Most businesses initially rely on localized financial software to meet their daily accounting and tax management needs. As the business and organizational scales expand, and product lines rapidly diversify, the front-end business structures become increasingly complex. The traditional financial management model, which relies on contract payments for invoicing and accounting, struggles to meet the demands of business growth and regulatory compliance. At this juncture, companies require an integrated business and finance system to overcome key obstacles such as the disconnect between business and finance, budgetary loss of control, and compliance management, thereby providing more accurate decision-making support.
The mutual and regional cooperation between China's "Belt and Road" Initiative and Saudi Arabia's "Vision 2030" has been strengthened through the signing of a joint construction implementation plan in December 2022. In December 2022, President Xi Jinping attended the first China-Arab States Summit and the China-Gulf Cooperation Council Summit in Riyadh, the capital of Saudi Arabia, and paid a state visit to Saudi Arabia. The heads of state of China and Saudi Arabia signed the "Comprehensive Strategic Partnership Agreement between the People's Republic of China and the Kingdom of Saudi Arabia." The two sides also issued a joint statement and signed the "Joint Construction of the 'Belt and Road' Initiative and 'Vision 2030' Alignment Implementation Plan" and cooperation documents in the fields of energy, investment, justice, education, and news. In the first half of 2024, during the meeting in Riyadh, China and Saudi Arabia announced an investment of 10 billion US dollars again and signed 30 contracts involving mining, technology, renewable energy, agriculture, real estate, mining, tourism, and health.
Saudi Arabia, a country located in the Middle East, is world-renowned for its abundant oil resources and vast land area. With a territory covering 2.25 million square kilometers, it is one of the largest countries in the Middle East. According to the latest data, the population of the country is approximately 36.2 million, with the labor force accounting for over 70%, indicating strong consumer potential and market vitality.
The economic growth rate of Saudi Arabia has averaged 3.5% over the past decade, with a Gross Domestic Product (GDP) reaching 1,108 billion US dollars and a per capita GDP of 31,850 US dollars. Despite facing certain unemployment challenges, Saudi Arabia remains a popular destination for foreign direct investment, attracting 78.86 billion US dollars in 2022. In the World Bank's Ease of Doing Business ranking, Saudi Arabia is ranked 62nd, showing significant progress in improving its business environment.
In terms of foreign trade, the bilateral trade relationship between Saudi Arabia and China is particularly close. Since 2001, Saudi Arabia has been China's largest trading partner in the Middle East, and China has been Saudi Arabia's largest trading partner since 2013. In 2023, the bilateral trade volume between China and Saudi Arabia reached 107.23 billion US dollars, with Chinese exports amounting to 42.86 billion US dollars and imports amounting to 64.37 billion US dollars. From January to August 2024, the bilateral trade volume between China and Saudi Arabia was 70.87 billion US dollars, with Chinese exports at 31.79 billion US dollars and imports at 39.08 billion US dollars. In 2023, Chinese companies' non-financial direct investment in countries participating in the Belt and Road Initiative reached 224.09 billion yuan, a year-on-year increase of 28.4%.
Belgium's tax policies, social security system, and compliance requirements form a comprehensive framework aimed at ensuring transparency and fairness. In terms of taxation, Belgium implements a standard VAT rate of 21%, with reduced rates for specific goods and services. Corporate income tax is levied at a rate of 25% on all companies, with small and medium-sized enterprises (SMEs) potentially eligible for a reduced rate. Social security contributions are shared between employees and employers, safeguarding the rights of workers. Additionally, Belgium has implemented a series of compliance requirements, including BEPS measures aligned with international standards, FATCA agreements, CRS standards, and AML regulations, to combat tax avoidance and money laundering, ensuring the integrity of the financial system. These policies and requirements not only promote economic stability in Belgium but also provide businesses operating in the country with a predictable and fair business environment.
Brussels, the capital of Belgium, is indeed a significant hub for international organizations like the European Union and NATO, which contributes to its status as an important center for economic activity in Europe. The city's strategic location and comprehensive transportation infrastructure have facilitated the development of a diverse economy, encompassing a wide range of sectors including manufacturing, transportation, high-tech industries, and services.
The incentives provided by the Belgian government, such as financial assistance, investment subsidies, and tax breaks, make the country an attractive destination for businesses. These measures have helped to foster a business-friendly environment that encourages both domestic and international investment.
Belgium's geographical position at the heart of Europe, with borders to four countries, enhances its role as a gateway to the continent. Its membership in key international organizations like the EU, NATO, UN, WTO, OSCE, and OECD underscores its commitment to global cooperation and economic integration.
The double tax treaties Belgium has established with over 150 countries, including the US and Hong Kong, are beneficial for international businesses operating in Belgium. These treaties help to prevent double taxation and can provide clarity and predictability for companies when it comes to tax obligations.
Overall, Belgium's stable political environment, high standard of living, and strong economic ties with other countries make it an appealing place for businesses to establish a presence in Europe.
For years, millions of small and medium-sized enterprises have been piecing together various applications to meet their operational needs, from accounting to order fulfillment, sales, and marketing, all facing a tangled web of outdated and complex applications. However, with such infrastructure, many growing businesses are unable to maintain and further accelerate their development. Forcing various applications together is not enough to provide the operational support businesses need, not only failing to offer many of the functionalities required by growing businesses, leading to a lack of real-time grasp of basic business information, but also prompting businesses to introduce more specialized systems or applications that are often isolated from each other, or to modify or automate certain business processes. Ultimately, complex applications bring a high degree of complexity, causing businesses to spend a lot of effort dealing with a large number of manual tasks and bottlenecks, facing higher risks and error rates, and ultimately damaging the customer experience.
Germany attracted international business projects worth €34.8 billion in 2023, according to the annual Foreign Direct Investment (FDI) study by Germany Trade & Invest (GTAI). This figure includes greenfield investments and expansions, but does not include any mergers or acquisitions. Compared to €25.3 billion in 2022, the annual growth rate for 2023 reached 37.5%, with the original number of FDI projects totaling 1,759. There are 11 projects involving planned investments of more than €500 million. Of these, 8 are greenfield projects, and 3 are expansion projects within Germany. There are 8 projects with planned investments exceeding one billion euros.
Oracle's NetSuite is adding a slew of new generative AI features. The bonus for customers? It will cost them nothing to get the new functions.
In recent years, both Saudi Arabia and the United Arab Emirates (UAE) have been actively working towards attracting and retaining exceptional individuals from around the world. To achieve this goal, each country has introduced its own long-term residency program – the Premium Residency Permit in Saudi Arabia and the Golden Visa in the UAE. These long-term visas not only provide holders with the opportunity to reside in their respective countries but also come with a range of privileges and conveniences, making them appealing to investors, entrepreneurs, and professionals seeking a long-term commitment. Let's delve into these two captivating long-term residency programs, exploring the attention and impact they have garnered on a global scale.
Dubai's real estate market has long been a focal point with its unique architectural styles and luxurious residential projects. As of January 2024, Dubai's real estate leasing transactions have surged fourfold, revealing several noteworthy trends and opportunities behind this rapid growth.