Multinational companies and governments around the world are increasingly looking to Africa as a new business destination. Africa's economy has grown at a rate of around 5.3% per year over the last decade and six of the world's ten fastest growing economies are located here. These countries have a fast-growing middle class that contributes to rapid urbanization that is increasing faster than their cities' infrastructure can keep up. It is a common misconception that many economies in Africa are heavily dependent on energy production. In reality, the oil and gas sector accounted for only 11% of Nigeria's GDP in 2014, while the construction sector accounted for 20%.

When considering doing business in Africa, it is not a matter of choosing just one country or all 54; A regional approach makes more sense. Sub-Saharan Africa, for example, refers to sub-Saharan countries such as Angola, Kenya, South Africa and Nigeria. Many companies already doing business in Africa are separating their businesses in North Africa and Sub-Saharan Africa due to the stark economic, linguistic and cultural differences between the two regions. Here are our top 5 African countries for doing business:

Mauritius
Mauritius is known for offering an extremely favorable business environment for investment and business growth. The process of incorporating a company and starting new business activities in Mauritius is believed to be straightforward and relatively easy. Mauritius' economy is mainly based on textiles, tourism, sugar and financial services, although recently other sectors such as renewable energy and information technology are expanding rapidly. The World Bank ranked Mauritius 49th in its Doing Business 2017 ranking, largely due to its pro-business approach to dealing with building permits, enforcing contracts and protecting minority investors. Another ranking of African countries places Mauritius first based on factors such as law and security, economy, human development and human rights.

Rwanda
Despite nearly a decade of Rwanda's civil war, the country's leaders and citizens alike have worked to achieve a healthy business climate and a strong overall economy. According to the World Bank, Rwanda is the second easiest place to do business in Africa and ranks 56th in the Doing Business ranking. This is because the procedures for registering a property, obtaining credit and trading across borders have been greatly simplified. Tourism is currently the fastest growing sector in Rwanda. According to our research, businesses can be incorporated and operating in as little as three days.

Botswana
Since gaining independence, Botswana has had one of the fastest per capita economic growth rates in the world. As the government works to diversify the country's profitable industries, the mining of diamonds and other precious metals is currently the main contributor to the country's economy. Recently, Botswana has managed to reduce the time it takes for various processes including import and export and business formation procedures. In addition, technological upgrades have reduced the average court length for commercial disputes to 625 days (from 987 days in 2008). Thanks to these improvements, Botswana ranks 71st in the World Bank's Doing Business 2017 ranking.

South Africa
South Africa's key industries are automobile manufacturing, tourism, mining and information and communication technologies. South Africa has managed to simplify its import and export procedures, resulting in less time and fewer documents required. In addition, the South African authorities have simplified tax legislation, reducing the number of hours required to prepare tax reports. The World Bank ranked South Africa 74th for ease of doing business in 2017.

Kenya
Another country to keep an eye on is Kenya, which is currently making huge investments in sectors such as telecom, transport and energy. With a tech-savvy workforce and high-speed internet, Kenya stands out as one of the top countries in Africa for tech startups, while its diversified economy, strong ownership rights, excellent tourism sector and improving infrastructure make it a great location for general start a new company. If you have further questions about company formation or banking in Africa. Please contact us now.

In recent years, tax residence issues have become very important when dealing with tax declarations for the government, banks and tax offices. Obtaining tax resident status in the UAE has grown in popularity for several reasons:

The UAE is set to join the Common Reporting Standard (CRS) later than most other countries — starting from 2018.
There are generally no taxes for corporate and private residents in the UAE on trading income, dividends, investments, bonds, etc.
The UAE offers vast opportunities for international businesses; companies are easy to incorporate and can be managed effectively.

Who can apply for UAE tax resident status?
A UAE Tax Residence Certificate can be issued to an onshore company or individual but you must first become a UAE resident. This can be achieved in one of the following ways:

You can register a company in your name. There are no requirements for this company to participate in active trading; Basically, its main purpose is to support your tax residency status. This status is maintained on the basis of the onshore company, which must be renewed annually.
You can buy properties worth over a million dirhams in the UAE. The owner must be a single individual or a married couple. If there is more than one owner (or if the couple's marriage is not officially registered), each person must invest one million dirhams in the property. Our package offer includes the application for a residence visa with the option of annual renewal.

UAE onshore companies
Incorporating a company in the UAE is fairly straightforward and has proven to be an excellent vehicle for international trade as well as holding dividends and interest. A company incorporated for tax residency purposes cannot be just a shell and you must maintain some turnover in the company bank account.

Note that only UAE onshore free zone companies can be considered for tax residency purposes. Therefore, companies in Ras Al Khaimah will not be of any use in this regard.

If you decide to incorporate your onshore company in a free zone, consider Umm al-Quwain Free Zone: unlike many others, there are no share capital or statutory accounting and auditing requirements here. As with all free zones on land in the United Arab Emirates, your business will need a specific license depending on the type of activity you wish to undertake. An onshore company must also have a rented office - this service is included in our company package.

With the right documentation and initial expenses, it is possible for a foreign citizen to open a bank account in Sudan. This international account and investment opportunity offers several advantages based on economic regulations and tax structures. Interest rates, tax laws and fees vary depending on the country in which you invest; Careful research and strategic financial actions could result in significant portfolio growth.

If one is considering opening a bank account in Sudan, one must enlist the help of international experts to guide them through the process.

Legal structures in Sudan
Each international jurisdiction adheres to different legal structures for taxation and banking. Confidus Solutions helps you understand the nuances of each country's legal structure. In order to do business in Sudan, it is crucial that you have a thorough understanding of the financial and legal ramifications.

Initial investments
The vast majority of bank accounts in Sudan require an initial financial outlay to secure the account opening. This value differs from bank to bank and also depends on variable exchange rates. An international financial expert will help navigate these conversions, as well as the various fees and minimums associated with maintaining a bank account. Make sure you understand the interest and growth rates associated with each prospective international bank account so you can maximize your returns while minimizing risk.

Tax structures in Sudan
To get the best results and avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help avoid a litany of long-term costs and fees related to unforeseen errors and legal errors. Language skills, financial know-how and bureaucratic experience ensure that your account opening is processed smoothly and without unintended consequences.