AscoFirm

Business in the USA

Advantages:

Large domestic market: The US has the largest domestic market in the world, providing vast potential for growth and profitability.
Favorable business climate: The US offers a favorable business environment with a legal system that protects property rights and contracts.
Strong economy: The US has one of the strongest economies in the world, providing stability and opportunities for businesses.
Skilled workforce: The US has a highly skilled and educated workforce, giving businesses access to world-class talent.
Developed infrastructure: The US has a well-developed infrastructure that makes it easy to conduct business and transport goods.

Disadvantages:

High taxes: The US tax system is complex and can result in high tax liabilities for businesses.
Expensive healthcare benefits: Businesses in the US are responsible for providing health insurance benefits to their employees, which can be costly.
Heavy regulation: The US has numerous rules and regulations that businesses must comply with, which can increase costs and reduce flexibility.
Political instability: The political landscape in the US can shift, which can affect the business climate.
Restrictions on work visas: Obtaining visas for foreign workers can be a complex and lengthy process.

Unique Characteristics of Business in the USA

Culture of entrepreneurship: The US has a strong culture of entrepreneurship, encouraging innovation and the creation of new businesses.
Access to venture capital: The US is home to a well-developed venture capital market that provides funding to startups and fast-growing companies.
Global influence: The US is a global superpower, giving businesses the opportunity to expand their operations into the global marketplace.
High level of competition: The US market is highly competitive, requiring businesses to innovate and differentiate themselves.

Understanding these characteristics is key to successfully doing business in the US.

How to Protect Intellectual Property?

It’s crucial to understand that the specific methods for protecting intellectual property (IP) depend on the type of IP, the country, and the specific circumstances.

Key types of Intellectual Property (IP) and their protection methods:

1. Copyright:

Automatic Protection: Copyright protection begins automatically upon creation of a work (books, music, software, designs), without registration.
Registration: While not mandatory, registration is advisable to establish authorship and obtain additional rights, such as legal protection in foreign countries.

2. Industrial Designs:

Registration: Protection is achieved through registration with specialized authorities.
Term of Protection: Protection lasts up to 25 years, with possible extensions.

3. Trademarks:

Registration: Protection is achieved through registration with the relevant authorities.
Term of Protection: Protection can be indefinite with timely renewal.

4. Patents:

Registration: Protection of an invention (technologies, methods, devices) is achieved through obtaining a patent.
Types of Patents: Invention patents and utility model patents.
Term of Protection: Protection lasts up to 20 years from the application filing date.

5. Know-how (Trade Secret):

Know-how is confidential information providing a commercial advantage. Protection is achieved through non-disclosure agreements, internal control procedures, and technological safeguards.
Term of Protection: Protection is limited to the period the information remains confidential.

Key Steps in Protecting IP:

1. Identify the type of IP.
2. Conduct a search.
3. Choose protection methods.
4. File an application for registration (where applicable).
5. Develop a protection strategy.

Contact our company to avoid mistakes in protecting your intellectual property!

Business in China:

1. Business Organization Forms:

Representative Office: A representative office is not allowed to conduct independent business activities and can only engage in public relations and marketing.
Foreign-Invested Enterprise (FIE): An FIE is entitled to conduct independent business activities. It can be established as a joint venture (JV) with a Chinese partner or as a wholly foreign-owned enterprise (WFOE).
Sino-Foreign Joint Venture: A joint venture where the foreign investor holds a controlling interest in the shares.
Foreign-Managed Enterprise: A Chinese enterprise managed by foreign personnel.
Special Economic Zones: Areas with special regulations and incentives for foreign investment.

2. Business Registration:

Obtaining a License: It is necessary to obtain a business license.
Registration with Tax Authorities: Obtaining a tax identification number for tax payment.
Foreign Exchange Control: Restrictions on capital movement, requiring permission to transfer currency.
Coordination with Local Authorities: In some cases, it is necessary to obtain permits from local authorities to conduct business.

3. Labor Laws:

Strict Hiring and Dismissal Rules: Complex procedures for hiring and dismissing employees, requiring strict compliance with employment contract requirements.
Social Insurance: Employers are required to pay social insurance for employees.
Prohibition of Discrimination: Laws exist prohibiting discrimination based on gender, race, religion, etc.

4. Tax Laws:

Corporate Income Tax: Tax on corporate profits, with the tax rate depending on the type of business and its location.
Value-Added Tax (VAT): Value-added tax, applied to many goods and services.
Import/Export Duties: Taxes levied on imported/exported goods.

5. Other Features:
High Competition: China is a country with very high competition.
Hong Kong: Due to low taxes and other favorable conditions, Hong Kong is an excellent location for relocating or starting a business.

We recommend that before opening a business in China, you contact our company to receive quality legal support to avoid legal problems.

Business cases

One of the more hard and strong operation of M&A I managed was paradoxically in Italy, my native territory, seen that I had to spend almost 5 years for closing and many many professional tecnhicalities the get the goal and make my client satisfied.
The case is the acquisition of an ancient and performing brand in the market of the alcoholic products.
It was hard because the company target dropped in bankruptcy and the practitioner appointed by the court didn’t want to leave this commitment allowing my client to acquire immediately the company in the competitive procedure set forth by the Italian insolvency law.
For years he allowed us only to have the lease of the business but not the acquisition of the company.
Then tired of this behaviour, with my client, we decided to be stronger and act a procedure of composition with creditors, but first buy the most part of credits. This allowed us to vote directly our own proposal of composition, so that we got the company.

Legal features of doing business in Italy:

1.Business Structures:

Sole Proprietorship (Imprenditore individuale): The simplest and most common type, with no legal separation. The owner has unlimited liability.
Limited Liability Company (Società a responsabilità limitata - SRL): The most popular structure, with limited liability and capital division.
Joint Stock Company (Società per azioni - SPA): Used for large companies, with capital divided into shares.
General Partnership (Società in nome collettivo - SNC): All partners are jointly liable for the company’s debts.
Simple Partnership (Società semplice - SS): For professional services, with unlimited partner liability.

2. Business Registration:

Tax Office Registration: Obtain a Tax Code (Codice Fiscale).
Business Registry Registration (Registro delle Imprese): Essential for obtaining permits, loans, etc.
Social Security System Registration (INPS): For employee social security coverage.
Obtaining Necessary Permits: Usually required for specific business activities (e.g., restaurant, store, manufacturing).

3. Taxation:

Corporate Income Tax (IRES): Levied on legal entities at a rate of 24%.
Value Added Tax (IVA): Applied to goods and services at a rate of 22% (may be lower for some goods).
Real Estate Tax (IMU): Levied on real estate.
Inheritance Tax (imposta di successione): Levied upon inheritance.

4. Labor Law:

Collective Agreements: Important to familiarize yourself with the conditions governing labor relations in Italy.
High Worker Protection: Italy has strong worker rights protection, which should be considered when hiring employees.
Trade Union Membership: Trade unions play a significant role in labor relations.

Key Considerations:

High Labor Costs: Wages and payroll taxes in Italy are high.
Complex Bureaucracy: Italy is known for its complex system of permits and documentation.

We recommend contacting our company before starting a business in Italy to receive quality legal support and avoid legal issues.

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Each situation is unique, and the choice of a specific path to conflict resolution depends on the circumstances of the case, the nature of the dispute, and the parties’ ability to compromise.

«Be a significant player - a market leader, not a follower!»

When starting your business, it is best to immediately contact a law firm to ensure proper paperwork, protect intellectual property and avoid legal risks in the future.