ECOVIS FiSolutions
Accountants and tax advisors in Paris.
About us
Founded by former Deloitte partners, ECOVIS Fi.Solutions is a French firm of chartered accountants offering a wide range of services to French and international companies.
Services
Our mission is simple: to provide you with the services you need to run and grow your business. That is why we have structured our business and the services we offer to meet all your needs, whether they are simple or fiendishly complex.
International tax, audit, accounting and legal news
Set up a company in the Canary Islands: Reach your goal quickly with the support of experts – a case study
16.05.2024ECOVIS Legal Spain – Canary Islands assists UK recruitment company Recrewit to set up in the Canary Islands and pay 4% corporate tax (ZEC).
Recrewit (see box) started operations in London in early 2021 and quickly grew its client base across the European market. In 2023, the company decided to relocate the base of their operations to a location within the EU. For this they contracted the services of ECOVIS Legal Spain – Canary Islands to assess the possibilities of setting up an entity in the Canary Islands and benefitting from the most beneficial tax regime for companies in Europe (ZEC).
We support companies in setting up in Spain.Natalia Bonilla, Lawyer, Partner, ECOVIS Legal Spain – Canary Islands, Las Palmas de Gran Canaria, Spain
After going through the ZEC eligibility process for 3 months, in March 2024 the company finally received approval for their project from the ZEC board. As a result, they were authorised to set up and operate from the Canary Islands and only pay 4% corporate tax, among other major fiscal advantages.
In their new location, Recrewit will be keeping their international client base, while at the same time they will benefit from the potential of the Canary business community. This includes especially the maritime sector, with the ports of Las Palmas and Tenerife being crucial for maritime trade in the Atlantic and acting as strategic bridges between three continents.
About Recrewit
Recrewit is a boutique recruitment consultancy firm operating within the engineering industry, extending first-class customer service to candidates and clients across four key sectors: aviation, automotive & motorsport, marine and renewables.
“Natalia has been thorough and extremely helpful throughout the whole process, we honestly don’t think we could have done it without ECOVIS Legal Spain – Canary Islands and highly recommend Ecovis for the ZEC application process and ongoing business operations. ECOVIS Legal Spain – Canary Islands’ advice has been fundamental to the success of our application!”
Alex Bello Pérez, Co-Founder – Recrewit Ltd.
During the ZEC eligibility process, ECOVIS Legal Spain – Canary Islands supported Recrewit and provided legal advice on the ZEC regime and requirements, as well as company incorporation and employment regulations concerning the hiring of new staff. Following the successful resolution from the ZEC board, ECOVIS Legal Spain – Canary Islands continues to provide legal advice to the client to ensure a successful and smooth start of operations in the archipelago.
For further information please contact:
Natalia Bonilla, Lawyer, Partner, ECOVIS Legal Spain – Canary Islands, Las Palmas de Gran Canaria, Spain
Email: natalia.bonilla@ecovis.es
How to pay in China: China’s cashless revolution – a guide to new payment options
13.05.2024Foreign employees and visitors in China can now pay with international cards, such as Mastercard or Visa, by scanning QR codes online or directly on site. The Ecovis experts explain the new cashless payment options.
In recent years, payment in China has undergone a remarkable transformation, evolving into an almost cashless society characterised by mobile solutions. While this payment method has not yet arrived in Germany, it is ubiquitous in China and simplifies people’s everyday lives. It has now become much easier for foreign visitors to use this new payment method locally.
Updating the digital payment system
Alipay, a leading mobile payment app operated by the Alibaba subsidiary Ant Group, forms the cornerstone of China’s digital payment system, alongside WeChat Pay, which is owned by Tencent. As of July 2023, these two major mobile payment platforms have introduced a significant update that allows users to link international cards, including Mastercard and Visa. This integration enables the seamless payment for goods and services online or in person by scanning QR codes.
In addition, there was a recent change to the guidelines for WeChat Pay and Alipay which also benefits both international tourists and business travellers. In future, foreign visitors will be able to spend up to USD 50,000 per year with the mobile payment apps. This is a significant increase on the previous limit of USD 10,000, which considerably expands the financial options for foreigners. For individual transactions, the limit has been raised from USD 1,000 to 5,000.China is once again showing how digitalisation can be used to drive growth.Richard Hoffmann, Lawyer, ECOVIS Rechtsanwaltskanzlei Richard Hoffmann, Heidelberg, Germany
China’s pioneering role in payments
The remarkable shift in Chinese payments reflects the country’s innovation and opens the doors for smoother global interaction. The recent developments in Alipay and WeChat Pay are helping foreign visitors navigate a digital cashless society. By integrating international cards and adjusting transaction limits, China is leading the way in the digitalisation of payments and sharing the benefits of these innovations with the world.
For further information please contact:
Richard Hoffmann, Lawyer, ECOVIS Rechtsanwaltskanzlei Richard Hoffmann, Heidelberg, Germany
Email: richard.hoffmann@ecovis.com
Protected tenants in private apartments in Croatia: Implementation of the ECHR judgments
30.04.2024The Croatian parliament has adopted a solution to the problem of protected tenants in private apartments, based on the rulings of the European Court of Human Rights (ECHR). This means that owners can receive compensation and reclaim their apartments. The deadlines for this expire in April 2025. The Ecovis experts in Zagreb explain the details of the decision.
On 14 March 2024, the Croatian parliament passed a law to implement the ECHR rulings in the group of cases Statileo v. Croatia and the decisions of the Constitutional Court of the Republic of Croatia.
The problem of protected tenants in private apartments has been around for more than 70 years. These tenants were given occupancy rights in privately owned apartments by the Yugoslavian communist government. These rights ended in 1996 and were replaced by the then newly introduced instrument of protected tenancy (s. box).
Entitlement to ownership vs protected tenancy
The issue centres around the fact that the former state of Yugoslavia previously confiscated private real estate and handed it to random people to live in. From 1996, the government began returning the property but it could not simply move out thousands of families. Owners were required to maintain the properties but were unable to live in, rent or sell them, while the tenants were required to pay a protected, symbolic rent of ca. EUR 100/month.
In 2014, the European Court of Human Rights (ECHR) decided that property owners must be compensated and paid the difference between the market value and the protected rent. The state was also required to resolve the issue once and for all. Previously, compensation was only given to owners if they sued the state individually. The act provides compensation without the need to sue, as well as providing options to tenants.
Who exactly are the protected tenants and the owners?
The dilemma of whether owners could obtain any kind of compensation for the restriction of their property rights was resolved on several occasions by the ECHR, who ruled in favour of the owners. The most important such judgment was passed in 2014 in the case of Statileo v. Croatia.
In 2018, the law on renting apartments was amended. The amendment provided a transitional period after which protected tenants would have to leave the apartments. However, the disputed provisions of that law were annulled by Croation Constitutional Court. The situation has remained unresolved until now.
We support you to regain your property back or asserting your claims.Ema Kalogjera Juranić, Attorney at law, HAČIĆ & KALOGJERA JURANIĆ Law Firm Ltd.*, Zagreb, Croatia
The significance of the law for the rights of owners
This act provides a final solution to the problem of protected tenants and enables the owners to regain their property.
The act foresees three possible ways for owners to regain their property:
- If the owners and tenants agree, the tenant waives the protected tenant status and becomes a regular tenant who pays the market rent.
- The state pays the protected tenant a fee, they waive the protected tenant status, vacate the property and return it to the owner.
- The owner can sell the property to the state for the market value. The State then grants the protected tenant the right to buy the property at favourable price.
In addition, property owners are entitled to compensation for the non-material damage suffered since 1996. This compensation is EUR 0.01 EUR (1 eurocent) per square metre of property used by the tenants per day, starting from 1996 until 1 January 2025, after which the owners will be entitled to the market rent.
It is important to note that the deadline for owners to submit notification of the chosen method of return expires on 30 April 2025.
The deadline for applying for compensation for non-material damage expires on 15 April 2025 and this deadline is preclusive.
For further information please contact:
Ema Kalogjera Juranić, Attorney at law, HAČIĆ & KALOGJERA JURANIĆ Law Firm Ltd.*, Zagreb, Croatia
Email: ema.kalogjera@hkj-legal.hr
*In cooperation with ECOVIS L+C Rechtsanwaltsgesellschaft mbH