Real Estate Investment In Spain – Financial and Tax Information

13 Dicembre 2025

  • Spagna
  • Investimenti
  • Real Estate

In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

Taxation of individuals and legal entities

Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

Acquisition costs

Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

Property Tax/VAT/ITPJAD

If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

Other expenses

Basically, they will be as follows:

  • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
  • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
  • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

Property In Progress And Tax Obligations

Once you own the property, you will need to take care of the following expenses and obligations:

  • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
  • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
  • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
  • Private utilities, such as water, electricity, gas, or internet.
  • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

Joint Ownership Communities

When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

  • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
  • Permitted uses of communal areas,
  • Maintenance responsibilities,
  • Approval of extraordinary levies (derramas).

Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

Maintenance Responsibilities

All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

  • Cleaning of common areas,
  • Minor repairs,
  • Utility bills for communal services.

Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

Technical Building Inspection (Inspección Técnica de Edificios, ITE)

Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

Conclusion

A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

Summary

The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

An UBO is, namely, any individual who:

  • possesses at least 25% of voting rights;
  • possesses at least 25% of the fair market value of all shares; or
  • has enough influence to exercise de facto control of the business.

All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

  • names and aliases;
  • home address (and optionally, business address);
  • date of birth;
  • type of control exercised or percentage of shares, interests, or units held;
  • date at which he/she became an UBO and date at which he/she ceased to be one.

Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

  • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
  • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

  • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
  • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
  • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

Una Nuova Norma

Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

Importazione ed Esportazione di Beni e Servizi

Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

Valuta Straniera per i Viaggi all’Estero

La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

Assegnazione di valuta straniera nei contratti di finanziamento

La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

Il Cambio della Valuta

La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

Conclusione

Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

Impossibilità di utilizzare le valute straniere nei contratti nazionali

Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

Tutti i contratti devono essere modificati entro 30 giorni

Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

Importazione ed esportazione di beni e servizi

Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

Non vi è alcuna limitazione nel portare valuta estera nel paese.

Sanzioni

La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

Conclusioni

Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

Convertible Note and SFP

Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

SAFE Agreement

The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

The author of this post is Milena Prisco.

In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

The average Iranian user

Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

Online Business Licenses in Iran

Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

  1. Virtual Business;
  2. Network Marketing.

According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

Requirements for the Online Business License

Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

  1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
  2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
  3. Upload of the required documents, which we will list below.
  4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
  5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

  1. Office or legal domicile address of the applicant;
  2. Negative criminal record from the Police;
  3. Certificate of the relevant Tax Organization regarding tax compliance;
  4. Certificate for attendance in educational courses of commerce and business;
  5. Confirmation of specialized features regarding virtual business issued by the CDED;
  6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
  7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

Successful Examples of Iranian Start-ups

In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

  1. Snapp

Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

  1. Digikala

Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

  1. Pintapin

Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

  1. Bamilo

Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

  1. Eskano

Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

The author of this post is Mohammad Rahmani.

In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

  1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
  2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
  3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
  4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

The author of this post is Tomás García Navarro.

Javier Gaspar

Aree di attività

  • Arbitrato
  • Distribuzione
  • Franchising
  • Contenzioso
  • Sport
Contatta Javier

Scrivi a Javier





    Leggi la privacy policy di Legalmondo.
    Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.

    Québec’s New Transparency Rules for Businesses’ Ultimate Beneficial Owners

    24 Maggio 2023

    • Québec
    • Compliance
    • Investimenti

    In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

    In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

    Taxation of individuals and legal entities

    Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

    Acquisition costs

    Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

    Property Tax/VAT/ITPJAD

    If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

    If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

    As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

    Other expenses

    Basically, they will be as follows:

    • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
    • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
    • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

    Property In Progress And Tax Obligations

    Once you own the property, you will need to take care of the following expenses and obligations:

    • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
    • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
    • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
    • Private utilities, such as water, electricity, gas, or internet.
    • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

    Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

    Joint Ownership Communities

    When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

    Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

    • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
    • Permitted uses of communal areas,
    • Maintenance responsibilities,
    • Approval of extraordinary levies (derramas).

    Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

    Maintenance Responsibilities

    All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

    • Cleaning of common areas,
    • Minor repairs,
    • Utility bills for communal services.

    Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

    In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

    It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

    Technical Building Inspection (Inspección Técnica de Edificios, ITE)

    Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

    This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

    Conclusion

    A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

    Summary

    The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

    On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

    The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

    An UBO is, namely, any individual who:

    • possesses at least 25% of voting rights;
    • possesses at least 25% of the fair market value of all shares; or
    • has enough influence to exercise de facto control of the business.

    All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

    • names and aliases;
    • home address (and optionally, business address);
    • date of birth;
    • type of control exercised or percentage of shares, interests, or units held;
    • date at which he/she became an UBO and date at which he/she ceased to be one.

    Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

    By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

    Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

    The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

    Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

    La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

    A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

    Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

    Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

    I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

    Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

    Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

    Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

    Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

    • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
    • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

    Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

    L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

    • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
    • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
    • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

    L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

    Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

    In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

    Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

    La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

    Una Nuova Norma

    Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

    Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

    Importazione ed Esportazione di Beni e Servizi

    Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

    La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

    In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

    Valuta Straniera per i Viaggi all’Estero

    La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

    I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

    Assegnazione di valuta straniera nei contratti di finanziamento

    La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

    In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

    Il Cambio della Valuta

    La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

    Conclusione

    Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

    Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

    Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

    Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

    Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

    Impossibilità di utilizzare le valute straniere nei contratti nazionali

    Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

    Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

    Tutti i contratti devono essere modificati entro 30 giorni

    Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

    Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

    Importazione ed esportazione di beni e servizi

    Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

    Non vi è alcuna limitazione nel portare valuta estera nel paese.

    Sanzioni

    La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

    Conclusioni

    Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

    Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

    Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

    Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

    The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

    This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

    In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

    These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

    Convertible Note and SFP

    Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

    The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

    The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

    SAFE Agreement

    The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

    Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

    In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

    Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

    Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

    Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

    In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

    The author of this post is Milena Prisco.

    In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

    We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

    The average Iranian user

    Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

    According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

    What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

    In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

    Online Business Licenses in Iran

    Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

    E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

    On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

    1. Virtual Business;
    2. Network Marketing.

    According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

    According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

    The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

    Requirements for the Online Business License

    Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

    1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
    2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
    3. Upload of the required documents, which we will list below.
    4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
    5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

    Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

    1. Office or legal domicile address of the applicant;
    2. Negative criminal record from the Police;
    3. Certificate of the relevant Tax Organization regarding tax compliance;
    4. Certificate for attendance in educational courses of commerce and business;
    5. Confirmation of specialized features regarding virtual business issued by the CDED;
    6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
    7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

    In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

    Successful Examples of Iranian Start-ups

    In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

    1. Snapp

    Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

    1. Digikala

    Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

    1. Pintapin

    Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

    1. Bamilo

    Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

    1. Eskano

    Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

    The author of this post is Mohammad Rahmani.

    In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

    In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

    The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

    1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
    2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
    3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
    4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

    Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

    Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

    Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

    Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

    Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

    Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

    If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

    The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

    In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

    Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

    The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

    Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

    Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

    The author of this post is Tomás García Navarro.

    Martin Aquilina

    Aree di attività

    • Arte
    • Contratti
    • e-commerce
    • M&A
    • Privacy and Data Security
    Contatta Martin

    Scrivi a Martin





      Leggi la privacy policy di Legalmondo.
      Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.

      RCEP – Il più grande accordo di libero scambio

      19 Novembre 2020

      • Singapore
      • Vietnam
      • Distribuzione
      • Investimenti

      In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

      In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

      Taxation of individuals and legal entities

      Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

      Acquisition costs

      Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

      Property Tax/VAT/ITPJAD

      If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

      If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

      As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

      Other expenses

      Basically, they will be as follows:

      • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
      • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
      • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

      Property In Progress And Tax Obligations

      Once you own the property, you will need to take care of the following expenses and obligations:

      • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
      • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
      • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
      • Private utilities, such as water, electricity, gas, or internet.
      • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

      Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

      Joint Ownership Communities

      When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

      Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

      • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
      • Permitted uses of communal areas,
      • Maintenance responsibilities,
      • Approval of extraordinary levies (derramas).

      Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

      Maintenance Responsibilities

      All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

      • Cleaning of common areas,
      • Minor repairs,
      • Utility bills for communal services.

      Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

      In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

      It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

      Technical Building Inspection (Inspección Técnica de Edificios, ITE)

      Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

      This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

      Conclusion

      A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

      Summary

      The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

      On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

      The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

      An UBO is, namely, any individual who:

      • possesses at least 25% of voting rights;
      • possesses at least 25% of the fair market value of all shares; or
      • has enough influence to exercise de facto control of the business.

      All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

      • names and aliases;
      • home address (and optionally, business address);
      • date of birth;
      • type of control exercised or percentage of shares, interests, or units held;
      • date at which he/she became an UBO and date at which he/she ceased to be one.

      Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

      By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

      Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

      The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

      Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

      La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

      A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

      Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

      Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

      I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

      Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

      Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

      Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

      Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

      • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
      • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

      Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

      L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

      • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
      • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
      • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

      L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

      Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

      In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

      Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

      La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

      Una Nuova Norma

      Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

      Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

      Importazione ed Esportazione di Beni e Servizi

      Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

      La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

      In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

      Valuta Straniera per i Viaggi all’Estero

      La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

      I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

      Assegnazione di valuta straniera nei contratti di finanziamento

      La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

      In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

      Il Cambio della Valuta

      La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

      Conclusione

      Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

      Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

      Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

      Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

      Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

      Impossibilità di utilizzare le valute straniere nei contratti nazionali

      Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

      Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

      Tutti i contratti devono essere modificati entro 30 giorni

      Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

      Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

      Importazione ed esportazione di beni e servizi

      Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

      Non vi è alcuna limitazione nel portare valuta estera nel paese.

      Sanzioni

      La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

      Conclusioni

      Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

      Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

      Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

      Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

      The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

      This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

      In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

      These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

      Convertible Note and SFP

      Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

      The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

      The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

      SAFE Agreement

      The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

      Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

      In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

      Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

      Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

      Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

      In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

      The author of this post is Milena Prisco.

      In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

      We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

      The average Iranian user

      Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

      According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

      What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

      In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

      Online Business Licenses in Iran

      Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

      E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

      On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

      1. Virtual Business;
      2. Network Marketing.

      According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

      According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

      The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

      Requirements for the Online Business License

      Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

      1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
      2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
      3. Upload of the required documents, which we will list below.
      4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
      5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

      Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

      1. Office or legal domicile address of the applicant;
      2. Negative criminal record from the Police;
      3. Certificate of the relevant Tax Organization regarding tax compliance;
      4. Certificate for attendance in educational courses of commerce and business;
      5. Confirmation of specialized features regarding virtual business issued by the CDED;
      6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
      7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

      In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

      Successful Examples of Iranian Start-ups

      In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

      1. Snapp

      Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

      1. Digikala

      Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

      1. Pintapin

      Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

      1. Bamilo

      Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

      1. Eskano

      Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

      The author of this post is Mohammad Rahmani.

      In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

      In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

      The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

      1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
      2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
      3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
      4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

      Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

      Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

      Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

      Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

      Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

      Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

      If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

      The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

      In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

      Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

      The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

      Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

      Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

      The author of this post is Tomás García Navarro.

      Federico Vasoli

      Aree di attività

      • Diritto societario
      • Investimenti stranieri
      • M&A
      Contatta Federico

      Scrivi a Federico





        Leggi la privacy policy di Legalmondo.
        Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.

        Iran – Regolamento sulle Transazioni in Valuta Straniera

        26 Settembre 2018

        • Iran
        • Investimenti

        In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

        In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

        Taxation of individuals and legal entities

        Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

        Acquisition costs

        Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

        Property Tax/VAT/ITPJAD

        If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

        If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

        As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

        Other expenses

        Basically, they will be as follows:

        • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
        • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
        • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

        Property In Progress And Tax Obligations

        Once you own the property, you will need to take care of the following expenses and obligations:

        • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
        • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
        • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
        • Private utilities, such as water, electricity, gas, or internet.
        • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

        Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

        Joint Ownership Communities

        When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

        Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

        • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
        • Permitted uses of communal areas,
        • Maintenance responsibilities,
        • Approval of extraordinary levies (derramas).

        Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

        Maintenance Responsibilities

        All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

        • Cleaning of common areas,
        • Minor repairs,
        • Utility bills for communal services.

        Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

        In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

        It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

        Technical Building Inspection (Inspección Técnica de Edificios, ITE)

        Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

        This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

        Conclusion

        A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

        Summary

        The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

        On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

        The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

        An UBO is, namely, any individual who:

        • possesses at least 25% of voting rights;
        • possesses at least 25% of the fair market value of all shares; or
        • has enough influence to exercise de facto control of the business.

        All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

        • names and aliases;
        • home address (and optionally, business address);
        • date of birth;
        • type of control exercised or percentage of shares, interests, or units held;
        • date at which he/she became an UBO and date at which he/she ceased to be one.

        Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

        By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

        Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

        The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

        Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

        La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

        A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

        Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

        Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

        I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

        Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

        Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

        Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

        Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

        • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
        • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

        Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

        L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

        • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
        • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
        • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

        L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

        Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

        In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

        Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

        La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

        Una Nuova Norma

        Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

        Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

        Importazione ed Esportazione di Beni e Servizi

        Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

        La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

        In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

        Valuta Straniera per i Viaggi all’Estero

        La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

        I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

        Assegnazione di valuta straniera nei contratti di finanziamento

        La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

        In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

        Il Cambio della Valuta

        La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

        Conclusione

        Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

        Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

        Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

        Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

        Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

        Impossibilità di utilizzare le valute straniere nei contratti nazionali

        Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

        Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

        Tutti i contratti devono essere modificati entro 30 giorni

        Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

        Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

        Importazione ed esportazione di beni e servizi

        Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

        Non vi è alcuna limitazione nel portare valuta estera nel paese.

        Sanzioni

        La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

        Conclusioni

        Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

        Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

        Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

        Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

        The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

        This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

        In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

        These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

        Convertible Note and SFP

        Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

        The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

        The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

        SAFE Agreement

        The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

        Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

        In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

        Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

        Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

        Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

        In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

        The author of this post is Milena Prisco.

        In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

        We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

        The average Iranian user

        Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

        According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

        What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

        In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

        Online Business Licenses in Iran

        Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

        E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

        On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

        1. Virtual Business;
        2. Network Marketing.

        According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

        According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

        The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

        Requirements for the Online Business License

        Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

        1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
        2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
        3. Upload of the required documents, which we will list below.
        4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
        5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

        Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

        1. Office or legal domicile address of the applicant;
        2. Negative criminal record from the Police;
        3. Certificate of the relevant Tax Organization regarding tax compliance;
        4. Certificate for attendance in educational courses of commerce and business;
        5. Confirmation of specialized features regarding virtual business issued by the CDED;
        6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
        7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

        In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

        Successful Examples of Iranian Start-ups

        In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

        1. Snapp

        Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

        1. Digikala

        Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

        1. Pintapin

        Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

        1. Bamilo

        Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

        1. Eskano

        Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

        The author of this post is Mohammad Rahmani.

        In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

        In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

        The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

        1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
        2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
        3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
        4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

        Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

        Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

        Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

        Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

        Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

        Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

        If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

        The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

        In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

        Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

        The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

        Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

        Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

        The author of this post is Tomás García Navarro.

        Encyeh Sadr

        Aree di attività

        • Diritto aeronautico
        • Contratti
        • Investimenti
        Contatta Encyeh

        Scrivi a Encyeh





          Leggi la privacy policy di Legalmondo.
          Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.

          Turchia – Nuovo regolamento sull’uso obbligatorio della lira turca

          14 Settembre 2018

          • Turchia
          • Distribuzione
          • Investimenti

          In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

          In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

          Taxation of individuals and legal entities

          Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

          Acquisition costs

          Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

          Property Tax/VAT/ITPJAD

          If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

          If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

          As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

          Other expenses

          Basically, they will be as follows:

          • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
          • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
          • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

          Property In Progress And Tax Obligations

          Once you own the property, you will need to take care of the following expenses and obligations:

          • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
          • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
          • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
          • Private utilities, such as water, electricity, gas, or internet.
          • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

          Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

          Joint Ownership Communities

          When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

          Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

          • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
          • Permitted uses of communal areas,
          • Maintenance responsibilities,
          • Approval of extraordinary levies (derramas).

          Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

          Maintenance Responsibilities

          All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

          • Cleaning of common areas,
          • Minor repairs,
          • Utility bills for communal services.

          Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

          In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

          It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

          Technical Building Inspection (Inspección Técnica de Edificios, ITE)

          Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

          This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

          Conclusion

          A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

          Summary

          The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

          On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

          The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

          An UBO is, namely, any individual who:

          • possesses at least 25% of voting rights;
          • possesses at least 25% of the fair market value of all shares; or
          • has enough influence to exercise de facto control of the business.

          All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

          • names and aliases;
          • home address (and optionally, business address);
          • date of birth;
          • type of control exercised or percentage of shares, interests, or units held;
          • date at which he/she became an UBO and date at which he/she ceased to be one.

          Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

          By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

          Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

          The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

          Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

          La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

          A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

          Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

          Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

          I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

          Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

          Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

          Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

          Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

          • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
          • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

          Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

          L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

          • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
          • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
          • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

          L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

          Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

          In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

          Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

          La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

          Una Nuova Norma

          Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

          Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

          Importazione ed Esportazione di Beni e Servizi

          Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

          La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

          In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

          Valuta Straniera per i Viaggi all’Estero

          La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

          I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

          Assegnazione di valuta straniera nei contratti di finanziamento

          La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

          In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

          Il Cambio della Valuta

          La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

          Conclusione

          Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

          Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

          Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

          Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

          Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

          Impossibilità di utilizzare le valute straniere nei contratti nazionali

          Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

          Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

          Tutti i contratti devono essere modificati entro 30 giorni

          Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

          Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

          Importazione ed esportazione di beni e servizi

          Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

          Non vi è alcuna limitazione nel portare valuta estera nel paese.

          Sanzioni

          La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

          Conclusioni

          Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

          Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

          Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

          Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

          The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

          This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

          In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

          These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

          Convertible Note and SFP

          Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

          The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

          The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

          SAFE Agreement

          The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

          Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

          In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

          Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

          Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

          Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

          In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

          The author of this post is Milena Prisco.

          In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

          We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

          The average Iranian user

          Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

          According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

          What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

          In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

          Online Business Licenses in Iran

          Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

          E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

          On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

          1. Virtual Business;
          2. Network Marketing.

          According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

          According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

          The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

          Requirements for the Online Business License

          Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

          1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
          2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
          3. Upload of the required documents, which we will list below.
          4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
          5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

          Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

          1. Office or legal domicile address of the applicant;
          2. Negative criminal record from the Police;
          3. Certificate of the relevant Tax Organization regarding tax compliance;
          4. Certificate for attendance in educational courses of commerce and business;
          5. Confirmation of specialized features regarding virtual business issued by the CDED;
          6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
          7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

          In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

          Successful Examples of Iranian Start-ups

          In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

          1. Snapp

          Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

          1. Digikala

          Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

          1. Pintapin

          Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

          1. Bamilo

          Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

          1. Eskano

          Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

          The author of this post is Mohammad Rahmani.

          In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

          In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

          The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

          1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
          2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
          3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
          4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

          Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

          Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

          Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

          Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

          Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

          Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

          If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

          The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

          In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

          Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

          The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

          Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

          Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

          The author of this post is Tomás García Navarro.

          Berk Çektir

          Aree di attività

          • Contratti
          • Diritto societario
          • Investimenti
          Contatta Berk

          Scrivi a Berk





            Leggi la privacy policy di Legalmondo.
            Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.

            Italy – Start-up investments

            19 Dicembre 2017

            • Italia
            • Investimenti
            • Avvio

            In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

            In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

            Taxation of individuals and legal entities

            Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

            Acquisition costs

            Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

            Property Tax/VAT/ITPJAD

            If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

            If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

            As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

            Other expenses

            Basically, they will be as follows:

            • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
            • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
            • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

            Property In Progress And Tax Obligations

            Once you own the property, you will need to take care of the following expenses and obligations:

            • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
            • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
            • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
            • Private utilities, such as water, electricity, gas, or internet.
            • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

            Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

            Joint Ownership Communities

            When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

            Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

            • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
            • Permitted uses of communal areas,
            • Maintenance responsibilities,
            • Approval of extraordinary levies (derramas).

            Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

            Maintenance Responsibilities

            All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

            • Cleaning of common areas,
            • Minor repairs,
            • Utility bills for communal services.

            Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

            In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

            It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

            Technical Building Inspection (Inspección Técnica de Edificios, ITE)

            Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

            This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

            Conclusion

            A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

            Summary

            The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

            On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

            The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

            An UBO is, namely, any individual who:

            • possesses at least 25% of voting rights;
            • possesses at least 25% of the fair market value of all shares; or
            • has enough influence to exercise de facto control of the business.

            All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

            • names and aliases;
            • home address (and optionally, business address);
            • date of birth;
            • type of control exercised or percentage of shares, interests, or units held;
            • date at which he/she became an UBO and date at which he/she ceased to be one.

            Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

            By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

            Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

            The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

            Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

            La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

            A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

            Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

            Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

            I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

            Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

            Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

            Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

            Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

            • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
            • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

            Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

            L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

            • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
            • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
            • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

            L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

            Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

            In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

            Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

            La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

            Una Nuova Norma

            Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

            Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

            Importazione ed Esportazione di Beni e Servizi

            Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

            La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

            In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

            Valuta Straniera per i Viaggi all’Estero

            La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

            I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

            Assegnazione di valuta straniera nei contratti di finanziamento

            La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

            In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

            Il Cambio della Valuta

            La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

            Conclusione

            Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

            Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

            Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

            Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

            Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

            Impossibilità di utilizzare le valute straniere nei contratti nazionali

            Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

            Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

            Tutti i contratti devono essere modificati entro 30 giorni

            Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

            Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

            Importazione ed esportazione di beni e servizi

            Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

            Non vi è alcuna limitazione nel portare valuta estera nel paese.

            Sanzioni

            La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

            Conclusioni

            Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

            Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

            Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

            Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

            The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

            This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

            In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

            These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

            Convertible Note and SFP

            Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

            The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

            The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

            SAFE Agreement

            The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

            Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

            In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

            Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

            Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

            Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

            In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

            The author of this post is Milena Prisco.

            In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

            We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

            The average Iranian user

            Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

            According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

            What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

            In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

            Online Business Licenses in Iran

            Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

            E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

            On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

            1. Virtual Business;
            2. Network Marketing.

            According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

            According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

            The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

            Requirements for the Online Business License

            Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

            1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
            2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
            3. Upload of the required documents, which we will list below.
            4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
            5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

            Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

            1. Office or legal domicile address of the applicant;
            2. Negative criminal record from the Police;
            3. Certificate of the relevant Tax Organization regarding tax compliance;
            4. Certificate for attendance in educational courses of commerce and business;
            5. Confirmation of specialized features regarding virtual business issued by the CDED;
            6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
            7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

            In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

            Successful Examples of Iranian Start-ups

            In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

            1. Snapp

            Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

            1. Digikala

            Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

            1. Pintapin

            Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

            1. Bamilo

            Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

            1. Eskano

            Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

            The author of this post is Mohammad Rahmani.

            In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

            In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

            The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

            1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
            2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
            3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
            4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

            Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

            Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

            Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

            Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

            Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

            Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

            If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

            The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

            In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

            Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

            The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

            Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

            Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

            The author of this post is Tomás García Navarro.

            Iran – Online business and eCommerce

            5 Dicembre 2017

            • Iran
            • eCommerce
            • Investimenti
            • Avvio
            • Turismo

            In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

            In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

            Taxation of individuals and legal entities

            Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

            Acquisition costs

            Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

            Property Tax/VAT/ITPJAD

            If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

            If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

            As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

            Other expenses

            Basically, they will be as follows:

            • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
            • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
            • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

            Property In Progress And Tax Obligations

            Once you own the property, you will need to take care of the following expenses and obligations:

            • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
            • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
            • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
            • Private utilities, such as water, electricity, gas, or internet.
            • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

            Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

            Joint Ownership Communities

            When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

            Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

            • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
            • Permitted uses of communal areas,
            • Maintenance responsibilities,
            • Approval of extraordinary levies (derramas).

            Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

            Maintenance Responsibilities

            All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

            • Cleaning of common areas,
            • Minor repairs,
            • Utility bills for communal services.

            Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

            In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

            It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

            Technical Building Inspection (Inspección Técnica de Edificios, ITE)

            Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

            This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

            Conclusion

            A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

            Summary

            The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

            On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

            The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

            An UBO is, namely, any individual who:

            • possesses at least 25% of voting rights;
            • possesses at least 25% of the fair market value of all shares; or
            • has enough influence to exercise de facto control of the business.

            All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

            • names and aliases;
            • home address (and optionally, business address);
            • date of birth;
            • type of control exercised or percentage of shares, interests, or units held;
            • date at which he/she became an UBO and date at which he/she ceased to be one.

            Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

            By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

            Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

            The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

            Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

            La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

            A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

            Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

            Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

            I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

            Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

            Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

            Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

            Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

            • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
            • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

            Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

            L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

            • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
            • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
            • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

            L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

            Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

            In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

            Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

            La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

            Una Nuova Norma

            Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

            Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

            Importazione ed Esportazione di Beni e Servizi

            Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

            La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

            In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

            Valuta Straniera per i Viaggi all’Estero

            La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

            I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

            Assegnazione di valuta straniera nei contratti di finanziamento

            La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

            In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

            Il Cambio della Valuta

            La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

            Conclusione

            Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

            Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

            Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

            Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

            Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

            Impossibilità di utilizzare le valute straniere nei contratti nazionali

            Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

            Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

            Tutti i contratti devono essere modificati entro 30 giorni

            Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

            Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

            Importazione ed esportazione di beni e servizi

            Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

            Non vi è alcuna limitazione nel portare valuta estera nel paese.

            Sanzioni

            La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

            Conclusioni

            Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

            Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

            Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

            Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

            The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

            This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

            In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

            These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

            Convertible Note and SFP

            Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

            The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

            The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

            SAFE Agreement

            The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

            Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

            In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

            Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

            Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

            Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

            In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

            The author of this post is Milena Prisco.

            In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

            We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

            The average Iranian user

            Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

            According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

            What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

            In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

            Online Business Licenses in Iran

            Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

            E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

            On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

            1. Virtual Business;
            2. Network Marketing.

            According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

            According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

            The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

            Requirements for the Online Business License

            Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

            1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
            2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
            3. Upload of the required documents, which we will list below.
            4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
            5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

            Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

            1. Office or legal domicile address of the applicant;
            2. Negative criminal record from the Police;
            3. Certificate of the relevant Tax Organization regarding tax compliance;
            4. Certificate for attendance in educational courses of commerce and business;
            5. Confirmation of specialized features regarding virtual business issued by the CDED;
            6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
            7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

            In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

            Successful Examples of Iranian Start-ups

            In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

            1. Snapp

            Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

            1. Digikala

            Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

            1. Pintapin

            Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

            1. Bamilo

            Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

            1. Eskano

            Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

            The author of this post is Mohammad Rahmani.

            In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

            In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

            The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

            1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
            2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
            3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
            4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

            Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

            Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

            Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

            Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

            Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

            Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

            If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

            The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

            In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

            Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

            The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

            Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

            Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

            The author of this post is Tomás García Navarro.

            Foreign investments in Argentina – Sociedades Anónimas (“SA”)

            14 Marzo 2017

            • Argentina
            • Diritto societario
            • Investimenti

            In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

            In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

            Taxation of individuals and legal entities

            Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

            Acquisition costs

            Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

            Property Tax/VAT/ITPJAD

            If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

            If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

            As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

            Other expenses

            Basically, they will be as follows:

            • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
            • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
            • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

            Property In Progress And Tax Obligations

            Once you own the property, you will need to take care of the following expenses and obligations:

            • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
            • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
            • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
            • Private utilities, such as water, electricity, gas, or internet.
            • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

            Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

            Joint Ownership Communities

            When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

            Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

            • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
            • Permitted uses of communal areas,
            • Maintenance responsibilities,
            • Approval of extraordinary levies (derramas).

            Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

            Maintenance Responsibilities

            All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

            • Cleaning of common areas,
            • Minor repairs,
            • Utility bills for communal services.

            Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

            In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

            It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

            Technical Building Inspection (Inspección Técnica de Edificios, ITE)

            Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

            This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

            Conclusion

            A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

            Summary

            The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

            On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

            The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

            An UBO is, namely, any individual who:

            • possesses at least 25% of voting rights;
            • possesses at least 25% of the fair market value of all shares; or
            • has enough influence to exercise de facto control of the business.

            All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

            • names and aliases;
            • home address (and optionally, business address);
            • date of birth;
            • type of control exercised or percentage of shares, interests, or units held;
            • date at which he/she became an UBO and date at which he/she ceased to be one.

            Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

            By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

            Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

            The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

            Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

            La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

            A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

            Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

            Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

            I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

            Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

            Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

            Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

            Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

            • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
            • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

            Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

            L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

            • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
            • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
            • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

            L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

            Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

            In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

            Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

            La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

            Una Nuova Norma

            Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

            Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

            Importazione ed Esportazione di Beni e Servizi

            Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

            La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

            In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

            Valuta Straniera per i Viaggi all’Estero

            La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

            I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

            Assegnazione di valuta straniera nei contratti di finanziamento

            La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

            In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

            Il Cambio della Valuta

            La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

            Conclusione

            Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

            Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

            Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

            Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

            Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

            Impossibilità di utilizzare le valute straniere nei contratti nazionali

            Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

            Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

            Tutti i contratti devono essere modificati entro 30 giorni

            Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

            Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

            Importazione ed esportazione di beni e servizi

            Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

            Non vi è alcuna limitazione nel portare valuta estera nel paese.

            Sanzioni

            La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

            Conclusioni

            Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

            Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

            Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

            Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

            The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

            This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

            In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

            These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

            Convertible Note and SFP

            Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

            The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

            The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

            SAFE Agreement

            The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

            Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

            In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

            Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

            Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

            Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

            In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

            The author of this post is Milena Prisco.

            In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

            We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

            The average Iranian user

            Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

            According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

            What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

            In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

            Online Business Licenses in Iran

            Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

            E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

            On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

            1. Virtual Business;
            2. Network Marketing.

            According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

            According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

            The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

            Requirements for the Online Business License

            Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

            1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
            2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
            3. Upload of the required documents, which we will list below.
            4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
            5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

            Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

            1. Office or legal domicile address of the applicant;
            2. Negative criminal record from the Police;
            3. Certificate of the relevant Tax Organization regarding tax compliance;
            4. Certificate for attendance in educational courses of commerce and business;
            5. Confirmation of specialized features regarding virtual business issued by the CDED;
            6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
            7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

            In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

            Successful Examples of Iranian Start-ups

            In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

            1. Snapp

            Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

            1. Digikala

            Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

            1. Pintapin

            Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

            1. Bamilo

            Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

            1. Eskano

            Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

            The author of this post is Mohammad Rahmani.

            In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

            In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

            The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

            1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
            2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
            3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
            4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

            Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

            Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

            Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

            Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

            Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

            Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

            If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

            The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

            In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

            Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

            The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

            Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

            Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

            The author of this post is Tomás García Navarro.

            Cyprus – Establishing an alternative investment fund

            6 Novembre 2016

            • Cipro
            • Investimenti
            • Private equity

            In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

            In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

            Taxation of individuals and legal entities

            Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

            Acquisition costs

            Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

            Property Tax/VAT/ITPJAD

            If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

            If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

            As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

            Other expenses

            Basically, they will be as follows:

            • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
            • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
            • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

            Property In Progress And Tax Obligations

            Once you own the property, you will need to take care of the following expenses and obligations:

            • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
            • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
            • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
            • Private utilities, such as water, electricity, gas, or internet.
            • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

            Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

            Joint Ownership Communities

            When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

            Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

            • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
            • Permitted uses of communal areas,
            • Maintenance responsibilities,
            • Approval of extraordinary levies (derramas).

            Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

            Maintenance Responsibilities

            All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

            • Cleaning of common areas,
            • Minor repairs,
            • Utility bills for communal services.

            Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

            In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

            It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

            Technical Building Inspection (Inspección Técnica de Edificios, ITE)

            Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

            This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

            Conclusion

            A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

            Summary

            The Loi visant principalement à améliorer la transparence des entreprises came into force in Québec on March 31, 2023, imposing new obligations on businesses in the province. The law requires businesses to disclose information about their ultimate beneficial owners (UBOs) to the Registraire des entreprises. UBOs are individuals who possess voting rights, fair market value of shares, or de facto control over the business. Certain entities are exempt from disclosing their UBOs. The information disclosed will be accessible to the public, except for the date of birth and, in some cases, the home address.

            On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

            The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

            An UBO is, namely, any individual who:

            • possesses at least 25% of voting rights;
            • possesses at least 25% of the fair market value of all shares; or
            • has enough influence to exercise de facto control of the business.

            All UBOs of a business must be disclosed, although some entities such as non-profit organizations, legal persons established in public interest, public corporations, financial institutions and trust companies are not required to disclose their UBOs. For every UBO, the following information is required to be communicated to the REQ:

            • names and aliases;
            • home address (and optionally, business address);
            • date of birth;
            • type of control exercised or percentage of shares, interests, or units held;
            • date at which he/she became an UBO and date at which he/she ceased to be one.

            Most of this information will be accessible to the public, with the exceptions of the date of birth and, in cases where a business address is provided, the home address. The names and home addresses of minors are also hidden from public access.

            By providing access to shareholder information, the Province of Québec was already the only Canadian corporate jurisdiction that required public disclosure of the names and domiciles of the three principal shareholders. The province again takes the lead by forcing disclosure of corporations’ UBOs. For now, in the rest of Canada, the identity of UBOs for privately held companies is not a matter of public record.

            Entities doing business in Québec should ensure to conduct a proper examination of their organizational structure, so as to correctly and fully disclose the information required by the new transparency rules. Any failure to do so can lead to immediate revocation of the business’ registration under the REQ, as well as to fines ranging from CAD 1,000 to CAD 40,000.

            The new rules only require the businesses themselves to take the necessary measures to confirm the identities of their UBOs. Professional advisers do not have any due diligence obligations in this regard.

            Sotto la presidenza vietnamita dell’Associazione delle nazioni del Sud-est asiatico (ASEAN), dopo otto anni di negoziati i dieci Stati membri dell’ASEAN (Brunei, Cambogia, Filippine, Indonesia, Laos, Malesia, Myanmar, Singapore, Thailandia, Vietnam) il 15 novembre 2020 hanno firmato un clamoroso accordo di libero scambio (FTA) con Cina, Corea del Sud, Giappone, Australia e Nuova Zelanda, denominato Regional Comprehensive Economic Partnership (RCEP).

            La comunità economica dell’ASEAN è un’area di libero scambio avviata nel 2015 tra i suddetti dieci membri dell’omonima associazione, che comprende un PIL aggregato di 2,6 trilioni di dollari e oltre 622 milioni di persone. L’ASEAN è il principale partner commerciale della Cina, con l’Unione Europea scivolata al secondo posto.

            A differenza dell’Eurozona e dell’Unione Europea, l’ASEAN non ha una moneta unica, né istituzioni comuni, come la Commissione Europea, il Parlamento e il Consiglio. Analogamente a quanto accade nell’UE, tuttavia, un singolo membro detiene una presidenza a rotazione.

            Singoli Paesi ASEAN, come Vietnam e Singapore, hanno recentemente stipulato accordi di libero scambio con l’Unione Europea, mentre l’intero blocco ASEAN aveva e ha tuttora in essere i cosiddetti accordi “più uno” con altri Paesi dell’area, ovvero la Repubblica Popolare Cinese, Hong Kong, la Repubblica di Corea,, il Giappone, l’India e l’Australia e la Nuova Zelanda insieme.

            Ad eccezione dell’India, tutti gli altri Paesi con accordi “più uno” con l’ASEAN fanno ora parte dell’RCEP, che supererà progressivamente i singoli FTA attraverso l’armonizzazione delle regole, soprattutto quelle relative all’origine dei prodotti.

            I negoziati RCEP sono accelerati con la decisione degli Stati Uniti d’America di ritirarsi dal Trans-Pacific Partnership agreement (TPP) con l’elezione del presidente Trump nel 2016 (anche se vale la pena di ricordare che anche gran parte del partito democratico degli Stati Uniti si era ai tempi opposta al TPP). Il TPP sarebbe stato quindi il più grande accordo di libero scambio di sempre e, come suggerisce il nome, avrebbe messo insieme dodici nazioni affacciate sull’Oceano Pacifico, ossia Australia, Brunei, Canada, Cile, Giappone, Malesia, Messico, Nuova Zelanda, Perù, Singapore, Vietnam e appunto Stati Uniti. Con l’esclusione di questi ultimi, gli altri undici hanno comunque firmato un accordo simile, denominato Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Il CPTPP è stato tuttavia ratificato solo da sette dei suoi firmatari e chiaramente non ne fa parte la più grande economia e partner più significativo di tutti. Allo stesso tempo, sia l’abortito TPP, sia il CPTPP escludono enfaticamente la Cina.

            Il peso del RCEP è quindi evidentemente maggiore, in quanto nei Paesi firmatari, che rappresentano circa il 30% del PIL mondiale, vivono 2,1 miliardi di persone. E la porta per l’India con i suoi 1,4 miliardi di persone e 2,6 trilioni di dollari di PIL rimane aperta, hanno affermato gli altri membri.

            Come la maggior parte degli accordi di libero scambio, l’obiettivo dell’RCEP è abbassare le tariffe, facilitare gli scambi di beni e servizi e promuovere gli investimenti. L’accordo affronta brevemente la tutela dei diritti di proprietà intellettuale, ma non fa menzione della tutela dell’ambiente e dei diritti dei lavoratori. I suoi firmatari comprendono economie molto avanzate, come quella di Singapore, e piuttosto povere, come quella della Cambogia.

            Il significato dell’RCEP in questo momento è probabilmente più simbolico che tangibile. Anche se si stima che circa il 90% delle tariffe sarà abolito, ciò avverrà solo in un periodo di venti anni dall’entrata in vigore, cosa che accadrà solo dopo la ratifica. Inoltre, il settore dei servizi e soprattutto quello agricolo non rappresentano il fulcro dell’accordo e pertanto saranno ancora soggetti a barriere, regole e restrizioni nazionali. Ciononostante, si stima che, anche in questi tempi di pandemia, l’RCEP contribuirà annualmente al PIL mondiale per circa 40 miliardi di dollari in più rispetto al CPTPP (186 miliardi di dollari contro 147 miliardi di dollari) per dieci anni consecutivi.

            Il suo impatto immediato è geopolitico. Sebbene i firmatari non siano affatto alleati di ferro (si pensi alle controversie territoriali sul Mar Cinese Meridionale, per esempio), il messaggio è chiaro:

            • La maggior parte di questa parte del mondo ha affrontato la pandemia di Covid-19 molto bene, ma non può permettersi di aprire le sue frontiere a europei e americani in tempi brevi, per timore che il virus si diffonda di nuovo. Deve quindi cercare di appianare le tensioni interne, se vuole vedere nelle sue economie alcuni segnali positivi dati dal commercio privato, oltre alla spesa pubblica in deficit (non sempre “buona”). La maggior parte di questi Paesi fa molto affidamento sui talenti, sui turisti, sui beni, sui servizi e persino sul supporto strategico e militare dell’Occidente, ma è realista sul fatto che, a meno che il tanto pubblicizzato vaccino non funzioni molto bene e molto presto, l’Occidente lotterà con questo coronavirus per lunghi mesi, se non anni.
            • Il multilateralismo è fondamentale e l’isolazionismo è pericoloso. Il blocco ASEAN e il duo Australia-Nuova Zelanda lavorano esattamente in questa direzione pacifica e favorevole agli affari.

            Il sito web ufficiale dell’ASEAN (https://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership) è molto chiaro al riguardo e afferma, infatti, che:

            L’RCEP fornirà un quadro volto ad abbassare le barriere commerciali e garantire un migliore accesso al mercato di beni e servizi per le imprese della regione, attraverso:

            • Il riconoscimento della centralità dell’ASEAN nell’architettura economica regionale e degli interessi dei partner dell’ASEAN nel potenziamento dell’integrazione economica e nel rafforzamento della cooperazione economica tra i Paesi partecipanti agli FTA;
            • La facilitazione del commercio e degl’investimenti e maggiore trasparenza nelle relazioni commerciali e di investimento tra i Paesi partecipanti, nonché maggiore coinvolgimento delle PMI nelle catene di valore globali e regionali; e
            • L’ampliamento degli impegni economici dell’ASEAN con i suoi partner.

            L’RCEP riconosce l’importanza dell’inclusività, in particolare per consentire alle PMI di sfruttare l’accordo e far fronte alle sfide derivanti dalla globalizzazione e dalla liberalizzazione del commercio. Le PMI (comprese le microimprese) costituiscono più del 90% delle imprese dei firmatari dell’RCEP e sono importanti per lo sviluppo endogeno dell’economia di ogni Paese. Allo stesso tempo, l’RCEP è volto a fornire politiche economiche regionali eque a vantaggio sia dell’ASEAN, sia dei suoi partner.

            Tuttavia, il momento è favorevole anche per le imprese dell’UE. Come ricordato, l’UE ha in essere accordi di libero scambio con Singapore, Corea del Sud, Vietnam, un accordo di partenariato economico con il Giappone e sta negoziando separatamente sia con l’Australia, sia con la Nuova Zelanda.

            In generale, tutti questi accordi creano regole comuni per tutti gli attori coinvolti, rendendo così più semplice per le aziende commerciare in diversi territori. Con le avvertenze già rapidamente enucleate sull’entrata in vigore e sulle regole di origine, i Paesi che hanno firmato un accordo di libero scambio con l’UE e l’RCEP, in particolare Singapore, un importante hub di lingua inglese, che si colloca al primo posto in Asia orientale nell’indice dello Stato di diritto (terzo nella regione dopo Nuova Zelanda e Australia e dodicesimo in tutto il mondo: https://worldjusticeproject.org/sites/default/files/documents/Singapore%20-%202020%20WJP%20Rule%20of%20Law%20Index%20Country%20Press%20Release.pdf), potrebbero collegare entrambe le regioni e facilitare il commercio globale anche in questo difficile periodo storico.

            Il tasso di cambio è da sempre questione centrale nell’economia iraniana, basata principalmente sul settore del petrolio. A tal proposito, negli ultimi decenni le autorità governative hanno adottato diversi regolamenti aventi tutti lo scopo di gestire e calmierare l’impatto delle fluttuazioni del tasso di cambio sull’economia reale iraniana.

            La situazione del mercato monetario, però, nonostante la conclusione dell’accordo sul nucleare iraniano (PACG – Piano d’azione congiunto globale) e la revoca delle sanzioni economiche contro l’Iran, non è migliorata. Negli ultimi mesi, infatti, il mercato monetario iraniano ha visto crescere improvvisamente la domanda di valute straniere come il Dollaro americano (“USD”) e l’Euro. Tale sviluppo caotico, conosciuto anche come “foreign currency rate jump crisis”, ha portato all’applicazione di una nuova norma da parte delle autorità iraniane al fine di uniformare il tasso di cambio per le valute.

            Una Nuova Norma

            Alla luce di quanto appena visto, l’11 aprile 2018 il Consiglio dei Ministri ha adottato una legge mirata a regolare e organizzare il mercato valutario in Iran. La novità più importante è il paragrafo 5, il quale stabilisce un tasso fisso di cambio – il “Nerkh Mobadelee” – pari a 42,000 IRR per dollaro.

            Oltre a questo paragrafo, bisogna tenere in considerazione altre disposizioni normative che hanno riguardato questo nuovo regime monetario.

            Importazione ed Esportazione di Beni e Servizi

            Secondo il par. 1 della legge appena vista, qualsiasi ordine per l’importazione di beni in Iran – anche attraverso Free Trade Zones – deve essere soggetta a registrazione. La comunicazione n. 9 rilasciata dalla Banca Centrale dell’Iran (“CBI”) il 14 aprile 2018 ha precisato che questa registrazione è un prerequisito per la fornitura di qualsiasi valuta straniera da utilizzare per portare a termine l’acquisto di beni e servizi dall’estero.

            La valuta richiesta per gli ordini registrati sarà emessa attraverso il sistema bancario, in conformità ai regolamenti predisposti dalla CBI. Per l’attuazione di questo processo è stata sviluppata una piattaforma unificata per il cambio valuta, chiamata “NIMA”, all’interno della quale interagiscono i quattro operatori principali: importatori di beni e servizi in qualità di acquirenti di valuta, esportatori di beni e servizi in qualità di fornitori di valuta, banche e uffici di cambio in qualità d’intermediari che dirigono la valuta dai fornitori ai richiedenti e infine l’autorità di settore che determina il tasso di cambio e le valute di preferenza. In altre parole, importatori ed esportatori possono comprare o vendere valuta unicamente attraverso tale piattaforma NIMA.

            In aggiunta, quando la valuta in questione è fornita dalla CBI sulla base del Nerkh Mobadelee (ovvero, il tasso di cambio fissato dal governo) ma la fattura non è ancora stata emessa, i documenti di spedizione devono essere presentati alla banca entro massimo sei mesi dall’emissione della moneta. Nel caso in cui i documenti di spedizione siano presentati tardivamente, la loro ammissione resta soggetta al parere del CBI e al pagamento della differenza tra il tasso di cambio della valuta al momento dell’emissione del conto e quello alla data di comunicazione dei documenti di spedizione alla banca (ove il tasso sia aumentato nel frattempo).

            Valuta Straniera per i Viaggi all’Estero

            La Comunicazione n. 2 della CBI chiarisce che la valuta straniera per i viaggi all’estero sarà erogata ai passeggeri alle frontiere aeroportuali solo una volta all’anno per un importo ma di Euro 1,000 (o l’equivalente in altra valuta). L’importo di valute straniere fornite ai passeggeri diretti in paesi confinanti e paesi del Common-Wealth, eccetto l’Iraq, è di 500 Euro (o l’equivalente in altra valuta). Tale valuta straniera può essere erogata solamente a passeggeri muniti di passaporto iraniano.

            I passeggeri stranieri possono fare ingresso in Iran con un massimo di Euro 10,000 (o equivalente in altra valuta straniera); in caso di somma superiore, saranno tenuti a effettuare una dichiarazione in linea con le richieste della CBI.

            Assegnazione di valuta straniera nei contratti di finanziamento

            La Comunicazione n. 4 del 12 aprile 2018 della CBI regolamenta i contratti di finanziamento a seguito del nuovo assetto monetario, disponendo che tutti i pagamenti relativi a contratti di finanziamento (inclusi i pagamenti anticipati, il pagamento dei costi, ecc.) siano conformi al nuovo tasso di 42.000,00 IRR per ogni USD.

            In aggiunta, per quanto riguarda i progetti che prevedono un’importazione di valuta straniera nel paese, questi dovranno prevedere altresì una fornitura rilevante di valuta straniera per far fronte ai pagamenti previsti.

            Il Cambio della Valuta

            La nuova normativa sopra esposta, al paragrafo 13, prevede inoltre alcune restrizioni sulle attività condotte dai cambia-valuta. In tale ambito, qualsiasi operazione di cambio e commercio della valuta straniera non conforme alle condizioni fornite dalla CBI verrà qualificata come contrabbando e perseguita ai sensi della legge.

            Conclusione

            Alla luce di tutto quanto appena visto, il pagamento di tutte le transazioni di import-export riguardanti l’Iran, dovrà essere effettuato attraverso un canale di controllo governativo, guidato dalla Banca Centrale dell’Iran. L’assegnazione della valuta deve essere soggetta a una ratifica di registrazione d’ordine e accettazione da parte della CBI.

            Qualsiasi azienda che intenda operare in Iran dovrà uniformarsi a questa regolamentazione, almeno fino alla prossima modifica legislativa sul tema.

            Il presidente Erdogan ha emanato un decreto presidenziale che impone l’uso obbligatorio della Lira Turca negli accordi conclusi tra soggetti residenti in Turchia. Il decreto (d’ora innanzi: Decreto), che modifica il decreto sulla protezione del valore della lira turca, è stato pubblicato sulla Gazzetta Ufficiale ed è entrato in vigore il 13 settembre 2018.

            Il Decreto impone l’uso della Lira Turca per l’acquisto e la vendita di tutti i tipi di beni, merci, servizi e immobili. Tutti i contratti di affitto di veicoli, immobili e qualunque altro tipo di beni devono essere effettuati utilizzando le Lire Turche. Il Decreto stabilisce inoltre che i contratti non possono fare riferimento al tasso di cambio della Lira Turca con una valuta straniera.

            Andiamo a vedere punto per punto le modifiche introdotte dal regolamento.

            Impossibilità di utilizzare le valute straniere nei contratti nazionali

            Il Decreto, come già anticipato, prevede che tutti i pagamenti relativi a contratti tra soggetti residenti in Turchia devono essere obbligatoriamente effettuati in Lire Turche, sia che riguardino persone giuridiche, sia che riguardino persone fisiche.

            Inoltre, anche tutti i contratti aventi ad oggetto immobili dovranno essere effettuate in Lire Turche, senza alcuna possibilità di far riferimento a valute estere.

            Tutti i contratti devono essere modificati entro 30 giorni

            Il Decreto prevede, inoltre, che tutti i contratti tra soggetti residenti in Turchia stipulati prima del 13 settembre 2018 devono essere modificati e i pagamenti devono essere convertiti in Lire Turche entro 30 giorni dalla data di pubblicazione del Decreto (13 settembre 2018): ciò significa che tutti i contratti tra soggetti residenti, basati su valute straniere devono essere modificati entro il 14 ottobre 2018, senza – come già visto – poter vincolare gli importi contrattuali al tasso di cambio con qualsivoglia valuta estera.

            Le parti, quindi, sono libere di concordare qualsiasi tasso di cambio nel momento in cui modificano il contratto (ossia entro il 14 ottobre), ma non possono vincolare il contenuto del contratto alle oscillazioni future.

            Importazione ed esportazione di beni e servizi

            Il nuovo Decreto non ha alcun impatto sui contratti di import-export, a patto che una delle parti del contratto non sia residente in Turchia. Tuttavia si deve notare che il Decreto può avere un impatto sulle controllate turche di società multinazionali che commerciano in valuta straniera.

            Non vi è alcuna limitazione nel portare valuta estera nel paese.

            Sanzioni

            La nuova politica monetaria non prevede alcuna sanzione penale o amministrativa. È probabile che queste vengano adottate dalle nuove regolamentazioni, che dovranno implementare alcuni aspetti pratici per la completa applicazione del Decreto. È opportuno però sottolineare che, in caso di mancata conversione il Lire Turche di un contratto stipulato in valuta straniera, sarà facile per una delle due parti richiedere al Tribunale la modifica del contratto.

            Conclusioni

            Questo Decreto è uno dei provvedimenti presi dal governo turco per sostenere la Lira Turca, in grande difficoltà. Il crollo del valore della Lira Turca, infatti, è al centro dei provvedimenti governativi degli ultimi 6 mesi, interamente volti a cercare di arginarne il calo del valore.

            Fino al 1983 in Turchia erano in vigore politiche simili, sempre allo scopo di proteggere la moneta locale, che poi sono state eliminate dopo le elezioni del 1983 e la nuova visione liberale. Si trattava, però, di un’epoca ed un’economia diversa rispetto a oggi.

            Non è ancora chiaro se questo Decreto possa o meno portare ad un miglioramento, ma quello che è sicuro è che gli investitori stranieri (o locali finanziati da istituzioni straniere) dovranno modificare i loro contratti in vigore stipulati in valute estere, convertendoli in Lire Turche.

            Convertible notes, SAFE Agreements, participative financial instruments: the growing interest in start-up investing has led to a progressive differentiation both in investment strategies and, as a consequence, in legal/contractual instruments so to best suit the investors’ needs.

            The introduction of these tools, specific to foreign ecosystems such as the Silicon Valley, and the difficulties in sourcing sufficient capitals to back the development of start-up companies, in particular with regard to the early/seed stage, has encouraged several players to opt for instruments alternative to equity investment, either developed “nationally” or under common law systems.

            This mind-set has many positive side effects since it opened up the capital raising landscape that now includes venture capital funds, business angels networks, family offices and even club deals composed of small investors willing to buy into start-ups (mostly over the incubation/acceleration stage) with an injection of capital for a relatively small amount of shares.

            In Italy, this trend towards non-equity or demi-equity instruments had two major results: it contributed to dust off legal instruments first introduced by the latest comprehensive reform of the Italian company law in 2004 (e.g. participative financial instruments – in Italian: Strumenti Finanziari di Partecipazione or SFP – art. 2346, par. 6 of the Italian Civil Code); and it fostered the creation of new contractual models plainly inspired by well-known instruments used in the Silicon Valley. That is the case of Convertible Notes and SAFE Agreements (Simple Agreement for Future Equity).

            These instruments, together with the SFPs, have a trait in common: they all require a cash investment which is meant to be converted to equity at a specific milestone or on a pre-set date. On the other hand, none of them entails the possibility for an investor to hold a participation as a shareholder (at least not straightaway). Investors become stakeholders instead and they may hold as many administrative/patrimonial rights as they manage to negotiate with the company or with the founders themselves as well as depending on the specific contractual instrument they selected. It is important to point out that profits distribution rights are not included among those subject to negotiation since innovative start-ups (namely early-stage companies that meet certain criteria set by the law: i.e. high level technology of the company’s scope, R&D expenditure or number of graduates employed, etc.) are prevented from distributing profits for the first five years according the pertaining Italian regulation (see art. 25, par. 2 of the D.L. 179/2012).

            Convertible Note and SFP

            Starting off with convertible notes: these instruments are extremely flexible and mainly used by club deals and family offices. They are structured as a hybrid between convertible obligations and traditional loans. Investors in facts lend money to a start-up on a specific interest rate and according to a contract where the parties have previously set out terms and conditions that would preside over their relationship. The investment is classified as a liability of the company to third parties and, more specifically, as a long term liability.

            The parties set two different dates, one for the conversion of the credit to equity and another one for the possible payback (in case the conversion has not been exercised). Sometimes the parties decide to leave the payback aside and set directly the date of the conversion to equity thus transforming the instrument from a demi-loan to an option on a prospective capital increase, where the money invested in the company would be considered as the price of the option; or even an obligation that can be converted to shares, an hypothesis admitted by eminent scholars not only for corporations, but also for limited liability companies.

            The conversion date is usually set before the reimbursements, for the latter is meant as the last resort in the event the capital increase has not been approved by the company and provided that the parties had previously agreed upon such possibility. Furthermore, the reimbursement might be considered as a consequence of certain events, in particular when there is a payback request for cause or when a party violates any of the representations and warranties set out in the contract. In order to avoid unpleasant surprises, it is “customary” to provide for a future capital increase specifically dedicated to the investor – as well as an obligation for the investor to convert his loan – directly in the contract. The parties are free to determine whether the conversion should take place on a certain date or subject to the company meeting specific milestones such as: turnover goals, the achievement of specific results both economically and with reference to the development of its tangible/intangible technological assets (for instance, the development of software or the patenting of an invention). The actual conversion may take place at once or in instalments through a resolution of the shareholders to schedule the capital increase in two or more tranches. The convertible note must provide for a price per share for the conversion based on the so-called pre-money valuation; it is quite usual to set also a conversion discount, that is a price per share lower than the per share price paid by other investors in that round.

            SAFE Agreement

            The SAFE Agreement – developed and used by the world-renowned California-based incubator “Y Combinator” – is neither a debt instrument, unlike convertible notes, nor an equity one since it does not give its holder the right to profit sharing or the right to vote as a shareholder. It is rather a financial instrument that incorporates a prospective right to buy out preferred shares.

            Although SAFE Agreements do not have an Italian counterpart, SFPs may look alike when they are “designed” as semi-equity participative instrument (without payback) and used to collect capitals to be allocated in a specific equity reserve, which should be used only to cover the company’s operating losses and be considered otherwise unavailable. However, the extent of this unavailability is still a matter of debate among scholars and the possibility for the parties to a SFP agreement to determine that the reserve at issue might only be used upon depletion of the others (legal reserve fund included) is not undisputed as well. In one of the latest ruling on the matter, the judge has indeed opted for the availability of the reserve created upon issuance of the SFPs on account of its statutory nature, stating that it can therefore be depleted before legal reserve fund and equity (Court of Naples, 25/2/2016). This is basically the main reason why SAFE agreements cannot be implemented tout court in Italy.

            In any case, the Italian Civil Code allows the possibility to design the SFPs so as to meet specific requirements since they are essentially “empty boxes” that can be filled by the parties based on the needs of either the issuing start-up company and/or the investors willing to fund it. In fact, the law only sets two guidelines: i) it excludes that the SFP could grant its holder the right to vote as a shareholder; ii) it establishes that these instruments can be endowed with patrimonial or even administrative rights. The possibility for a company to issue SFPs must be specified in the articles of association/bylaws, which refers to a future extraordinary meeting of the shareholders for the adoption of the pertaining regulation, which will also set out the functioning rules of the special assembly dedicated to the holders of SFPs.

            Turning to the SAFE Agreement, the American model sets a conversion price that cannot exceed a certain cap, according to which the company assigns shares on a capital increase (i.e. SAFE preferred) with privileged rights and with restrictions closely similar to those typical of standard “preferred shares”. Furthermore, it also sets a discounted conversation price which, in the US experience, is in the range of 15-20%, while there no provision as to a future deadline for paying the investment back.

            Nothing prohibits to adapt the regulation of the SFPs to the best practice resulted from the implementation of the SAFE Agreement in the US. That is the case of the “acceleration” clauses that allow the investor to convert its investment before the original date set out in the agreement in case of equity-financing/liquidity events, namely the acquisition of the start-up or a capital increase that brings new investors in. This type of clauses is also often used in convertible notes. Some clauses, on the contrary, cannot be transferred into a SFP. That is the case of the clauses that regard the payback in relation to dissolution events such as: (i) the voluntary suspension of the business activity of the company; (ii) the transfer of the company’s assets to benefit the creditors or (iii) the company’s winding-up process both voluntary and not. According to Italian law, the winding-up due to a total loss of equity implies the possibility to use the reserve destined to SFPs with the consequent loss of the money invested by the SFP holders. Hence the common practice – still debated among scholars – that sees the possibility to use the reserves created upon issuance of the SFPs subordinated to the complete depletion of the other reserves, legal reserve fund included.

            Eventually, these practices have taken hold over the last few years since they are meant to provide the investors with more and more flexibility when dealing with financial/investment instruments as those described above. They represent in fact an opportunity for both start-ups, that can obtain capital on the short period, and investors, who can grade their entrepreneurial risk allocating their investment as a debt or not – depending on the chosen instruments – with a view to a conversion to equity that will eventually depend on several factors, not least the company’s business metrics and economical standing.

            In conclusion, the dynamism of this sector and the recent intervention of the Italian legislator show that there is plenty of room for growth in the Italian start-up ecosystem.

            The author of this post is Milena Prisco.

            In this post we will briefly outline some legal aspects related to e-commerce in Iran, starting from the definition of the average Iranian user and main characteristics and advantages of e-commerce in the Islamic Republic, which is attracting several foreign investors.

            We will then analyze the requirements for the issuance of online business licenses in Iran, which is mandatory in order to open an e-shop. Finally we will take a look at some successful examples of online business in Iran.

            The average Iranian user

            Some statistics regarding Iranian users active in the virtual space are useful for understanding the size of the Iranian market, and why it is attracting several investors.

            According to the “Internet Data and Statistics”, Iran is the thirteenth country for number of internet users, as 57 million of Iranian (on 83 million of Iran’s population) have access to internet (approximately the 68% of the population), but Government sources believe these numbers are  underestimated.

            What matters for the purpose of this analysis, however, is that approximatively the 58% of the internet users search on the Internet is about information on goods and services and that – until the end of Azar 1394 (December 2015) – the average internet users are male (58%) and young (47% between 20 and 29 years old).

            In addition, the 42% of the Iranian internet users are involved in electronic commerce and the 13% use the e-banking services.

            Online Business Licenses in Iran

            Whether carried out in the traditional way or electronically, all the businesses need a business-license to operate on the Iranian market. The most important law governing  is the Union System Act 1971, amended in 1980, 2003 and in 2013, which provides that the business license is issued by the competent union or legal authority.

            E-commerce is no exception, therefore all those who intend to sell goods or provide services using the virtual space must acquire a business license.

            On February 19th, 2017 the Iranian Government issued an Executive Regulation in regard to the Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, dividing the activities in virtual space into two categories:

            1. Virtual Business;
            2. Network Marketing.

            According to Paragraph 1 in Article 1, Virtual Business is a business established by any natural or legal person in order to provide products (goods or services) directly or indirectly on a wholesale or retail basis, to wholesalers, retailers and consumers through telecommunication means such as websites and digital software (applications).

            According to Paragraph 2 of Article 1, Network Marketing is a method for selling products based on which the Network Marketing company uses its website to organize the sellers in order to sell their products directly to consumers in a place far from the regular business location. Through this method, each seller can introduce another marketer as it subset and create a multi-product sales group in order to increase sales.

            The competent authority for issuance of licenses in this regard is the National Union. Therefore, any person who intends to acquire a license in order to have its activities carried out online, must apply on the website of Center for Development of Electronic Commerce (an organ of the Ministry of Industry, Mine and Commerce, hereinafter: “CDEC” – www.enamad.ir) in order to acquire the Reliance Symbol, which is a symbol necessary to certify the identity and competence of online activities.

            Requirements for the Online Business License

            Article 3  of the Executive Regulation on Issuance of License and Supervision on Businesses in Virtual Space and Network Marketing, which governs the Issuance of Online Business Licenses in Iran, provides that business licenses shall be issued according to the following procedure:

            1. Establishment of the virtual business conforming to the checklists provided by the CDEC.
            2. Registration of application in E-Namad website (then the CDEC automatically submits the application to the unions’ website).
            3. Upload of the required documents, which we will list below.
            4. Issuance and submission of the license (after verifying the uploaded documents and the original copies thereof) to the applicant within 15 days and submission of the license information to E-Namad website.
            5. Grant of Electronic Reliance Symbol concurrent with issuance of the license.

            Furthermore, the said Regulation specifies the required documents for issuance of business license, as follows:

            1. Office or legal domicile address of the applicant;
            2. Negative criminal record from the Police;
            3. Certificate of the relevant Tax Organization regarding tax compliance;
            4. Certificate for attendance in educational courses of commerce and business;
            5. Confirmation of specialized features regarding virtual business issued by the CDED;
            6. Photocopy of ID-card/Company-Registration number, plus passport/work-permit for foreigners;
            7. Photocopy of Military Service Termination Card or Permanent or Medical Exemption Card for men under 50 or a Student Certificate.

            In addition to those, the Regulation provides some other documents for particular sectors, so it is advisable to contact an Iranian expert in the matter to verify the compliance with all applicable regulations. For instance, the Cultural Heritage, Handicrafts and Tourism Organization of Iran has set out some specific criteria for travel and tourism activities in the virtual space, so travel agency services, accommodation centers, private entities and other tourism services must follow a special procedure to render their services on virtual space.

            Successful Examples of Iranian Start-ups

            In order to become familiar with this sector, hereinafter we would like to report some inspirational examples of investments.

            1. Snapp

            Snapp is an Iranian ride hailing company which renders its services online. The Snapp application automatically connects the users to the nearest driver and shows the driver the user’s location. Afterwards, the nearest ready driver will pick up the users from their location, and Snapp calculates the price beforehand. This price is normally lower than the Taxi Agency Unions prices and can be received either in cash or via online payment or credit card.

            1. Digikala

            Digikala is the name of one of the biggest e-marketplaces in Iran. Cellphones, laptops and computers, digital cameras, office appliances, automobiles, watches, home appliances, instruments, jewelry, toys, clothes and books are some of the items sold on this website. One of the features of this website is the detailed and comprehensive reviews of different types of digital goods which can be a reliable source for purchasers.

            1. Pintapin

            Pintapin is a comprehensive tool for rendering travel services online. Accommodation services are listed in Pintapin and users can book online their desired location. It is also possible to submit the information regarding your destination, duration of stay and number of companions in order to receive suitable suggestions from Pintapin.

            1. Bamilo

            Bamilo is probably the most important Marketplace businesses in Iran. It started its activity in 2014 and is now among the most viewed websites in Iran. Based on the Amazon-model, the online store is considered as the main Iranian middleman between suppliers and consumers.

            1. Eskano

            Eskano is a smart system for searching real estate in Iran which is performed under international standards. With its huge database of transferable real estates divided between several Iranian cities, Eskano facilitates the sale and lease process, also with the possibility of setting up appointments directly through the website.

            The author of this post is Mohammad Rahmani.

            In a previous post we outlined how a foreign investor may conduct a business in Argentina and, specifically, we analysed the main characteristics of the Limited Liability Companies (Sociedades de Responsabilidad Limitada “SRL”).

            In this post we are going to focus the attention on another type of company: the Joint Stock Corporation – Sociedades Anónimas  (“SA”).

            The main differences between Sociedades de Responsabilidad Limitada and Sociedades Anónimas are the following:

            1. The transfer of SRL quotas shall be registered in the Registry of Commerce. On the contrary, the transfer of shares shall only be registered in the Shareholders’ Register of the SA.
            2. Number of partners cannot be more than 50 in the SRL, while in the SA there is only the minimum number of 2.
            3. Board of Directors of a SA has the obligation of meeting at least every 3 months, while in the SRL the management does not have such obligation.
            4. In a SRL, the partner who has the majority vote does not need the vote of another partner to approve decisions. On the other hand, one shareholder with the majority vote can manage a SA without the favorable vote of any other shareholder.

            Main characteristics of the Argentinian Stock Corporations: las Sociedades Anónimas (“SA”)

            Shareholders: A minimum of two shareholders is required, and they may be resident or non-resident in Argentina.

            Corporate capital: The minimum capital currently required by law is equal to Argentina Pesos (ARS) 100.000 (approximately USD 6.250), of which only 25% must be paid in at the time of the corporate organization. The balance shall be paid within a maximum term of two years from the incorporation. However, the Public Registry of Commerce may require an initial corporate capital amount higher than ARS 100,000 in case – having regards to the nature and characteristics of the businesses involved by the corporate purpose – the corporate capital is considered overtly inappropriate.

            Liability SA: Shareholders liability is limited to the amount of capital invested. The sole limitation to this rule is the “lifting of the corporate veil” doctrine, applicable only when a company has been organized or used for fraudulent purposes, in order to abuse the liability limitation.

            Legal Books and Records SA: There are 4 company books and records provided by the law: 1) Shareholders’ Register; 2) Register of attendance at General Meetings; 3) Minutes of General Meetings; and 4) Minutes of Directors’ Meetings.

            Administration: The Board of Directors is the body in charge of the company administration. Its members do not need to be shareholders or residents in Argentina. However, the law requires that the Board of Directors meets at least four times a year with the physical presence of the majority of its members. The law also requires that the majority of the Directors are domiciled in Argentina.

            If the corporate capital amounts to ARS 10.000.000 (approximately USD 625.000) or more, the minimum number of Directors is three; otherwise, the law does not impose any minimum number of directors.

            The President of the Board of Directors has the power of legal representation of the company and, in case of his/her absence, the Vice President may act as the company’s legal representative.

            In addition to and notwithstanding the above, the company’s representation may be conferred through powers of attorney issued by the Board of Directors for specific purposes (banking, administrative affairs, judicial, etc.).

            Supervision SA: If the SA’s corporate capital is lower than ARS 10.000.000 no Syndic (a kind of internal auditor, with the duty to ensure that the company formally complies with the law) need to be appointed. If the capital is above said amount, the S.A. must organize a supervisory body composed of Syndics.

            The SA that does not make public offer of its stock capital may appoint only one principal Syndic and one alternate Syndic. The principal Syndic and the alternate Syndic are elected by the Shareholders. To be elected Syndic it is necessary to be a lawyer or a public accountant domiciled in Argentina. Employees, directors or managers of the company or its parent or subsidiary companies may not be syndics. Shareholders may remove Syndics at their own discretion.

            Governing body: The corporate authority governing the SA and adopting resolutions is the Shareholders’ Meeting, competent – among other issues – to approve the Annual Balance Sheet of the company, to appoint and/or remove its Directors and Syndics and to deal with any other item related to the company’s ordinary course of business.

            Financial statements, Balance Sheets and Accounts SA: Annual financial statements must be submitted for the consideration of the Stakeholders’ Meeting. Argentine law provides that the Annual financial statements must be filed also with the Public Registry of Commerce.

            The author of this post is Tomás García Navarro.

            Christi Kythreotou

            Aree di attività

            • Diritto societario
            • Fisco e tasse
            • Private Equity
            Contatta Christi

            Scrivi a Christi





              Leggi la privacy policy di Legalmondo.
              Questo sito è protetto da reCAPTCHA e si applicano le Norme sulla privacy e i Termini di servizio di Google.