experimental economic reforms and facilitate foreign direct investments.

New application process

In order to simplify bureaucracy cutting down time and costs, FTZs introduced a new application process for company establishment, the so called “one stop application procedure”. The applicant (foreign investor) may submit an online application through the relevant FTZs website, and then the business will be checked in order to verify whether it falls into the Negative List or not.

In case the requested business does not fall under the Negative list, all the application materials can be submitted and handled through one Authority (AIC – Administration for Industry and Commerce) within the Zone. All the relevant license and certificates (included but not limited to the business license, enterprise code certificate and tax registration certificate) will be issued altogether by AIC. In this way, the applicant can obtain all the relevant documents for company establishment in one place, contrasting with the outside Zone process where applicants must move between different authorities for the issuance of the different varieties of documents.

Thanks to the adopted amendments under the latest resolution (September 3rd 2016), this pilot scheme will apply also nationwide. The simplified filing requirement process will replaces the burdensome examination and approval procedure for the formation and change of key elements of FIEs, starting from October 1st 2016.

In the next post I will examine the main essential features of the new filing regime and the future perspectives following the reform.

Con circa 411 miliardi di dollari di export annuo, il Belgio è l’8° esportatore a livello mondiale. Il paese ha saputo adattarsi alla crescente integrazione dei mercati riuscendo a trasformare la sua dinamica economia in uno dei mercati più aperti e concorrenziali al mondo.

Da un punto di vista politico, il Belgio è uno Stato federale con specifici poteri politici articolati su 3 livelli:

Il governo federale è stabilito a Bruxelles

Le tre Regioni di cui si compone il Belgio sono:

  • la regione delle Fiandre, suddivisa in 5 province;
  • la regione Vallona, suddivisa in 5 province;
  • la regione di Bruxelles capitale.

Le tre comunità linguistiche sono:

  • la comunità fiamminga (di lingua neerlandese);
  • la comunità francese (di lingua francese);
  • la comunità germanofona.

In uno scenario economico complessivamente positivo emergono però rilevanti divergenze regionali:

  • la Vallonia dispone dei migliori ingredienti per una collaborazione impresa-ricerca. Il Governo vallone ha creato 6 poli di competitività: Biowin (bioscienze), Skywin (aerospaziale e aeronautica), Wagralim (agroindustria), Logistics in Wallonia (trasporti e logistica), Mecatech (ingegneria meccanica) e Greenwin (tecnologie ambientali). L’attività di questi poli vede associati centri di formazione, centri di ricerca, università e imprese. Per rafforzare la competitività della Regione Vallone nei settori dove presenta già un potenziale, a settembre 2005 il Governo vallone ha lanciato il Piano Marshall che definisce 5 direzioni:
    • i poli di competitività;
    • la creazione di attività;
    • l’alleggerimento della pressione fiscale sulle imprese (tra le più vantaggiose d’Europa);
    • il rafforzamento della ricerca e dell’innovazione;
    • il miglioramento delle competenze per l’occupazione.

Il Piano Marshall 2022 ha inoltre l’ambizione di sviluppare una nuova strategia di sviluppo regionale che scommette sulle forze del Piano Marshall 2.Verde e che innova attraverso la previsione di politiche di istruzione proprie della Federazione Vallonia-Bruxelles.

La dinamica dei piani Marshall ha portato i suoi frutti. Dal 2005 sono stati creati 46.388 posti di lavoro, sono stati forniti alle imprese 31.165 aiuti diretti e sono state erogate 417.895 attività di formazione.

  • senza dubbio le Fiandre costituiscono attualmente l’area forte del Paese dal punto di vista economico, favorite dalla posizione geografica e dalle infrastrutture di comunicazione (il sistema portuale Anversa-Gand-Zeebrugge; una rete stradale ben integrata nelle principali direttrici europee nord-sud e ovest-est; una rete ferroviaria molto sviluppata; da un’economia molto orientata all’export, da un contesto socio-economico che attrae capitali stranieri e da una struttura produttiva flessibile e tecnologicamente avanzata).
  • Bruxelles è una città unica. Centro nevralgico dell’Unione Europea, è divenuta una capitale internazionale dove i leader mondiali si riuniscono per prendere decisioni di rilevanza globale. La capitale belga ospita, oltre al Parlamento, la maggior parte delle istituzioni dell’Unione Europea e numerosi centri di rappresentanza dei paesi membri. Le istituzioni internazionali generano tra il 13% e il 14% del PIL di Bruxelles e il settore congressuale, da solo, ospita più di 000 congressi l’anno.

Grazie al ruolo internazionale di Bruxelles, il Belgio ha saputo conquistarsi un posto a livello mondiale nei servizi legati agli affari internazionali.

Inoltre, la presenza di oltre 60 banche straniere fa sì che Bruxelles rappresenti la settima piazza finanziaria più importante al mondo.

Su cosa investire

In Belgio il settore farmaceutico è certamente uno dei più solidi occupando ben 30.000 persone (pari al 5% dell’impiego del settore privato) ed essendo responsabile dell’11% del suo export complessivo (tra i Paesi OCSE, soltanto la Germania è in grado di offrire dati migliori). Solo negli ultimi tre anni, ammontano ad oltre 1 miliardo di Euro gli investimenti delle imprese nel settore biotech.

La transizione verso una green-economy sta instaurando in Belgio una vera e propria “rivoluzione verde” puntando a soddisfare, di qui al 2020, il 13% del proprio fabbisogno energetico attraverso fonti rinnovabili. Secondo autorevoli studi, il settore delle rinnovabili nella sola Vallonia dovrebbe permettere la creazione di 15.000 posti di lavoro entro il 2020 (che si andrebbero ad aggiungere ai 9.400 già esistenti), con investimenti previsti tra gli 8 ed i 15 Miliardi di Euro nei prossimi dieci anni.

Il fatturato del settore trasporti e logistica è cresciuto del 135% negli ultimi 10 anni, con un turnover annuale che supera gli 85 miliardi di Euro e 300.000 addetti. La logistica contribuisce al 9% del PIL nazionale e rappresenta uno dei primi 5 driver per l’economia belga. Snodo fondamentale del sistema intermodale di connessione logistica del Belgio è il porto di Anversa, al secondo posto per importanza (dopo Rotterdam) in Europa.

L’autore di questo post è David Diris.

Il Belgio si posiziona nel cuore dell’asse geo-economico Liverpool-Genova, dove si concentra il 65% dell’attività economica Europea ed ha saputo sfruttare al meglio tale vantaggio, trasformandosi in uno degli hub logistici più importanti al mondo. Il fatturato del settore trasporti e logistica è cresciuto, infatti, del 135% negli ultimi 10 anni, con un turnover annuale che supera gli 85 miliardi di euro. Snodo fondamentale del sistema intermodale di connessione logistica del Belgio è il porto di Anversa, al 2° posto (dopo Rotterdam) in Europa.

Il Belgio, anche grazie alla sua posizione geografica nel cuore dell’Europa, ha un’economia molto aperta agli scambi e rappresenta un importante partner economico per l’Italia, soprattutto nelle relazioni commerciali.

Infatti, secondo i dati ISTAT, anche nel 2014, il Belgio si conferma come il 9° partner commerciale a livello mondiale per l’Italia ed il mercato che ha registrato la maggiore dinamicità, divenendo il 7° mercato di sbocco per le nostre esportazioni, dopo Germania, Francia, Stati Uniti, Regno Unito, Svizzera e Spagna.

Nel 2014, l’interscambio complessivo di beni tra l’Italia e il Belgio ha registrato un andamento molto positivo, raggiungendo i 28,3 mld di euro, con un incremento del 7,86% rispetto al 2013. Le esportazioni italiane verso il Belgio hanno raggiunto 13,2 mld di euro con una crescita del 16%. Tale andamento assume un particolare rilievo, considerato che nel 2014 le importazioni del Belgio dai Paesi Ue sono diminuite e tutti i principali partner commerciali europei hanno perso quote di mercato. Le importazioni italiane dal Belgio hanno raggiunto i 15,1 mld di euro con una crescita dell’1,6%.

Relativamente agli investimenti esteri, secondo le fonti Eurostat disponibili, nel 2012 il Belgio rappresentava il 9° paese di destinazione degli investimenti diretti esteri provenienti dall’Italia e il 6° paese di provenienza degli investimenti diretti esteri in Italia.

Considerando il saldo positivo di questi valori e l’importanza di dette cifre, riteniamo opportuno offrire agli operatori commerciali italiani una guida che contenga delle informazioni di natura sia giuridica sia pratica e che permetta loro:

  • di analizzare in maniera oggettiva la situazione economica belga;
  • di valutare la possibilità di investire in Belgio.

Proprio a tal fine la guida è stata schematicamente suddivisa in quattro parti:

  1. i motivi per i quali preferire il Belgio per i propri investimenti e quindi i differenti aspetti da valutare prima di intraprendere qualsiasi attività economica;
  2. le fondamentali caratteristiche delle società belghe seguite dalle fasi e dai costi per la loro costituzione;
  3. il diritto del lavoro e le caratteristiche principali dei contratti di lavoro;
  4. i contratti commerciali comunemente utilizzati e la disciplina legale di riferimento.

Perché investire in Belgio?

Oggi il Belgio è un’economia di servizi ed il peso del settore terziario rappresenta quasi il 70% del PIL, anche per effetto dell’adozione di incentivi sia a livello federale che regionale. Come in tutte le economie occidentali ed in particolare fra gli Stati membri dell’Unione Europea, anche in Belgio i settori primario e secondario sono in fase recessiva.

Incentivi

Gli incentivi più interessanti sono: la deduzione dell’interesse nominale, che permette di recuperare la tassa effettiva d’imposta di società; il cosiddetto “interesse teorico”, vale a dire la parziale esenzione del pagamento di interessi sugli utili reinvestiti nell’azienda; l’assenza di imposta sul patrimonio; deduzioni per investimenti in settori specifici; incentivi fiscali per redditi da brevetti; l’inesistenza di vincoli per attività di proprietà di non residenti. Interessante è anche la normativa in tema di rapporti di lavoro e problematiche fiscali connesse. In tema di intermediari commerciali le disposizioni sono più favorevoli che altrove.

Ricerca ed attrazione degli investimenti

Il Belgio sta progressivamente rafforzando i settori ad alto contenuto tecnologico, investendo in parchi scientifici, centri di ricerca, laboratori, università e “business parks”. Ciò, unitamente all’efficienza della forza lavoro, fa sì che la produttività manifatturiera sia superiore alla media europea. Il Belgio si posiziona sempre ai primi posti delle classifiche internazionali per l’attrazione degli investimenti.

Interscambio in crescita

Analizzando recenti ed autorevoli dati relativi ai rapporti economici tra Italia e Belgio, si evince chiaramente che gli scambi commerciali si stiano intensificando considerando che “il 2014 è stato un altro anno record per l’export italiano verso il Belgio: + 15,8% rispetto al 2013.

Stando ai dati ICE-ISTAT, si tratterebbe del maggior incremento a livello mondiale, evidenziando un trend in consolidata crescita: +34,3% dal 2010.

L’interscambio complessivo ha superato i 28 miliardi di euro (13,2 miliardi di export; 15,1 miliardi di import). Per quanto il saldo della bilancia commerciale resti ancora favorevole al Belgio, il surplus è ormai ridotto a soli euro 1,8 miliardi rispetto ai 4,6 miliardi registrati nel 2010. Il quadro d’insieme evidenzia come il mercato Belga offra interessanti opportunità di crescita per i nostri operatori” (fonte: Ambasciata Italiana).

Inoltre, secondo i dati ISTAT elaborati da Agenzia ICE per il primo trimestre del 2015, il volume degli scambi commerciali tra Italia e Belgio ha confermato le tendenze ampiamente positive registrate in questi ultimi anni dimostrando come i rapporti commerciali tra i due stati siano in costante ascesa poiché “da gennaio a marzo 2015, l’Italia ha esportato nel Regno beni per 3.383.698 euro, contro i 3.318.698 euro totalizzati nel primo trimestre del 2014.

Crescita delle importazioni dall‘Italia

Inoltre, sebbene i dati relativi al Commercio Estero italiano nel mese di giugno 2015, pubblicati dall’ ISTAT ad agosto, indicano una flessione congiunturale dell’export e una crescita dell’import, il dato relativo all’interscambio col Belgio nel mese di giugno è particolarmente positivo, indicando il maggior dinamismo sia per le esportazioni (+37,6%), che per le importazioni italiane (+32,6%) in confronto con lo stesso mese del 2014.

Il Belgio, pertanto, è stato il mercato con la maggiore crescita per i prodotti italiani.

Su base semestrale il dato sulle esportazioni italiane in Belgio nel 2015 registra una crescita del 9% sul 2014, con gli incrementi più rilevanti registrati nei settori dei prodotti dell’agricoltura, silvicoltura e pesca (+ 20%), prodotti dell’attività manifatturiera (+ 8,6%), prodotti alimentari (+7%), legno e prodotti in legno (+13,5%), articoli farmaceutici (+16,2%), macchinari ed apparecchi n.c.a. (+16%), mezzi di trasporto (+12%) e autoveicoli (+26,6%).

Il valore complessivo delle esportazioni italiane nel primo semestre 2015 supera i 7,1 miliardi di euro, mentre le importazioni dal Belgio hanno raggiunto gli 8,8 miliardi, con una crescita sul 2014 del 17% (Fonte: Ufficio ICE Bruxelles).

L’autore di questo post è David Diris.

Under the freedom of trade and industry, every person in Switzerland (including foreigners, provided that they have a regular work and residence permit) may exercise any industrial or commercial activity, without any special official authorisation.

Swiss civil law distinguishes between partnerships (sole proprietorship, limited partnership, general partnership) and legal entities (public company and limited liability companies). A foreign investor can chose the most appropriate type of company, according to her or his activities and strategic objectives. She or he may also establish a branch in Switzerland, as well as establish a joint venture or a strategic alliance. An interesting possibility for venture capital is also the new limited partnership for collective investments and capital.

The time required for setting up a company is different, but it usually does not take more than three weeks and the procedure can often be performed via the Internet.

Sole Proprietor

This type of business is carried out by a sole proprietor and has to be registered in the commercial register if it produces at least CHF 100,000 gross income per year. It is not a legal entity (i.e. the proprietor is personally liable for his/her business without any limitation) and the proprietor is subject to taxation. This form of business organisation is commonly used for smaller enterprises.

Simple Partnership (Einfache Gesellschaft)

An ordinary partnership is based on a contract of association between two or more partners and is a very loose formation without being a legal entity. Each partner is individually subject to taxation rather than the partnership itself. For business debts, each partner is personally liable with his/her own private assets. An ordinary partnership cannot be entered into the commercial register. This form of business organisation is often used for activities of short duration or for specific projects only (consortia or joint ventures).

Main use: joint ventures; consortiums in the construction or banking industry; shareholders under a shareholders’ agreement; founders of a company until the company has been duly established.

General partnership (Kollektivgesellschaft KG)

To form a general partnership, two or more individuals enter into a contract of association in order to operate an enterprise based on commercial principles. A general partnership has a trade name and must be registered in the commercial register.

Although it can acquire rights, incur liabilities, take legal action and be sued, the general partnership is not in itself a legal entity. Liability for debts is not limited to the capital of the partnership but is extended to the private assets of the partners in the form of joint and several liabilities.  Only individuals can set up this form of business organisation and liability is limited to the capital of the company. Especially used for small family businesses or businesses run by a few trusted partners (might achieve better credit-worthiness than legal persons due to partners’ liability).

Limited partnership (Kommanditgesellschaft)

A limited partnership has two kinds of partners. One must be liable for the business without any limitation, while others are only liable to the extent of their capital contribution. Only individuals can be partners with unlimited liability, whereas partners with limited liability may also be legal entities, such as corporations. Since the limited partnership is derived from the general partnership, other characteristics (such as rights and duties) are the same as described in the section above.

Unlimited partners with unlimited liability (at least one) and limited partners with limited liability up to the fixed amount as registered in the commercial register (at least one).

Unlimited partners must be individuals, limited partners may be individuals, legal entities or general or limited partnerships Also similar use as with general partnerships, used in situations where not all partners are willing or able to be actively involved in business or for small businesses in the form of general partnerships looking for private investors.

Limited Liability Company (Gesellschaft mit beschränkter Haftung, GmbH)

A limited liability company is a legal entity with fixed capital. The minimum capital is CHF 20,000 and this has to be fully paid in cash or in-kind. For the formation of a limited liability company, at least one founder is required. Each partner (individual or company) participates with a capital contribution (minimum CHF 100 per share) and must have a name and domicile registered in the commercial register. The management and representation of the company may be transferred to people who are not partners, but at least one of the managing officers must be domiciled in Switzerland. All partners and managers may be non-Swiss citizens.

The legal form of a limited liability company is especially intended for small and medium sized companies and so requires an equity capital of only CHF 20.000 for its formation.

As is the case with joint stock companies, the limited liability company has sole liability for its debts; recourse against the equity holders is not possible. Unlike a joint stock company, however, the articles of incorporation can impose obligations requiring the equity holders to pay in additional ancillary obligations. If the limited liability company is unable to continue to function without an injection of capital or new equity capital is required for specific activities, the equity holders are obliged, if such an obligation was agreed upon, to provide the new capital (to a maximum of twice the value of the existing capital). Typical examples of ancillary obligations set out in the articles of incorporation are the obligation to supply or purchase goods and the obligation to perform certain services for the benefit of the company.

In the absence of any rules to the contrary, the general management of a limited liability company is delegated to all of its members. By contrast, shareholders of a joint stock company are not automatically empowered to act in the name of the company and require separate authorization to function as a member of the board of directors or a duly authorized signatory.

The law allows comprehensive restrictions on the transferability of quota shares. Unlike a restriction on transferability contained in a shareholders’ agreement, a restriction on transferability provided for in the articles of incorporation of a limited liability company is also binding on the company and can therefore be more easily enforced. In addition, the articles of incorporation of a limited liability company can impose a non-competition clause on to its members.

In a limited liability company resolutions of both the general meeting and of the general management can be adopted by written consent.

Only individuals may be elected as members of the board of directors. The board of directors has to include at least one member resident in Switzerland.  Shareholders are entitled and obliged to manage the company without being appointed (principle of self-management). The articles of association may provide that the managers are appointed and dismissed from office at the shareholders’ meeting.

The board of directors/management of limited liability companies has the same non-delegable and inalienable duties as the directors/management of a corporation except for the appointment and dismissal of management.

The principle of non-delegable duties of the management may be overridden as the articles of association may provide for a mandatory or optional presentation of certain decisions for the approval of the shareholders’ meeting.

A shareholder may for valid reasons bring an action in court for permission to withdraw from the company. The articles of association may also grant shareholders a right to withdraw and may make this dependent upon certain conditions.  The law provides for a mandatory right of expulsion by way of the company bringing an action in court. The articles of association may go further and permit the shareholders’ meeting to expel shareholders for valid reasons.  The special squeeze-out provisions of the Merger Act also apply to limited liability companies.

Public Company (Aktiengesellschaft, AG)

The most common form of a company in Switzerland is the public company. The minimum capital is CHF 100,000 and at the time of incorporation the founders must pay at least the 20% of the nominal value of the capital (with a minimum of CHF 50,000). The capital of the company is represented by shares. Each share must have a minimum nominal value of CHF 0.01.

Shares can be either registered or bearer. Whereas the former have the name of the shareholder, the latter protect the confidentiality of the investor and can be freely transferred. In order to issue bearer shares all minimum capital must be paid.

Capital contribution can also be in kind. In this case, the following items can be contributed:

  • Goods;
  • Equipment and machinery;
  • Assets;
  • Real estate;
  • Participations and interest in other companies;
  • Patents and trademarks.

The public company is a very flexible form of business organisation and it is often chosen by foreign investors because of the ease in which shares can be transferred.  For the formation of a public company at least one founder is required, which can be either an individual or a company. The management and representation of the company may be carried out by people who are not shareholders, but at least one of the managing officers must be domiciled in Switzerland. Shareholders and managers may be non-Swiss citizens.

Partiamo da una situazione in cui maggioranza e minoranza si trovino già tra di loro in società per eventi etero determinati, quali ad esempio una successione mortis causa. Caso frequente quest’ultimo soprattutto nell’ambito di società ad impronta e stampo prettamente familiari. Si prenderà in esame, in prima battuta, una situazione per così dire neutra, dove non si applichino né norme statutarie particolari, né patti parasociali. In altri termini, si tratterà di esaminare una situazione in cui si applichino puramente e semplicemente le norme del codice civile. Ora, per passare all’esame dei diritti che possono essere esercitati dalla minoranza, si tratterà prima del diritto ad esercitare il controllo (anche attraverso il diritto a ricevere informazioni) e poi del diritto di exit. Un’ulteriore precisazione riguarda il perimetro della presente analisi che riguarda solamente le S.p.A. così dette chiuse, ovvero che non fanno ricorso al mercato del capitale di rischio.

Il diritto di ispezione dei libri sociali ed il controllo sulla gestione

Nelle S.p.A. l’azionista non ha un diritto di controllo diretto come invece stabilito per le S.r.l. (art. 2476 c.c.). Nelle S.p.A., infatti, la funzione di controllo sulla gestione spetta preminentemente al Collegio Sindacale (artt. 2397 e ss. c.c.) che vigila sull’osservanza della legge e dello statuto da parte degli amministratori e sulla regolarità della vita societaria anche nell’interesse della minoranza. In ogni caso, la legge prevede, a tutela della minoranza, alcuni diritti in capo ai soci e, tra questi, il diritto di ispezione dei libri sociali ed il diritto di informazione. Essi sono tuttavia, limitati ad ipotesi specifiche e ben individuate, dimodoché il socio, con le sue istanze, non possa nuocere alla gestione sociale attribuita esclusivamente agli amministratori.

A ben vedere, infatti, il diritto di ispezione, disciplinato all’art. 2422 c.c., riconosce agli azionisti il diritto di verificare il libro soci ed il libro dei verbali delle assemblee, anche a mezzo di un proprio delegato, nonché di estrarre copia di detti libri, a proprie spese. Tale diritto, però, è limitato esclusivamente ai libri sociali sopra menzionati, senza possibilità di esaminare gli altri libri indicati dall’art. 2421 c.c. (verbali del C.d.A., verbali delle adunanze del Collegio Sindacale, etc.) e limitatamente a quei dati che costituiscono il contenuto obbligatorio dei libri oggetto del diritto di ispezione. Tali ulteriori libri sociali possono essere ispezionati solamente dal soggetto del quale si documenta l’attività: singoli amministratori, componenti del consiglio di gestione, ogni sindaco, etc. Fermo restando che gli amministratori, i sindaci e gli altri soggetti incaricati del controllo, non soffrono limitazioni nell’esercizio del diritto generale di ispezione, poiché tale esame costituisce lo strumento necessario per l’esercizio del potere di vigilanza sull’osservanza della legge e dello statuto, sul rispetto dei principi di corretta amministrazione e sull’adeguatezza del sistema organizzativo, amministrativo e contabile della società. Ciò premesso, si evidenzia che il singolo azionista ha altresì il diritto di esercitare un controllo attraverso i seguenti strumenti che il legislatore gli mette a disposizione. (i) Denuncia, in qualsiasi modo e con la forma ritenuta più adeguata, di fatti censurabili attinenti la gestione all’organo di controllo ex art. 2408 c.c., il quale deve tenerne obbligatoriamente conto, indagando senza ritardo sui fatti oggetto della denuncia e facendone menzione nelle conclusioni della relazione all’assemblea, se tale denunzia è fatta nelle S.p.A. chiuse da tanti soci che rappresentino un ventesimo del capitale sociale (5% ) – per le S.p.A. che facciano ricorso al mercato del capitale di rischio la soglia è del 2 %. – nonché convocare l’assemblea se ricorrano le ipotesi indicate dall’art. 2406 c.c. secondo comma ovvero (a) in caso di omissione o di ingiustificato ritardo da parte degli amministratori ovvero (b) qualora ravvisi fatti censurabili di rilevante gravità e vi sia urgente necessità di provvedere (potere/dovere questo non necessariamente ricollegato alla denuncia dei soci ma piuttosto alla gravità dei fatti da essi denunziati ed all’urgenza di dovere provvedere. (ii) Denuncia al Tribunale ex art. 2409 c.c., da notificare anche alla società, in caso di fondato sospetto, in ipotesi di violazione dei relativi doveri da parte degli amministratori (e dei sindaci) di commissione di gravi irregolarità nella gestione che siano potenzialmente foriere di danno alla società stessa o a una o più società controllate.  In questo caso, il diritto può essere esercitato da tanti soci che rappresentino il decimo del capitale sociale (10%), tale procedimento può dare luogo ad una ispezione, a spese dei soci instanti, ordinata dal Tribunale e subordinata, se del caso, alla prestazione di una cauzione. L’ispezione può essere evitata ed il procedimento è sospeso a tempo determinato, nell’ipotesi di così detta autotutela ovvero in caso di sostituzione degli amministratori e dei sindaci in carica con altri di comprovata professionalità. Tali professionisti debbono, senza indugio attivarsi per accertare se effettivamente sussistano le gravi irregolarità denunciate e, se del caso, attivarsi per eliminarle. Il Tribunale può altresì prendere i provvedimenti ritenuti più opportuni e convocare l’assemblea perché assuma le relative deliberazioni nelle ipotesi in cui le gravi irregolarità effettivamente siano state commesse ovvero le cautele e le azioni adottate per eleminarle si siano rilevate inefficaci.  Nei casi più gravi, il Tribunale può revocare gli amministratori e, eventualmente, anche i sindaci e nominare un amministratore giudiziario, determinandone i poteri e la durata. Costui è, in tesi, legittimato all’esercizio dell’azione di responsabilità ai sensi dell’art. 2393 c.c. ultimo comma. La norma prevede infine che prima della scadenza del suo incarico l’amministratore giudiziario debba rendere il conto al tribunale che lo ha nominato; convocare e presiedere l’assemblea per la nomina dei nuovi amministratori e sindaci o per proporre, se del caso, la messa in liquidazione della società o la sua ammissione ad una procedura concorsuale. Infine, è previsto che i provvedimenti di cui all’art. 2409 c.c.  possano essere adottati anche su richiesta del collegio sindacale, del consiglio di sorveglianza o del comitato per il controllo sulla gestione, nonché, nelle società che fanno ricorso al mercato del capitale di rischio, del pubblico ministero; in questi casi le spese per l’ispezione sono a carico della società. (iii) Esercizio dell’azione sociale di responsabilità contro l’organo amministrativo od il collegio sindacale (art. 2393 bis c.c.). In questo caso, l’azione è esercitata dai soci che detengano almeno un quinto del capitale sociale ossia il 20% (lo statuto può prevedere che sia prevista una soglia maggiore ma mai superiore ad un terzo). L’art. 2393 c.c. prevede altresì che l’azione di responsabilità non possa formare oggetto di transazione se vi è il voto contrario di tanti soci che rappresentino un quinto del capitale sociale (20%). Se approvata da almeno tanti soci che rappresentino un quinto del capitale sociale (20%) l’azione sociale di responsabilità comporta la revoca di diritto degli amministratori interessati. (iv) Impugnazione delle delibere assembleari (ivi inclusa quella relativa all’approvazione del bilancio art. 2434 bis c.c.) che siano contrarie alle legge ovvero allo statuto ex art. 2377 c.c. Per l’esercizio di tale diritto è necessario detenere il 5% del capitale sociale. Tale diritto può essere accompagnato con l’esercizio dell’azione risarcitoria per ottenere eventualmente il ristoro dei danni subiti per effetto dell’assunzione della delibera impugnata. (v) Diritto di prendere visione, negli orari d’ufficio, del progetto di bilancio, della relazione sulla gestione, di quella dell’organo amministrativo, di quella dell’organo di controllo, di quella del revisore, di un progetto riepilogativo dei dati essenziali dell’ultimo bilancio delle società collegate nei 15 giorni che precedono l’assemblea convocata per l’approvazione del bilancio stesso ex art. 2429 c.c. (vi) Diritto di partecipare alle delibere dell’organo assembleare ed esercitare il diritto di veto in assemblea straordinaria ex art. 2365 c.c.(modificazioni dello statuto, nomina, sostituzione dei liquidatori e altre materie di competenza espressamente attribuite dalla legge) diritto che può essere esercitato da tanti soci che rappresentino più di un terzo del capitale sociale solo in seconda convocazione  ex. 2369 c.c. (vii) Diritto di chiedere la convocazione senza ritardo dell’assemblea ex art. 2367 c.c., diritto che può essere esercitato da tanti soci che rappresentino almeno il decimo del capitale sociale (10%). (viii) Diritto di chiedere il rinvio dell’assemblea se non sufficientemente informati diritto che può essere esercitato da tanti soci che rappresentino almeno un terzo del capitale sociale ovvero il 33% ex art. 2374 c.c.

Esaminando nuovamente le percentuali sopra individuate, per riassumere, si possono certamente individuare delle soglie per così dire critiche di partecipazione in una S.p.A. chiusa: al di sotto del limite del 5%, la minoranza poco o nulla può fare non avendo nemmeno la possibilità di impugnare le delibere assembleari e rimanendo ad essa, se vi sono i presupposti, la sola azione risarcitoria prevista dall’art. 2377, 4 comma, c.c. Quindi, per ricapitolare, perché una minoranza possa essere considerata “qualificata” e possa fare valere la propria voce come tale all’interno di una compagine societaria di una S.p.A. chiusa, è necessario che essa detenga: a) il 5% per efficacemente denunciare fatti censurabili attinenti la gestione all’organo di controllo (art. 2408 c.c.) e poter impugnare le delibere dell’assemblea (art. 2377 c.c.); b) il 10% per la denuncia al Tribunale ex art. 2409 c.c. e per richiedere la convocazione senza indugio dell’assemblea ex art. 2367 c.c.; c) il 20% per esercitare l’azione di responsabilità nei confronti dell’organo amministrativo o del collegio sindacale ex art. 2393 bis c.c. ovvero per opporsi alla transazione in punto all’azione di responsabilità ai sensi dell’art. 2393 c.c.; d) il 33% (+ 1%) per l’esercizio del diritto di veto nell’assemblea straordinaria in seconda convocazione ex art. 2369 c.c. e per la richiesta di rinvio dell’assemblea ex art. 2374 c.c.

Il dirito di uscita

In principio si accennava anche del diritto di exit. Il diritto di exit o di uscita altro non è che il diritto della minoranza di uscire dalla compagine sociale. La modalità naturale di exit è l’alienazione della partecipazione sociale. Quale alternativa principale alla vendita, in concomitanza di determinati eventi che determinino un mutamento significativo delle condizioni di rischio, il disinvestimento, in tutto o in parte, per il socio che non concorri a determinare tali cambiamenti, può realizzarsi tramite l’esercizio del diritto di recesso. È necessario avere esatta contezza delle cause che riconoscono al socio il diritto di uscita tramite recesso per due motivi: da una parte, perché la maggioranza potrà così, in maniera consapevole, ponderare determinate decisioni che potrebbero incidere tanto sulla vita sociale che sull’andamento gestionale, dall’altra, perché una minoranza attenta che si dovesse sentire “prigioniera” all’interno della compagine sociale, potrà avere uno strumento utile per superare la impasse.  Il recesso diventa dunque, all’occorrenza, strumento di pressione da esercitare sulla maggioranza oltre che di contrattazione allorquando mutano i presupposti di ingaggio inizialmente stabiliti dai soci ad esempio con l’introduzione di specifici motivi di recesso. Il diritto di recesso è disciplinato dall’art. 2437 c.c.  ed è esercitabile in occasione del verificarsi di determinate circostanze: a) modifica dell’oggetto sociale che incide in maniera significativa sull’attività della società; b) trasformazione della società; c) trasferimento della sede sociale all’estero; d) revoca dello stato di liquidazione; e) eliminazione di una o più cause di recesso previste dallo statuto; f) modifica dello statuto che incida sul valore da attribuire alla partecipazione in caso di recesso; g) modifiche dello statuto concernenti i diritti di voto o partecipazione; h) proroga del termine; i) introduzione o rimozione dei vincoli alla circolazione dei titoli azionari; l) se la società è costituita a tempo indeterminato il socio può recedere con un preavviso di 180 giorni; m) in caso di assoggettamento a direzione e coordinamento ai sensi dell’art. 2497 e ss. c.c. Relativamente alle circostanze sopracitate, è di fondamentale importanza ricordare come alcune di esse e più precisamente quelle indicate alle lettere da a) a g), siano cause di recesso classificate come inderogabili, vale a dire insuscettibili di modifica anche per concorde volontà delle parti, mentre, quelle indicate alle lettere h) e i) siano invece derogabili. L’art. 2437, 2 comma, prima parte, c.c., infatti, espressamente indica la dizione “salvo che lo statuto disponga diversamente” riconoscendo in questo modo implicitamente quanto appena sostenuto. Si configura pertanto una tripartizione delle cause di recesso in legali inderogabili, legali derogabili e statutarie. Per l’esercizio del diritto di recesso è necessario rispettare le modalità previste dall’art. 2437 bis c.c. e l’esercizio del diritto comporta la liquidazione della partecipazione secondo i criteri di determinazione di cui all’art. 2437 ter c.c.

The Foreign Investment Protection and Promotion Act of Iran of 2002 (FIPPA) does not give a precise definition of investment. However, according to article one of the law, it shall include any cash or non-cash flow of investment into the country and could encompass cash flows in foreign currency through the Iranian banking system or other legitimate means, machinery, spare parts, raw materials, CKD (knock-down-kit) and SKD (semi-knocked-down-kit) parts, intellectual property such as knowhow, patents and registered names, technical services, transferable share dividends and anything else if approved by the Council of Ministers. Foreign direct investments are allowed only in sectors in which private ownership is permitted. Build Operate Transfer (BOT) agreements and Civil Partnerships can be used in all areas, including upstream oil and gas industry, where foreign direct investment is prohibited due to a constitutional ban.

With the enactment of FIPPA, obtaining an investment license has become very straightforward. As a rule of thumb, there is a minimum amount of $ 300,000 to apply for a FIPPA license. The entire process of obtaining a license should take no longer than 45 days since the date of submission of documents to the Organization for Economic and Technical Assistance of Iran (hereinafter “OIETAI”), the main foreign investment authority in Iran. The application can be submitted directly by the foreign investor or their legal representative in Iran. The application form is downloadable online, must be completed in Persian or in English language and is reviewed by the OIETAI in coordination with the relevant Ministry. This stage may last up to 15 days. OETAI refers the application to the Foreign Investment Board which shall make the final decision regarding the admission of the foreign investment. The Foreign Investment Board is the highest-ranking authority and is the authority which finally issues the FIPPA license. The board includes six high-ranking official members of the government, the head of OETAI and some other prominent figures.

Should the Board reject the application, the decision can be appealed; in case the application is accepted, the license is signed by the Minister of Economic Affairs and Finance. The license is then communicated to the foreign investor by OETAI. The latter stage might take a maximum of 30 days, without considering the delay which may be caused by an appeal request.

A FIPPA license lists the amount of foreign investment, name of foreign and Iranian partners, type and area of investment, means for transference of capital contributions and the requirements regarding the investment project. The license is issued for a specific period during which at least part of the investment must be transferred to Iran. Foreign investors can file a request for an extension prior to the expiry of the deadline set by the Board of Investment, mentioning justified reasons for such a request. This request will be reviewed by the Board of Investment. If no investment is made during before the given deadline, absent justifiable excuses, the license will be revoked.

In general, merely commercial or trading activities do not qualify for FIPPA license unless they are accompanied by production. Investment in services may qualify for a FIPPA license subject to the decision of the Board.

Expats require a work permit, or employment license, in Iran for any type of employment. The organ in charge is the “Department General for Employment of Foreign Nationals”, a division of the Ministry of Cooperative, Labor and Social Welfare. The requirements are set in articles 120-129 of Iran Labor Law. In general, a work permit will be issued to a foreign worker only if there are no Iranians having the same level of education or expertise. This sets the bar very high. Foreigners cannot apply for a work permit on their own, unless they establish an enterprise in Iran. Employers need to submit their request and documents as are listed and announced by the Department General for Employment of Foreign Nationals for verification. This list normally requires identification documents of applicant including resume and expertise documents, letter of request from the employer attached with company official documents (registration notice, latest changes, chart and etc.). Prior to this stage, employers cannot enter into an employment contract with foreigners. Then, the documents are sent to the Technical Board for Employment of Foreign Nationals which is very strict regarding issuance of work permits.

FIPPA (“Foreign Investment Promotion and Protection Act”) allows foreign investors, directors and experts and their immediate family members to acquire visa, residence permit and work permit. This was introduced in art. 35 of the executive directive to FIPPA. Yet, there are incentives for employment of Iranian nationals.

Work permits are, in any case, valid for one year. Renewal requires an application by the employer. The application, which must be written and should explain the need for renewal of the permit, must be handed by the employer at least one month before the work permit expiry date. Upon the end of the one-year validity of work permits, employers can refrain from renewing the contract. However, termination of work contract requires confirmation by the Ministry of Employment, which will result in termination of work permit. Working without a permit or employing an unlicensed employee are punishable by law.

According to the executive directive to FIPPA, the Ministry of Foreign Affairs has an obligation to ask Iranian embassies to issue a single or a multiple-entry visa clearance (with a validly of three years) and a three-month residence permit upon receiving a request from the Organization for Investment Economic and Technical Assistance of Iran (OIETAI), which is also in charge of issuing a FIPPA license for foreign investors. People who enter in Iran using this type of visa can obtain a three year residence permit and will get a work permit, which is valid for one year but is renewable once the FIPPA license of the investor is issued.

Employment insurance of foreigners is similar to the one for Iranian and can be obtained from the Organization of National Welfare (Ta’min Ejtemae’i) at similar rates. According to article 5 of Iran Social Welfare Law, when foreigners are insured in their own country, the employer might be exempted from their Iranian insurance if the foreign insurance covers work accidents, pregnancy, damages relating to wages, disability, retirement and death.

As mentioned above, in order to subject foreigners to Iranian taxation, they have to obtain work and residency permits from the Labor and Social Welfare Organization of Iran. In this light the long term multiple visa is also granted to foreigners to facilitate their entry and exit from the country. If foreigners without the necessary permits start working in Iran, even though through occasional trips to Iran, they will be subject to payment of fine and income tax as determined by the Tax and Organization and Labor and Social Welfare Organization of Iran. Iranian Law does not quantify the minimum number of days of presence in Iran to be considered as a working immigrant. Normally it is the duty of the Immigration Police to verify if a foreigner is working in Iran.

As far as taxation of foreigners’ income is concerned, the salary paid to foreign employees is taxable with the same rates of Iranian salaries. According to Art. 131 of Iran law on direct tax, income tax payable in Iran is between 15% and 35%, depending on income brackets.

Annual Taxable Income Rates Of the excess over
Up to IRR 30,000,000 15%
Up to IRR 100,000,000 20% IRR 30,000,000
Up to IRR 250,000,000 25% IRR 100,000,000
Up to IRR 1,000,000,000 30% IRR 250,000,000
Over IRR 1,000,000,000 35% IRR 1,000,000,000

Furthermore, Iran signed the Treaty on Avoidance of Gaining Double Taxation with many countries around the world, including Italy, France, Germany, Austria, Spain, China, Turkey and recently Cyprus. Under the rules of this Treaty, the amount of tax that has been paid by one applicant shall not be fully taxable again by the other country, but the percentage of difference between the tax rates of two countries shall be calculated on the whole income of the applicant.

The tax rate for foreign companies is also the same provided for Iran companies. Either the company is 100% owned by foreigners and is registered in Iran, or the company is a representative or a branch office of a foreign company, the same rules of tax are applicable. Some tax exemptions are provided for branch offices of foreign companies that only conduct research, feasibility study and marketing, without gaining incomes. Tax rate for companies in Iran is 25% of the annual profit.

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    Doing business in Venezuela

    18 Aprile 2016

    • Venezuela
    • Diritto societario

    The GmbH is a capital company under German law. The liability of the shareholders in this kind of corporation is limited to the company’s share capital i.e. the company’s assets alone shall serve to fulfil the company’s obligations vis-à-vis its creditors. Being the GmbH – a limited liability company – a legal person, it holds autonomous rights and obligations; as such it may e.g. acquire ownership and other rights in real property and autonomously sue and be sued in court in connection with its rights and duties.

    The corporate bodies of the GmbH required by compulsory provisions of the Limited Liability Company Act (GmbHG) are the entirety of the shareholders, who regularly adopt resolutions at the shareholder meeting (Gesellschafterversammlung), and the managing director(s) (Geschäftsführer). The establishment of a supervisory board (Aufsichtsrat) is, with some specific exceptions, optional.

    Shareholders’ rights and duties

    The rights and duties of shareholders may be quite different in origin and nature. Shareholder rights and duties may exist by force of law or may be created by, or based upon, the articles of association (Satzung). Said rights and duties may attach to all shares as such or belong to, or be imposed upon, a shareholder personally (personal shareholder rights and duties). Shareholder rights and duties may be available to, or be imposed upon, all shareholders equally or upon one or several shareholders particularly. In principle such rights and duties pass to any transferee of the share, whether such a transfer is by assignment, inheritance, or otherwise, and cannot be assigned or otherwise transferred separately from the share itself.

    Both rights and duties attaching to shares, that are not created by law, and personal shareholder rights and duties can only be granted or imposed by the articles of association or by shareholder resolutions passed on the basis of the articles of association. These rights and duties must be distinguished from the ones provided within agreements between the shareholders, which are made “outside the articles of association”. Such latter agreements can only create contractual rights and duties among the parties thereto. If a share is transferred, the transferee can only exercise the contractual rights of the transferor, provided those rights were specifically assigned to him by contract; said transferee is accordingly bound by his transferor’s contractual duties only if he has agreed to take them over.

    Shareholder rights can be divided into administrative and property rights. Administrative rights include the right (i) to request the calling of the shareholders’ meeting (ii) to participate in the shareholder meeting (iii) to vote and (iv) to be provided with information about the corporate activities. The right to information basically entails that the managing directors must provide every shareholder with information about the affairs of the company upon their simple request and allow them to inspect the books and records of the company. Property rights include the entitlement to a quota of the annual profits, the right to dispose of the share and the entitlement to a share of the liquidation proceeds.

    The most important shareholder duties are the duty to render contributions, the fiduciary duty and the duty to ensure that the share capital, once provided, is preserved. Shareholder rights and duties can be expanded, restricted or excluded in the articles of association, as long as this is not in conflict with mandatory law provisions.

    Finally, once the company gets into economic trouble, a shareholder is obliged to either (i) inject new equity to the company, (ii) liquidate the company or (iii) cause the management to commence insolvency proceedings.

    Liability

    The GmbH is a legal entity separate from its shareholders. Therefore, the shareholders are in principle not liable for debts of the GmbH. There are only a few scenarios of shareholder liability in literature and court practice:

    • Shareholders may be liable for debts or losses of the company – on a contractual basis – if they undertake a contractual obligation towards the company’s creditors or the company (e.g. by means of a guarantee or a comfort letter).
    • A shareholder may be personally liable to the company for payments received from the company to the extent such payments cause the equity of the company to fall short compared to the registered share capital.
    • Shareholders may be held liable by the company if, disregarding the purpose of the company’s assets to serve as collateral for its creditors, they intentionally abuse their control to remove assets or business opportunities from the company, rendering it unable to satisfy its debts.
    • Additionally, a shareholder may become personally liable towards the company’s creditors if the assets are not clearly allocated to the shareholders or the company in the books of the company (intermingling of assets) and such allocation is not inferable from other circumstances, e.g. the physical separation.

     Shareholders’ meeting

    The shareholders’ meeting is the company’s ultimate decision-making authority. Shareholders usually exercise their rights in the shareholders’ meeting. Shareholder resolutions may also be taken without a physical meeting. In particular, a meeting is not necessary if all the shareholders confirm in text form that they agree with the resolution to be passed or to cast their votes in writing.

    Usually, the articles of association determine the powers of the shareholders’ meeting and the rules of procedure to be applied in its context. To the extent that the articles of association do not contain specific provisions regarding the procedures to be applied within the shareholders’ meeting, §§ 46-51 GmbHG apply as the relevant model framework.

    The shareholders’ meeting is exclusively entitled to:

    • amend the articles of association,
    • call in additional contributions of the shareholders,
    • liquidate the company and  appoint and dismiss the liquidators,
    • resolve upon measures pursuant to the Transformation Act (Umwandlungsgesetz – UmwG) such as mergers, spin-offs and changes of the company’s legal form.

    Except as otherwise provided in the articles of association, the shareholders resolve upon:

    • the formal approval of individual and consolidated annual financial statements and the distribution of profits,
    • the repayment of additional contributions,
    • the division, consolidation and redemption of shares,
    • the appointment and dismissal of managing directors, as well as their discharge,
    • the execution and termination of service agreements with managing directors,
    • the assertion of damage claims to which the company is entitled against managing directors or shareholders, as well as the representation of the company in litigation proceedings against managing directors or shareholders,
    • the rules of procedure for the management,
    • the appointment of a Prokurist (person vested with the general power of representation) and of persons vested with the commercial power of attorney for the entire business establishment (Handlungsvollmacht).

    The above mentioned tasks can be however transferred by the shareholders’ meeting to the supervisory board, if any, by adopting a relevant resolution.

    In addition, the shareholders’ meeting has the right to issue instructions to the managing directors and to appoint or dismiss members of an optional supervisory board.

    A shareholders’ resolution is deemed to be passed, when more than a half of the given votes are favourable. In exceptional cases a majority of ¾ will be necessary, e.g. with regard to amendments of the articles of association, the dissolution of the company, resolutions on mergers, spin-offs and other measures under the Transformation Act (UmwG), execution of domination agreements and of profit and loss transfer agreements.

    Managing director

    The company must have one or more managing directors (Geschäftsführer). The GmbH is not legally required to have more than one managing director except in particular cases (e.g. in case indicated by the Co-Determination Act. Both shareholders and non-shareholders (however only natural persons, no legal persons) may be appointed managing directors. In the articles of association the shareholders can set requirements regarding the qualification for the position of managing director.

    If the GmbH has only one managing director, he represents the company severally. If several managing directors have been appointed, they must represent the company jointly. However, if the company has more than one managing director, the shareholders can also grant the power of representation to the individual managing director derogating the statutory rule of joint representation, by a corresponding clause of the articles of association. In other words any modification of the statutory powers of representation must be based upon a provision in the articles of association. That provision must either itself define directly the extended power of representation in favour of an individual managing director, or permit the shareholders to extend the power of representation of the managing directors by passing a relevant shareholder resolution.

    In detail, the shareholders may grant each managing director, or one or several managing directors, the right

    • to represent the company acting alone,
    • to represent the company acting jointly with one or several other managing directors, or
    • to represent the company acting jointly with one or several managing directors or Prokurist.

    The managing directors have authority to represent and act on behalf of the company in all legal transactions in and out of court.

    A limitation of the authority of managing directors to represent the GmbH – even within the articles of association or resolved by shareholder resolution – will have no effect with respect to third parties. Should the articles of association e.g. set forth that the managing directors are not entitled to execute agreements with a value exceeding 5,000 € and the managing directors enter into an agreement with a 10,000 € value, such latter agreement shall be nonetheless valid vis à vis the contractual counterparty.

    The limitation of the power to represent the company, however, operates in individual cases where the third party interacting with the managing director is not entitled to rely on the unlimited power of the managing director. This occurs in particular where a managing director abuses his powers to represent the company and the third party knows or deliberately ignores the abuse.

    The power to represent the company is further limited by the prohibition of self-dealing and multiple representations. A managing director is in general not allowed to enter into legal transactions on behalf of the company with himself as counterparty (so called self-dealing) or as the representative of the company and of a third party (multiple representations). However, he can be exempted from such prohibitions. Such exemption may be granted in the articles of association or, if the articles of association allow it, by the shareholder meeting.

    In the context of the internal relations between the company and the managing directors, the managing directors must observe the restrictions contained in the articles of association, the instructions set within shareholders’ resolutions or in the management contracts of the managing directors. The shareholders can issue instructions ad hoc or in a general way by establishing rules of procedure for the management (e.g. make certain kind of transactions subject to the consent of the shareholders’ meeting). In case the managing directors do not comply with such instructions, they are obliged to compensate the company for any damages incurred as a consequence thereof.

    The shareholders may entrust specific fields of responsibility – i.e. administration, accounting, finance, employment and social matters, production, distribution, sales or marketing – to one or more managing directors. The shareholders may also introduce a hierarchic structure under which one managing director is granted an overall responsibility for any fields, while other managing directors are required to report to him with respect to matters regarding the specific field for which they are responsible. However, no managing director can be completely released from the joint overall responsibility for the well-being of the company. Thus, any managing director in charge of a special area of responsibility must report to the other managing directors whatever matters arise in his particular area if said issues may have an effect on the whole company; moreover any managing director may decide upon matters falling under the area of responsibility of another managing director if he believes that the overall well-being of the company may be affected by decisions taken with respect to those matters. In any case, such internal allocation of specific fields of responsibility does not lead to a limitation of the power of the managing directors to represent the GmbH and has no effect with respect to third parties.

    Supervisory board

    The creation of a supervisory board (Aufsichtsrat) is either optional or mandatory. It is mandatory if it is required by the One-Third Participation Act (Drittelbeteiligungsgesetz, in case of more than 500 employees), the Coal, Iron and Steel Co-Determination Act (Montanmitbestimmungsgesetz, in case of more than 1,000 employees), the Co-Determination Act (Mitbestimmungsgesetz, in case of more than 2,000 employees) or the Capital Investment Act (Kapitalanlagegesetzbuch, in case the company’s purpose is the management of investment funds).

    In companies with up to 500 employees, no supervisory board needs to be established. However, the articles of association can provide for the formation of a supervisory board. In this event, the articles of association can even set forth rules for the supervisory board, including the board’s composition, competencies and mode of procedure. The scope of the competencies can be limited to monitoring and advisory responsibilities or even comprise decision-making and representation of the company vis-à-vis the managing directors.

    Recently People’s Republic of China central government has unveiled and adopted a wide range of initiative to reduce the regulatory burden on daily business operations and provide greater autonomy in investment decision-making.

    The reforms aim to give both domestic and foreign investors more autonomy and should make investments in the private sector much easier by reducing bureaucracy and increasing transparency. Investors will have more flexibility to determine the form, amount and timing of their business contributions. In addition, a system of publicly-available, electronic information (including annual filings and a corporate blacklist) will replace the old annual inspection system. Thanks to these reforms China’s requirements will become one step closer to international standards.

    In this post I will analyze which are the enterprises affected by the reform; the Negative-list – setting out the industries that still need the approval to be established – and the new application process for company establishment.

    Foreign invested enterprises

    Generally speaking, foreign invested enterprises are the vehicle through which foreign investors may establish a presence to do business in China, choosing among one of the several different statutory forms recognized by the existing regulatory regime (such as: Wholly Foreign Owned Enterprise – WFOE; Equity Joint Venture – EJV; Contractual Joint Venture – CJV; Foreign Invested Company Limited by Shares; Foreign Invested Partnership Enterprise; or Holding companies). These entities are regulated under stricter laws than domestic companies, and are also subject to the same generally-applicable regulations.

    The establishment of FIEs in Mainland China up is currently subject to a rather lengthy and bureaucratic examination and approval process by different Authorities. The same stringent requirements and burdensome procedure apply also to any major change related to FIEs structure, such as: increase or decrease of total investment/registered capital; change of business scope; shares or equity transfer; merger, division or dissolution; etc.

    Nowadays, the set-up procedure of a WFOE undergoes through the following steps, having an average time frame of at least 3-4 months for the whole process:

    Pre-issuance Business License

    • Collection of the basic information from Investor’s side (7 working days)
    • Company name pre-approval (5-7 working days)
    • Lease agreement (it depends on Investor/Landlord)
    • Legalized documents prepare by the Investor for the incorporation (few weeks)
    • Certificate of Approval issued by MOFCOM (4 weeks)
    • Business license issued by AIC (at least 10 working days)

    Post-issuance Business License

    • Carve company chops (1-2 working days)
    • Foreign exchange registration certificate (around 10 working days)
    • Open a CNY bank account (depends on the bank)
    • Open a Foreign capital account (at least one week)
    • Capital injection, in compliance with company Article of Association
    • Capital verification report (it depends on accounting firm)
    • Foreign trade operator filing before MOFCOM (at least 5 working days)
    • Basic Customs Registration Certificate – if any (at least 5 working days)
    • Advance Customs Registration (at least 30 working days)
    • SAFE Preliminary Foreign Trader filing (2-3 working days)
    • VAT general taxpayer application (1-2 working days)
    • VAT general taxpayer invoice quota (30-60 working days)

    On September 3rd 2016, the China National People Congress (NPC) Standing Committee adopted a resolution introducing several amendments related to the establishment of foreign-invested enterprises (FIEs) in China, which has taken effect starting from October 1st 2016. The resolution is going to produce its effect for some of the FIEs statutory forms only (WFOE, EJV, CJV).

    These amendments repeal the current examination and approval regime to set-up legal entities, shifting to a different system where a FIE may be established following a streamline procedure of filing requirements before the competent authority, as long as the industry in which it engages is not subject to any national market access restrictions.

    Negative List

    Within October 2016 a Negative List will be issued, setting out the industries in which FIE establishment must still be examined and approved under the existing laws and regulations: a complicated and time consuming process, involving verification, approval and registration with several Authorities. The current list includes:

    • Agriculture and fishery (crop seed, animal husbandry, etc.)
    • Infrastructure (airports, railroads, postal service, telecom and internet, etc.)
    • Wholesale and retail (newspaper and magazine, tobacco, lottery, etc.)
    • Finance (investment in banks or other financial companies, etc.)
    • Professional services (accounting, legal advisors, market research, etc.)
    • Education (establishment of schools, management of educational institution, etc.)
    • Healthcare (EJV or CJV are required to set-up medical institution, etc.)

    The publication of this list is a fundamental step, in order to better understand how the new regime will operate, as it will determine which sectors and matters are covered by the new filing requirements and, on the other hand, which items continue to undergo through a pre-approval process (basically all the sectors indicated in the Negative List).

    The Negative List approach towards foreign investment was originally introduced by the Shanghai Free Trade Zone and subsequently extended to other Free Trade Zones in Mainland China (FTZs): according to the Negative List foreign investors were granted “national treatment” and were allowed to invest in several different business activities, with the exception of those listed in the Negative List form.

    Essentially established as testing ground for new reforms, the FTZs were also established to drive regional growth by encouraging selected industries to cluster in specific geographical areas and, at the same time, served as a mean to promote experimental economic reforms and facilitate foreign direct investments.

    New application process

    In order to simplify bureaucracy cutting down time and costs, FTZs introduced a new application process for company establishment, the so called “one stop application procedure”. The applicant (foreign investor) may submit an online application through the relevant FTZs website, and then the business will be checked in order to verify whether it falls into the Negative List or not.

    In case the requested business does not fall under the Negative list, all the application materials can be submitted and handled through one Authority (AIC – Administration for Industry and Commerce) within the Zone. All the relevant license and certificates (included but not limited to the business license, enterprise code certificate and tax registration certificate) will be issued altogether by AIC. In this way, the applicant can obtain all the relevant documents for company establishment in one place, contrasting with the outside Zone process where applicants must move between different authorities for the issuance of the different varieties of documents.

    Thanks to the adopted amendments under the latest resolution (September 3rd 2016), this pilot scheme will apply also nationwide. The simplified filing requirement process will replaces the burdensome examination and approval procedure for the formation and change of key elements of FIEs, starting from October 1st 2016.

    In the next post I will examine the main essential features of the new filing regime and the future perspectives following the reform.

    Con circa 411 miliardi di dollari di export annuo, il Belgio è l’8° esportatore a livello mondiale. Il paese ha saputo adattarsi alla crescente integrazione dei mercati riuscendo a trasformare la sua dinamica economia in uno dei mercati più aperti e concorrenziali al mondo.

    Da un punto di vista politico, il Belgio è uno Stato federale con specifici poteri politici articolati su 3 livelli:

    Il governo federale è stabilito a Bruxelles

    Le tre Regioni di cui si compone il Belgio sono:

    • la regione delle Fiandre, suddivisa in 5 province;
    • la regione Vallona, suddivisa in 5 province;
    • la regione di Bruxelles capitale.

    Le tre comunità linguistiche sono:

    • la comunità fiamminga (di lingua neerlandese);
    • la comunità francese (di lingua francese);
    • la comunità germanofona.

    In uno scenario economico complessivamente positivo emergono però rilevanti divergenze regionali:

    • la Vallonia dispone dei migliori ingredienti per una collaborazione impresa-ricerca. Il Governo vallone ha creato 6 poli di competitività: Biowin (bioscienze), Skywin (aerospaziale e aeronautica), Wagralim (agroindustria), Logistics in Wallonia (trasporti e logistica), Mecatech (ingegneria meccanica) e Greenwin (tecnologie ambientali). L’attività di questi poli vede associati centri di formazione, centri di ricerca, università e imprese. Per rafforzare la competitività della Regione Vallone nei settori dove presenta già un potenziale, a settembre 2005 il Governo vallone ha lanciato il Piano Marshall che definisce 5 direzioni:
      • i poli di competitività;
      • la creazione di attività;
      • l’alleggerimento della pressione fiscale sulle imprese (tra le più vantaggiose d’Europa);
      • il rafforzamento della ricerca e dell’innovazione;
      • il miglioramento delle competenze per l’occupazione.

    Il Piano Marshall 2022 ha inoltre l’ambizione di sviluppare una nuova strategia di sviluppo regionale che scommette sulle forze del Piano Marshall 2.Verde e che innova attraverso la previsione di politiche di istruzione proprie della Federazione Vallonia-Bruxelles.

    La dinamica dei piani Marshall ha portato i suoi frutti. Dal 2005 sono stati creati 46.388 posti di lavoro, sono stati forniti alle imprese 31.165 aiuti diretti e sono state erogate 417.895 attività di formazione.

    • senza dubbio le Fiandre costituiscono attualmente l’area forte del Paese dal punto di vista economico, favorite dalla posizione geografica e dalle infrastrutture di comunicazione (il sistema portuale Anversa-Gand-Zeebrugge; una rete stradale ben integrata nelle principali direttrici europee nord-sud e ovest-est; una rete ferroviaria molto sviluppata; da un’economia molto orientata all’export, da un contesto socio-economico che attrae capitali stranieri e da una struttura produttiva flessibile e tecnologicamente avanzata).
    • Bruxelles è una città unica. Centro nevralgico dell’Unione Europea, è divenuta una capitale internazionale dove i leader mondiali si riuniscono per prendere decisioni di rilevanza globale. La capitale belga ospita, oltre al Parlamento, la maggior parte delle istituzioni dell’Unione Europea e numerosi centri di rappresentanza dei paesi membri. Le istituzioni internazionali generano tra il 13% e il 14% del PIL di Bruxelles e il settore congressuale, da solo, ospita più di 000 congressi l’anno.

    Grazie al ruolo internazionale di Bruxelles, il Belgio ha saputo conquistarsi un posto a livello mondiale nei servizi legati agli affari internazionali.

    Inoltre, la presenza di oltre 60 banche straniere fa sì che Bruxelles rappresenti la settima piazza finanziaria più importante al mondo.

    Su cosa investire

    In Belgio il settore farmaceutico è certamente uno dei più solidi occupando ben 30.000 persone (pari al 5% dell’impiego del settore privato) ed essendo responsabile dell’11% del suo export complessivo (tra i Paesi OCSE, soltanto la Germania è in grado di offrire dati migliori). Solo negli ultimi tre anni, ammontano ad oltre 1 miliardo di Euro gli investimenti delle imprese nel settore biotech.

    La transizione verso una green-economy sta instaurando in Belgio una vera e propria “rivoluzione verde” puntando a soddisfare, di qui al 2020, il 13% del proprio fabbisogno energetico attraverso fonti rinnovabili. Secondo autorevoli studi, il settore delle rinnovabili nella sola Vallonia dovrebbe permettere la creazione di 15.000 posti di lavoro entro il 2020 (che si andrebbero ad aggiungere ai 9.400 già esistenti), con investimenti previsti tra gli 8 ed i 15 Miliardi di Euro nei prossimi dieci anni.

    Il fatturato del settore trasporti e logistica è cresciuto del 135% negli ultimi 10 anni, con un turnover annuale che supera gli 85 miliardi di Euro e 300.000 addetti. La logistica contribuisce al 9% del PIL nazionale e rappresenta uno dei primi 5 driver per l’economia belga. Snodo fondamentale del sistema intermodale di connessione logistica del Belgio è il porto di Anversa, al secondo posto per importanza (dopo Rotterdam) in Europa.

    L’autore di questo post è David Diris.

    Il Belgio si posiziona nel cuore dell’asse geo-economico Liverpool-Genova, dove si concentra il 65% dell’attività economica Europea ed ha saputo sfruttare al meglio tale vantaggio, trasformandosi in uno degli hub logistici più importanti al mondo. Il fatturato del settore trasporti e logistica è cresciuto, infatti, del 135% negli ultimi 10 anni, con un turnover annuale che supera gli 85 miliardi di euro. Snodo fondamentale del sistema intermodale di connessione logistica del Belgio è il porto di Anversa, al 2° posto (dopo Rotterdam) in Europa.

    Il Belgio, anche grazie alla sua posizione geografica nel cuore dell’Europa, ha un’economia molto aperta agli scambi e rappresenta un importante partner economico per l’Italia, soprattutto nelle relazioni commerciali.

    Infatti, secondo i dati ISTAT, anche nel 2014, il Belgio si conferma come il 9° partner commerciale a livello mondiale per l’Italia ed il mercato che ha registrato la maggiore dinamicità, divenendo il 7° mercato di sbocco per le nostre esportazioni, dopo Germania, Francia, Stati Uniti, Regno Unito, Svizzera e Spagna.

    Nel 2014, l’interscambio complessivo di beni tra l’Italia e il Belgio ha registrato un andamento molto positivo, raggiungendo i 28,3 mld di euro, con un incremento del 7,86% rispetto al 2013. Le esportazioni italiane verso il Belgio hanno raggiunto 13,2 mld di euro con una crescita del 16%. Tale andamento assume un particolare rilievo, considerato che nel 2014 le importazioni del Belgio dai Paesi Ue sono diminuite e tutti i principali partner commerciali europei hanno perso quote di mercato. Le importazioni italiane dal Belgio hanno raggiunto i 15,1 mld di euro con una crescita dell’1,6%.

    Relativamente agli investimenti esteri, secondo le fonti Eurostat disponibili, nel 2012 il Belgio rappresentava il 9° paese di destinazione degli investimenti diretti esteri provenienti dall’Italia e il 6° paese di provenienza degli investimenti diretti esteri in Italia.

    Considerando il saldo positivo di questi valori e l’importanza di dette cifre, riteniamo opportuno offrire agli operatori commerciali italiani una guida che contenga delle informazioni di natura sia giuridica sia pratica e che permetta loro:

    • di analizzare in maniera oggettiva la situazione economica belga;
    • di valutare la possibilità di investire in Belgio.

    Proprio a tal fine la guida è stata schematicamente suddivisa in quattro parti:

    1. i motivi per i quali preferire il Belgio per i propri investimenti e quindi i differenti aspetti da valutare prima di intraprendere qualsiasi attività economica;
    2. le fondamentali caratteristiche delle società belghe seguite dalle fasi e dai costi per la loro costituzione;
    3. il diritto del lavoro e le caratteristiche principali dei contratti di lavoro;
    4. i contratti commerciali comunemente utilizzati e la disciplina legale di riferimento.

    Perché investire in Belgio?

    Oggi il Belgio è un’economia di servizi ed il peso del settore terziario rappresenta quasi il 70% del PIL, anche per effetto dell’adozione di incentivi sia a livello federale che regionale. Come in tutte le economie occidentali ed in particolare fra gli Stati membri dell’Unione Europea, anche in Belgio i settori primario e secondario sono in fase recessiva.

    Incentivi

    Gli incentivi più interessanti sono: la deduzione dell’interesse nominale, che permette di recuperare la tassa effettiva d’imposta di società; il cosiddetto “interesse teorico”, vale a dire la parziale esenzione del pagamento di interessi sugli utili reinvestiti nell’azienda; l’assenza di imposta sul patrimonio; deduzioni per investimenti in settori specifici; incentivi fiscali per redditi da brevetti; l’inesistenza di vincoli per attività di proprietà di non residenti. Interessante è anche la normativa in tema di rapporti di lavoro e problematiche fiscali connesse. In tema di intermediari commerciali le disposizioni sono più favorevoli che altrove.

    Ricerca ed attrazione degli investimenti

    Il Belgio sta progressivamente rafforzando i settori ad alto contenuto tecnologico, investendo in parchi scientifici, centri di ricerca, laboratori, università e “business parks”. Ciò, unitamente all’efficienza della forza lavoro, fa sì che la produttività manifatturiera sia superiore alla media europea. Il Belgio si posiziona sempre ai primi posti delle classifiche internazionali per l’attrazione degli investimenti.

    Interscambio in crescita

    Analizzando recenti ed autorevoli dati relativi ai rapporti economici tra Italia e Belgio, si evince chiaramente che gli scambi commerciali si stiano intensificando considerando che “il 2014 è stato un altro anno record per l’export italiano verso il Belgio: + 15,8% rispetto al 2013.

    Stando ai dati ICE-ISTAT, si tratterebbe del maggior incremento a livello mondiale, evidenziando un trend in consolidata crescita: +34,3% dal 2010.

    L’interscambio complessivo ha superato i 28 miliardi di euro (13,2 miliardi di export; 15,1 miliardi di import). Per quanto il saldo della bilancia commerciale resti ancora favorevole al Belgio, il surplus è ormai ridotto a soli euro 1,8 miliardi rispetto ai 4,6 miliardi registrati nel 2010. Il quadro d’insieme evidenzia come il mercato Belga offra interessanti opportunità di crescita per i nostri operatori” (fonte: Ambasciata Italiana).

    Inoltre, secondo i dati ISTAT elaborati da Agenzia ICE per il primo trimestre del 2015, il volume degli scambi commerciali tra Italia e Belgio ha confermato le tendenze ampiamente positive registrate in questi ultimi anni dimostrando come i rapporti commerciali tra i due stati siano in costante ascesa poiché “da gennaio a marzo 2015, l’Italia ha esportato nel Regno beni per 3.383.698 euro, contro i 3.318.698 euro totalizzati nel primo trimestre del 2014.

    Crescita delle importazioni dall‘Italia

    Inoltre, sebbene i dati relativi al Commercio Estero italiano nel mese di giugno 2015, pubblicati dall’ ISTAT ad agosto, indicano una flessione congiunturale dell’export e una crescita dell’import, il dato relativo all’interscambio col Belgio nel mese di giugno è particolarmente positivo, indicando il maggior dinamismo sia per le esportazioni (+37,6%), che per le importazioni italiane (+32,6%) in confronto con lo stesso mese del 2014.

    Il Belgio, pertanto, è stato il mercato con la maggiore crescita per i prodotti italiani.

    Su base semestrale il dato sulle esportazioni italiane in Belgio nel 2015 registra una crescita del 9% sul 2014, con gli incrementi più rilevanti registrati nei settori dei prodotti dell’agricoltura, silvicoltura e pesca (+ 20%), prodotti dell’attività manifatturiera (+ 8,6%), prodotti alimentari (+7%), legno e prodotti in legno (+13,5%), articoli farmaceutici (+16,2%), macchinari ed apparecchi n.c.a. (+16%), mezzi di trasporto (+12%) e autoveicoli (+26,6%).

    Il valore complessivo delle esportazioni italiane nel primo semestre 2015 supera i 7,1 miliardi di euro, mentre le importazioni dal Belgio hanno raggiunto gli 8,8 miliardi, con una crescita sul 2014 del 17% (Fonte: Ufficio ICE Bruxelles).

    L’autore di questo post è David Diris.

    Under the freedom of trade and industry, every person in Switzerland (including foreigners, provided that they have a regular work and residence permit) may exercise any industrial or commercial activity, without any special official authorisation.

    Swiss civil law distinguishes between partnerships (sole proprietorship, limited partnership, general partnership) and legal entities (public company and limited liability companies). A foreign investor can chose the most appropriate type of company, according to her or his activities and strategic objectives. She or he may also establish a branch in Switzerland, as well as establish a joint venture or a strategic alliance. An interesting possibility for venture capital is also the new limited partnership for collective investments and capital.

    The time required for setting up a company is different, but it usually does not take more than three weeks and the procedure can often be performed via the Internet.

    Sole Proprietor

    This type of business is carried out by a sole proprietor and has to be registered in the commercial register if it produces at least CHF 100,000 gross income per year. It is not a legal entity (i.e. the proprietor is personally liable for his/her business without any limitation) and the proprietor is subject to taxation. This form of business organisation is commonly used for smaller enterprises.

    Simple Partnership (Einfache Gesellschaft)

    An ordinary partnership is based on a contract of association between two or more partners and is a very loose formation without being a legal entity. Each partner is individually subject to taxation rather than the partnership itself. For business debts, each partner is personally liable with his/her own private assets. An ordinary partnership cannot be entered into the commercial register. This form of business organisation is often used for activities of short duration or for specific projects only (consortia or joint ventures).

    Main use: joint ventures; consortiums in the construction or banking industry; shareholders under a shareholders’ agreement; founders of a company until the company has been duly established.

    General partnership (Kollektivgesellschaft KG)

    To form a general partnership, two or more individuals enter into a contract of association in order to operate an enterprise based on commercial principles. A general partnership has a trade name and must be registered in the commercial register.

    Although it can acquire rights, incur liabilities, take legal action and be sued, the general partnership is not in itself a legal entity. Liability for debts is not limited to the capital of the partnership but is extended to the private assets of the partners in the form of joint and several liabilities.  Only individuals can set up this form of business organisation and liability is limited to the capital of the company. Especially used for small family businesses or businesses run by a few trusted partners (might achieve better credit-worthiness than legal persons due to partners’ liability).

    Limited partnership (Kommanditgesellschaft)

    A limited partnership has two kinds of partners. One must be liable for the business without any limitation, while others are only liable to the extent of their capital contribution. Only individuals can be partners with unlimited liability, whereas partners with limited liability may also be legal entities, such as corporations. Since the limited partnership is derived from the general partnership, other characteristics (such as rights and duties) are the same as described in the section above.

    Unlimited partners with unlimited liability (at least one) and limited partners with limited liability up to the fixed amount as registered in the commercial register (at least one).

    Unlimited partners must be individuals, limited partners may be individuals, legal entities or general or limited partnerships Also similar use as with general partnerships, used in situations where not all partners are willing or able to be actively involved in business or for small businesses in the form of general partnerships looking for private investors.

    Limited Liability Company (Gesellschaft mit beschränkter Haftung, GmbH)

    A limited liability company is a legal entity with fixed capital. The minimum capital is CHF 20,000 and this has to be fully paid in cash or in-kind. For the formation of a limited liability company, at least one founder is required. Each partner (individual or company) participates with a capital contribution (minimum CHF 100 per share) and must have a name and domicile registered in the commercial register. The management and representation of the company may be transferred to people who are not partners, but at least one of the managing officers must be domiciled in Switzerland. All partners and managers may be non-Swiss citizens.

    The legal form of a limited liability company is especially intended for small and medium sized companies and so requires an equity capital of only CHF 20.000 for its formation.

    As is the case with joint stock companies, the limited liability company has sole liability for its debts; recourse against the equity holders is not possible. Unlike a joint stock company, however, the articles of incorporation can impose obligations requiring the equity holders to pay in additional ancillary obligations. If the limited liability company is unable to continue to function without an injection of capital or new equity capital is required for specific activities, the equity holders are obliged, if such an obligation was agreed upon, to provide the new capital (to a maximum of twice the value of the existing capital). Typical examples of ancillary obligations set out in the articles of incorporation are the obligation to supply or purchase goods and the obligation to perform certain services for the benefit of the company.

    In the absence of any rules to the contrary, the general management of a limited liability company is delegated to all of its members. By contrast, shareholders of a joint stock company are not automatically empowered to act in the name of the company and require separate authorization to function as a member of the board of directors or a duly authorized signatory.

    The law allows comprehensive restrictions on the transferability of quota shares. Unlike a restriction on transferability contained in a shareholders’ agreement, a restriction on transferability provided for in the articles of incorporation of a limited liability company is also binding on the company and can therefore be more easily enforced. In addition, the articles of incorporation of a limited liability company can impose a non-competition clause on to its members.

    In a limited liability company resolutions of both the general meeting and of the general management can be adopted by written consent.

    Only individuals may be elected as members of the board of directors. The board of directors has to include at least one member resident in Switzerland.  Shareholders are entitled and obliged to manage the company without being appointed (principle of self-management). The articles of association may provide that the managers are appointed and dismissed from office at the shareholders’ meeting.

    The board of directors/management of limited liability companies has the same non-delegable and inalienable duties as the directors/management of a corporation except for the appointment and dismissal of management.

    The principle of non-delegable duties of the management may be overridden as the articles of association may provide for a mandatory or optional presentation of certain decisions for the approval of the shareholders’ meeting.

    A shareholder may for valid reasons bring an action in court for permission to withdraw from the company. The articles of association may also grant shareholders a right to withdraw and may make this dependent upon certain conditions.  The law provides for a mandatory right of expulsion by way of the company bringing an action in court. The articles of association may go further and permit the shareholders’ meeting to expel shareholders for valid reasons.  The special squeeze-out provisions of the Merger Act also apply to limited liability companies.

    Public Company (Aktiengesellschaft, AG)

    The most common form of a company in Switzerland is the public company. The minimum capital is CHF 100,000 and at the time of incorporation the founders must pay at least the 20% of the nominal value of the capital (with a minimum of CHF 50,000). The capital of the company is represented by shares. Each share must have a minimum nominal value of CHF 0.01.

    Shares can be either registered or bearer. Whereas the former have the name of the shareholder, the latter protect the confidentiality of the investor and can be freely transferred. In order to issue bearer shares all minimum capital must be paid.

    Capital contribution can also be in kind. In this case, the following items can be contributed:

    • Goods;
    • Equipment and machinery;
    • Assets;
    • Real estate;
    • Participations and interest in other companies;
    • Patents and trademarks.

    The public company is a very flexible form of business organisation and it is often chosen by foreign investors because of the ease in which shares can be transferred.  For the formation of a public company at least one founder is required, which can be either an individual or a company. The management and representation of the company may be carried out by people who are not shareholders, but at least one of the managing officers must be domiciled in Switzerland. Shareholders and managers may be non-Swiss citizens.

    Partiamo da una situazione in cui maggioranza e minoranza si trovino già tra di loro in società per eventi etero determinati, quali ad esempio una successione mortis causa. Caso frequente quest’ultimo soprattutto nell’ambito di società ad impronta e stampo prettamente familiari. Si prenderà in esame, in prima battuta, una situazione per così dire neutra, dove non si applichino né norme statutarie particolari, né patti parasociali. In altri termini, si tratterà di esaminare una situazione in cui si applichino puramente e semplicemente le norme del codice civile. Ora, per passare all’esame dei diritti che possono essere esercitati dalla minoranza, si tratterà prima del diritto ad esercitare il controllo (anche attraverso il diritto a ricevere informazioni) e poi del diritto di exit. Un’ulteriore precisazione riguarda il perimetro della presente analisi che riguarda solamente le S.p.A. così dette chiuse, ovvero che non fanno ricorso al mercato del capitale di rischio.

    Il diritto di ispezione dei libri sociali ed il controllo sulla gestione

    Nelle S.p.A. l’azionista non ha un diritto di controllo diretto come invece stabilito per le S.r.l. (art. 2476 c.c.). Nelle S.p.A., infatti, la funzione di controllo sulla gestione spetta preminentemente al Collegio Sindacale (artt. 2397 e ss. c.c.) che vigila sull’osservanza della legge e dello statuto da parte degli amministratori e sulla regolarità della vita societaria anche nell’interesse della minoranza. In ogni caso, la legge prevede, a tutela della minoranza, alcuni diritti in capo ai soci e, tra questi, il diritto di ispezione dei libri sociali ed il diritto di informazione. Essi sono tuttavia, limitati ad ipotesi specifiche e ben individuate, dimodoché il socio, con le sue istanze, non possa nuocere alla gestione sociale attribuita esclusivamente agli amministratori.

    A ben vedere, infatti, il diritto di ispezione, disciplinato all’art. 2422 c.c., riconosce agli azionisti il diritto di verificare il libro soci ed il libro dei verbali delle assemblee, anche a mezzo di un proprio delegato, nonché di estrarre copia di detti libri, a proprie spese. Tale diritto, però, è limitato esclusivamente ai libri sociali sopra menzionati, senza possibilità di esaminare gli altri libri indicati dall’art. 2421 c.c. (verbali del C.d.A., verbali delle adunanze del Collegio Sindacale, etc.) e limitatamente a quei dati che costituiscono il contenuto obbligatorio dei libri oggetto del diritto di ispezione. Tali ulteriori libri sociali possono essere ispezionati solamente dal soggetto del quale si documenta l’attività: singoli amministratori, componenti del consiglio di gestione, ogni sindaco, etc. Fermo restando che gli amministratori, i sindaci e gli altri soggetti incaricati del controllo, non soffrono limitazioni nell’esercizio del diritto generale di ispezione, poiché tale esame costituisce lo strumento necessario per l’esercizio del potere di vigilanza sull’osservanza della legge e dello statuto, sul rispetto dei principi di corretta amministrazione e sull’adeguatezza del sistema organizzativo, amministrativo e contabile della società. Ciò premesso, si evidenzia che il singolo azionista ha altresì il diritto di esercitare un controllo attraverso i seguenti strumenti che il legislatore gli mette a disposizione. (i) Denuncia, in qualsiasi modo e con la forma ritenuta più adeguata, di fatti censurabili attinenti la gestione all’organo di controllo ex art. 2408 c.c., il quale deve tenerne obbligatoriamente conto, indagando senza ritardo sui fatti oggetto della denuncia e facendone menzione nelle conclusioni della relazione all’assemblea, se tale denunzia è fatta nelle S.p.A. chiuse da tanti soci che rappresentino un ventesimo del capitale sociale (5% ) – per le S.p.A. che facciano ricorso al mercato del capitale di rischio la soglia è del 2 %. – nonché convocare l’assemblea se ricorrano le ipotesi indicate dall’art. 2406 c.c. secondo comma ovvero (a) in caso di omissione o di ingiustificato ritardo da parte degli amministratori ovvero (b) qualora ravvisi fatti censurabili di rilevante gravità e vi sia urgente necessità di provvedere (potere/dovere questo non necessariamente ricollegato alla denuncia dei soci ma piuttosto alla gravità dei fatti da essi denunziati ed all’urgenza di dovere provvedere. (ii) Denuncia al Tribunale ex art. 2409 c.c., da notificare anche alla società, in caso di fondato sospetto, in ipotesi di violazione dei relativi doveri da parte degli amministratori (e dei sindaci) di commissione di gravi irregolarità nella gestione che siano potenzialmente foriere di danno alla società stessa o a una o più società controllate.  In questo caso, il diritto può essere esercitato da tanti soci che rappresentino il decimo del capitale sociale (10%), tale procedimento può dare luogo ad una ispezione, a spese dei soci instanti, ordinata dal Tribunale e subordinata, se del caso, alla prestazione di una cauzione. L’ispezione può essere evitata ed il procedimento è sospeso a tempo determinato, nell’ipotesi di così detta autotutela ovvero in caso di sostituzione degli amministratori e dei sindaci in carica con altri di comprovata professionalità. Tali professionisti debbono, senza indugio attivarsi per accertare se effettivamente sussistano le gravi irregolarità denunciate e, se del caso, attivarsi per eliminarle. Il Tribunale può altresì prendere i provvedimenti ritenuti più opportuni e convocare l’assemblea perché assuma le relative deliberazioni nelle ipotesi in cui le gravi irregolarità effettivamente siano state commesse ovvero le cautele e le azioni adottate per eleminarle si siano rilevate inefficaci.  Nei casi più gravi, il Tribunale può revocare gli amministratori e, eventualmente, anche i sindaci e nominare un amministratore giudiziario, determinandone i poteri e la durata. Costui è, in tesi, legittimato all’esercizio dell’azione di responsabilità ai sensi dell’art. 2393 c.c. ultimo comma. La norma prevede infine che prima della scadenza del suo incarico l’amministratore giudiziario debba rendere il conto al tribunale che lo ha nominato; convocare e presiedere l’assemblea per la nomina dei nuovi amministratori e sindaci o per proporre, se del caso, la messa in liquidazione della società o la sua ammissione ad una procedura concorsuale. Infine, è previsto che i provvedimenti di cui all’art. 2409 c.c.  possano essere adottati anche su richiesta del collegio sindacale, del consiglio di sorveglianza o del comitato per il controllo sulla gestione, nonché, nelle società che fanno ricorso al mercato del capitale di rischio, del pubblico ministero; in questi casi le spese per l’ispezione sono a carico della società. (iii) Esercizio dell’azione sociale di responsabilità contro l’organo amministrativo od il collegio sindacale (art. 2393 bis c.c.). In questo caso, l’azione è esercitata dai soci che detengano almeno un quinto del capitale sociale ossia il 20% (lo statuto può prevedere che sia prevista una soglia maggiore ma mai superiore ad un terzo). L’art. 2393 c.c. prevede altresì che l’azione di responsabilità non possa formare oggetto di transazione se vi è il voto contrario di tanti soci che rappresentino un quinto del capitale sociale (20%). Se approvata da almeno tanti soci che rappresentino un quinto del capitale sociale (20%) l’azione sociale di responsabilità comporta la revoca di diritto degli amministratori interessati. (iv) Impugnazione delle delibere assembleari (ivi inclusa quella relativa all’approvazione del bilancio art. 2434 bis c.c.) che siano contrarie alle legge ovvero allo statuto ex art. 2377 c.c. Per l’esercizio di tale diritto è necessario detenere il 5% del capitale sociale. Tale diritto può essere accompagnato con l’esercizio dell’azione risarcitoria per ottenere eventualmente il ristoro dei danni subiti per effetto dell’assunzione della delibera impugnata. (v) Diritto di prendere visione, negli orari d’ufficio, del progetto di bilancio, della relazione sulla gestione, di quella dell’organo amministrativo, di quella dell’organo di controllo, di quella del revisore, di un progetto riepilogativo dei dati essenziali dell’ultimo bilancio delle società collegate nei 15 giorni che precedono l’assemblea convocata per l’approvazione del bilancio stesso ex art. 2429 c.c. (vi) Diritto di partecipare alle delibere dell’organo assembleare ed esercitare il diritto di veto in assemblea straordinaria ex art. 2365 c.c.(modificazioni dello statuto, nomina, sostituzione dei liquidatori e altre materie di competenza espressamente attribuite dalla legge) diritto che può essere esercitato da tanti soci che rappresentino più di un terzo del capitale sociale solo in seconda convocazione  ex. 2369 c.c. (vii) Diritto di chiedere la convocazione senza ritardo dell’assemblea ex art. 2367 c.c., diritto che può essere esercitato da tanti soci che rappresentino almeno il decimo del capitale sociale (10%). (viii) Diritto di chiedere il rinvio dell’assemblea se non sufficientemente informati diritto che può essere esercitato da tanti soci che rappresentino almeno un terzo del capitale sociale ovvero il 33% ex art. 2374 c.c.

    Esaminando nuovamente le percentuali sopra individuate, per riassumere, si possono certamente individuare delle soglie per così dire critiche di partecipazione in una S.p.A. chiusa: al di sotto del limite del 5%, la minoranza poco o nulla può fare non avendo nemmeno la possibilità di impugnare le delibere assembleari e rimanendo ad essa, se vi sono i presupposti, la sola azione risarcitoria prevista dall’art. 2377, 4 comma, c.c. Quindi, per ricapitolare, perché una minoranza possa essere considerata “qualificata” e possa fare valere la propria voce come tale all’interno di una compagine societaria di una S.p.A. chiusa, è necessario che essa detenga: a) il 5% per efficacemente denunciare fatti censurabili attinenti la gestione all’organo di controllo (art. 2408 c.c.) e poter impugnare le delibere dell’assemblea (art. 2377 c.c.); b) il 10% per la denuncia al Tribunale ex art. 2409 c.c. e per richiedere la convocazione senza indugio dell’assemblea ex art. 2367 c.c.; c) il 20% per esercitare l’azione di responsabilità nei confronti dell’organo amministrativo o del collegio sindacale ex art. 2393 bis c.c. ovvero per opporsi alla transazione in punto all’azione di responsabilità ai sensi dell’art. 2393 c.c.; d) il 33% (+ 1%) per l’esercizio del diritto di veto nell’assemblea straordinaria in seconda convocazione ex art. 2369 c.c. e per la richiesta di rinvio dell’assemblea ex art. 2374 c.c.

    Il dirito di uscita

    In principio si accennava anche del diritto di exit. Il diritto di exit o di uscita altro non è che il diritto della minoranza di uscire dalla compagine sociale. La modalità naturale di exit è l’alienazione della partecipazione sociale. Quale alternativa principale alla vendita, in concomitanza di determinati eventi che determinino un mutamento significativo delle condizioni di rischio, il disinvestimento, in tutto o in parte, per il socio che non concorri a determinare tali cambiamenti, può realizzarsi tramite l’esercizio del diritto di recesso. È necessario avere esatta contezza delle cause che riconoscono al socio il diritto di uscita tramite recesso per due motivi: da una parte, perché la maggioranza potrà così, in maniera consapevole, ponderare determinate decisioni che potrebbero incidere tanto sulla vita sociale che sull’andamento gestionale, dall’altra, perché una minoranza attenta che si dovesse sentire “prigioniera” all’interno della compagine sociale, potrà avere uno strumento utile per superare la impasse.  Il recesso diventa dunque, all’occorrenza, strumento di pressione da esercitare sulla maggioranza oltre che di contrattazione allorquando mutano i presupposti di ingaggio inizialmente stabiliti dai soci ad esempio con l’introduzione di specifici motivi di recesso. Il diritto di recesso è disciplinato dall’art. 2437 c.c.  ed è esercitabile in occasione del verificarsi di determinate circostanze: a) modifica dell’oggetto sociale che incide in maniera significativa sull’attività della società; b) trasformazione della società; c) trasferimento della sede sociale all’estero; d) revoca dello stato di liquidazione; e) eliminazione di una o più cause di recesso previste dallo statuto; f) modifica dello statuto che incida sul valore da attribuire alla partecipazione in caso di recesso; g) modifiche dello statuto concernenti i diritti di voto o partecipazione; h) proroga del termine; i) introduzione o rimozione dei vincoli alla circolazione dei titoli azionari; l) se la società è costituita a tempo indeterminato il socio può recedere con un preavviso di 180 giorni; m) in caso di assoggettamento a direzione e coordinamento ai sensi dell’art. 2497 e ss. c.c. Relativamente alle circostanze sopracitate, è di fondamentale importanza ricordare come alcune di esse e più precisamente quelle indicate alle lettere da a) a g), siano cause di recesso classificate come inderogabili, vale a dire insuscettibili di modifica anche per concorde volontà delle parti, mentre, quelle indicate alle lettere h) e i) siano invece derogabili. L’art. 2437, 2 comma, prima parte, c.c., infatti, espressamente indica la dizione “salvo che lo statuto disponga diversamente” riconoscendo in questo modo implicitamente quanto appena sostenuto. Si configura pertanto una tripartizione delle cause di recesso in legali inderogabili, legali derogabili e statutarie. Per l’esercizio del diritto di recesso è necessario rispettare le modalità previste dall’art. 2437 bis c.c. e l’esercizio del diritto comporta la liquidazione della partecipazione secondo i criteri di determinazione di cui all’art. 2437 ter c.c.

    The Foreign Investment Protection and Promotion Act of Iran of 2002 (FIPPA) does not give a precise definition of investment. However, according to article one of the law, it shall include any cash or non-cash flow of investment into the country and could encompass cash flows in foreign currency through the Iranian banking system or other legitimate means, machinery, spare parts, raw materials, CKD (knock-down-kit) and SKD (semi-knocked-down-kit) parts, intellectual property such as knowhow, patents and registered names, technical services, transferable share dividends and anything else if approved by the Council of Ministers. Foreign direct investments are allowed only in sectors in which private ownership is permitted. Build Operate Transfer (BOT) agreements and Civil Partnerships can be used in all areas, including upstream oil and gas industry, where foreign direct investment is prohibited due to a constitutional ban.

    With the enactment of FIPPA, obtaining an investment license has become very straightforward. As a rule of thumb, there is a minimum amount of $ 300,000 to apply for a FIPPA license. The entire process of obtaining a license should take no longer than 45 days since the date of submission of documents to the Organization for Economic and Technical Assistance of Iran (hereinafter “OIETAI”), the main foreign investment authority in Iran. The application can be submitted directly by the foreign investor or their legal representative in Iran. The application form is downloadable online, must be completed in Persian or in English language and is reviewed by the OIETAI in coordination with the relevant Ministry. This stage may last up to 15 days. OETAI refers the application to the Foreign Investment Board which shall make the final decision regarding the admission of the foreign investment. The Foreign Investment Board is the highest-ranking authority and is the authority which finally issues the FIPPA license. The board includes six high-ranking official members of the government, the head of OETAI and some other prominent figures.

    Should the Board reject the application, the decision can be appealed; in case the application is accepted, the license is signed by the Minister of Economic Affairs and Finance. The license is then communicated to the foreign investor by OETAI. The latter stage might take a maximum of 30 days, without considering the delay which may be caused by an appeal request.

    A FIPPA license lists the amount of foreign investment, name of foreign and Iranian partners, type and area of investment, means for transference of capital contributions and the requirements regarding the investment project. The license is issued for a specific period during which at least part of the investment must be transferred to Iran. Foreign investors can file a request for an extension prior to the expiry of the deadline set by the Board of Investment, mentioning justified reasons for such a request. This request will be reviewed by the Board of Investment. If no investment is made during before the given deadline, absent justifiable excuses, the license will be revoked.

    In general, merely commercial or trading activities do not qualify for FIPPA license unless they are accompanied by production. Investment in services may qualify for a FIPPA license subject to the decision of the Board.

    Expats require a work permit, or employment license, in Iran for any type of employment. The organ in charge is the “Department General for Employment of Foreign Nationals”, a division of the Ministry of Cooperative, Labor and Social Welfare. The requirements are set in articles 120-129 of Iran Labor Law. In general, a work permit will be issued to a foreign worker only if there are no Iranians having the same level of education or expertise. This sets the bar very high. Foreigners cannot apply for a work permit on their own, unless they establish an enterprise in Iran. Employers need to submit their request and documents as are listed and announced by the Department General for Employment of Foreign Nationals for verification. This list normally requires identification documents of applicant including resume and expertise documents, letter of request from the employer attached with company official documents (registration notice, latest changes, chart and etc.). Prior to this stage, employers cannot enter into an employment contract with foreigners. Then, the documents are sent to the Technical Board for Employment of Foreign Nationals which is very strict regarding issuance of work permits.

    FIPPA (“Foreign Investment Promotion and Protection Act”) allows foreign investors, directors and experts and their immediate family members to acquire visa, residence permit and work permit. This was introduced in art. 35 of the executive directive to FIPPA. Yet, there are incentives for employment of Iranian nationals.

    Work permits are, in any case, valid for one year. Renewal requires an application by the employer. The application, which must be written and should explain the need for renewal of the permit, must be handed by the employer at least one month before the work permit expiry date. Upon the end of the one-year validity of work permits, employers can refrain from renewing the contract. However, termination of work contract requires confirmation by the Ministry of Employment, which will result in termination of work permit. Working without a permit or employing an unlicensed employee are punishable by law.

    According to the executive directive to FIPPA, the Ministry of Foreign Affairs has an obligation to ask Iranian embassies to issue a single or a multiple-entry visa clearance (with a validly of three years) and a three-month residence permit upon receiving a request from the Organization for Investment Economic and Technical Assistance of Iran (OIETAI), which is also in charge of issuing a FIPPA license for foreign investors. People who enter in Iran using this type of visa can obtain a three year residence permit and will get a work permit, which is valid for one year but is renewable once the FIPPA license of the investor is issued.

    Employment insurance of foreigners is similar to the one for Iranian and can be obtained from the Organization of National Welfare (Ta’min Ejtemae’i) at similar rates. According to article 5 of Iran Social Welfare Law, when foreigners are insured in their own country, the employer might be exempted from their Iranian insurance if the foreign insurance covers work accidents, pregnancy, damages relating to wages, disability, retirement and death.

    As mentioned above, in order to subject foreigners to Iranian taxation, they have to obtain work and residency permits from the Labor and Social Welfare Organization of Iran. In this light the long term multiple visa is also granted to foreigners to facilitate their entry and exit from the country. If foreigners without the necessary permits start working in Iran, even though through occasional trips to Iran, they will be subject to payment of fine and income tax as determined by the Tax and Organization and Labor and Social Welfare Organization of Iran. Iranian Law does not quantify the minimum number of days of presence in Iran to be considered as a working immigrant. Normally it is the duty of the Immigration Police to verify if a foreigner is working in Iran.

    As far as taxation of foreigners’ income is concerned, the salary paid to foreign employees is taxable with the same rates of Iranian salaries. According to Art. 131 of Iran law on direct tax, income tax payable in Iran is between 15% and 35%, depending on income brackets.

    Annual Taxable Income Rates Of the excess over
    Up to IRR 30,000,000 15%
    Up to IRR 100,000,000 20% IRR 30,000,000
    Up to IRR 250,000,000 25% IRR 100,000,000
    Up to IRR 1,000,000,000 30% IRR 250,000,000
    Over IRR 1,000,000,000 35% IRR 1,000,000,000

    Furthermore, Iran signed the Treaty on Avoidance of Gaining Double Taxation with many countries around the world, including Italy, France, Germany, Austria, Spain, China, Turkey and recently Cyprus. Under the rules of this Treaty, the amount of tax that has been paid by one applicant shall not be fully taxable again by the other country, but the percentage of difference between the tax rates of two countries shall be calculated on the whole income of the applicant.

    The tax rate for foreign companies is also the same provided for Iran companies. Either the company is 100% owned by foreigners and is registered in Iran, or the company is a representative or a branch office of a foreign company, the same rules of tax are applicable. Some tax exemptions are provided for branch offices of foreign companies that only conduct research, feasibility study and marketing, without gaining incomes. Tax rate for companies in Iran is 25% of the annual profit.