Updated in December 2025 Introduction Canada boasts a stable, predictable and diversified economy. It has the world’s fourteenth largest economy by aggregate GDP, one of the world’s soundest banking systems and ranks among the top four G20 countries in ease of starting and conducting business. Over the last ten years the Canadian economy has experienced a rapid growth rate creating a well-positioned economic environment characterised by the lowest net debt-to-GDP ratio and the most favourable business tax treatment in the G-7. With competitive advantages such as fast, reliable and ready access to a massive North American market facilitated by the United States-Mexico-Canada Agreement (CUSMA), low business cost and corporate taxes, and a highly-skilled and educated workforce, Canada’s economy consistently outperforms those of most other industrialised countries. There are a variety of ways of structuring business operations in Canada. The aim of this Practice Note is to highlight some of the key areas that a new business should consider before it begins to operate in Canada. This Practice Note should not be considered all-inclusive;

Updated November 2025 Chile is the most economically stable country within South America and, in terms of The World Bank, a ‘high-income economy’. Chile also has the highest economic freedom score in South America (22nd worldwide) under the 2023 Index of Economic Freedom. This score reflects its openness to global trade and investment, and its transparent regulatory environment as well as strong rule of law which continue to provide a solid basis for economic dynamism. Legal frameworks for operating in Chile Frameworks for operating in Chile In commercial practice and under current legislation in Chile—which we will review in the next section—there are several ways for non-residents to invest in Chile. The general rule is that there are no limitations for non-residents to do business in Chile or to invest in local companies. Domestic legislation offers several types of companies. However, considering its flexibility, a joint stock company (Sociedad por Acciones) is usually the company of choice. Nevertheless, this will depend on investor preferences and the type

Updated in October 2025 Introduction China, officially known as the People’s Republic of China (PRC), is a sovereign state established in 1949 and led by a single political party, the Communist Party of China (CPC). It has a total area of approximately 9.6m sq km and a population of over 1.4 billion. China has 23 provinces, five autonomous regions, two special administrative regions (Hong Kong and Macau), and four administratively-direct-controlled municipalities (Beijing, Shanghai, Tianjin and Chongqing). Beijing is the capital city and Mandarin is the official language. Through constant economic and political reforms led by the CPC, China has established itself as a country with political stability, economic freedom and legal certainty, making it one of the leading recipients for foreign investments and one of the largest consumer markets. China is the second largest economy in the world and proactively adopts an open policy encouraging global collaboration. As such, it attracts many international companies, regardless of size and nature, eager to tap into and continue to expand their presence in this vital and vibrant

Updated in June 2025 Introduction Cyprus is strategically located in the Eastern Mediterranean at the crossroads of Europe, Asia and Africa. It is an independent, sovereign republic with a presidential system of government and a written constitution which safeguards the rule of law, political stability, human rights and the ownership of private property. Cyprus has been a member of the EU since 1 May 2004 and of the Eurozone since 1 January 2008. In preparation for EU membership, Cyprus made significant structural and economic reforms that transformed its economic landscape and created a modern, open and dynamic business environment. Since joining the EU, it has established itself as the natural portal for inward and outward investment between the EU and the rest of the world, particularly the rapidly-growing economies of Russia, Eastern Europe, India and China. Cyprus is very well-placed as an international business and financial centre. Apart from its strategic geographical

Updated in December 2025 Introduction Germany is the strongest economy in Europe and one of the largest worldwide. Its central location in the middle of Europe brings with it a closely-tied infrastructure network. Germany offers outstanding economic conditions and enjoys a good reputation among foreign investors. Consequential structural reforms and a moderate development of unit labour costs have significantly improved the competitiveness of German businesses. The excellent infrastructure and highly-qualified workforce are further factors that contribute to sustainable business success. The German Federal Government has recently expanded its spending in an unprecedented way, especially on infrastructure expenditures. The German legislator has also expanded depreciation options and decided to reduce corporation taxes. There are a variety of ways of structuring an operation in Germany. The aim of this Practice Note is to highlight some of the key areas that a new business will need to address before it begins to operate in Germany. This Practice Note should not be considered to be an all-inclusive guide and specific German legal advice should always

March 2026 Introduction Hong Kong is an international financial centre and is well known for being ranked as one of the best economies in terms of ease of doing business in the world. Given its simple tax structure, well-established legal system, sound financial market, free flow of information, sophisticated workforce and the government’s long-standing capitalist 'laissez-faire' policy, thousands of multinational corporations have chosen to establish their foothold in Hong Kong. As of the fourth quarter of 2025, Hong Kong has shown resilience, with a real GDP growth forecast of 3.8% for the quarter despite global economic uncertainties. Today, the People’s Republic of China (China) is the second largest economy in the world after the United States and is one of the fastest-growing major economies. China has been gradually transforming itself from being 'the world’s factory' into a significant consumer and financial market itself given its increasingly affluent population. Hong Kong’s geographical and cultural proximity to China, together with its international business environment

Updated in December 2025 Introduction India is one of the fastest growing economies in the world. The Foreign Direct Investment (FDI) inflow in the financial year 2024–25 stood at US$80.62bn which is the highest among the last three financial years. Further, total FDI inflow reported during the first half of financial year 2025–26 stood at US$50.36bn (provisional) and has increased by 16% compared to the first half of financial year 2024–25 which was US$43.37bn. Positioned as the third-largest startup hub globally, India's startup environment is thriving with innovation, ambition and a strong entrepreneurial spirit. There are approximately 201,335 recognised startups which have created over 21 lakh jobs across the country, with at least one recognised startup in every state. This Practice Note is intended to provide a broad legal perspective on doing business in India. The Practice Note is written in general terms and its application to specific situations will depend on the particular circumstances involved. Readers should obtain their own professional advice and this Practice Note should not be seen as replacing

Updated in March 2026 Introduction The Republic of Indonesia, a country with a population estimated at approximately 285.7 million in 2025, remains Southeast Asia’s largest economy and a pivotal player in the global economic landscape. With the global economy increasingly focused on Asia, Indonesia continues to stand out as a key trade and investment destination. A member state of the Association of Southeast Asian Nations (ASEAN), Indonesia further benefits from ASEAN’s commitment to deepen economic integration and expand intra-regional trade through initiatives such as the ASEAN Economic Community. Indonesia is the only Southeast Asian country that is a member of the G20 group of major economies. The country is rich in natural resources, deriving much of its wealth from petroleum, natural gas and other mining activities, while agriculture continues to play an important role in the economy. Indonesia is projected to be one of the top ten

Updated in June 2026 Introduction Ireland is consistently ranked as one of the most attractive locations globally in which to establish international operations. Ireland has attracted some of the world’s largest companies to establish operations, including in the global technology, pharmaceutical, biosciences, manufacturing and financial industries. The attraction of Ireland as a business location can be attributed to the positive approach of successive Irish governments to the promotion of inward investment, its membership of the European Union (EU), a very favourable corporation tax rate and a skilled and flexible labour pool. It is the combination of these and other factors that makes Ireland such a strong location for foreign direct investment. There are a variety of ways of structuring business operations in Ireland. The aim of this guide is to highlight some of the key areas that need to be addressed when considering whether to establish in Ireland. This guide should not be considered to be 'all-inclusive' and specific Irish legal and tax advice should always be sought before setting up and running a business

Updated in April 2026 Introduction Italy is a parliamentary republic with a bicameral system. Presiding over the government is the Prime Minister, who is the Head of Government. Parliament is composed of two houses: the Chamber of Deputies and the Senate. The President of the Republic appoints the Prime Minister, who must obtain the confidence of Parliament. The President of the Republic holds office for seven years. General elections for Parliament are held every five years. Italy has a civil law system. Its sources of law include the Constitution, statutes, secondary legislation, EU regulations (which are directly applicable and do not require implementation) and EU directives (which must be implemented through national legislation). The country is divided into 20 regions. Under the Constitution, each region is granted legislative autonomy in certain areas, such as public health, education, agriculture and tourism. Italy is a founding member of the EU. Business environment Italy has one of the world’s largest economies, typically ranking among the top 10 globally

Updated in June 2025 Introduction Japan has the third largest economy in the world by nominal GDP, and is one of the favoured locations for global businesses to set up their first base in Asia and/or Research and Development centre in the light of increasing importance of the Asian market and the high level technologies of Japanese companies. Japan plays an important role in Asia as a major business centre in the region, a gateway to other Asian countries and a trend setter. Global businesses, manufacturers in particular, benefit from Japanese companies, not only large sized companies but also small and medium sized companies, having the ability to provide high-quality products and components. Japan provides a highly-developed legal system including fair and functioning court procedures and a stable democratic political climate. Japan is also recognised as one of the safest countries in the world, and provides advanced infrastructure and high-quality medical services. There are a variety of ways of structuring a business operation in Japan. The aim of this guide is to highlight

Updated in January 2026 Introduction Though one of the smallest countries in Europe, the Grand Duchy of Luxembourg (Luxembourg) is one of the world’s heavyweights when it comes to doing business and one of the most important European financial and industrial centres. Luxembourg attracts investment banks, asset management companies, investment funds and holding companies but also companies active in information and communication technology and space sectors, from all over the world, making it a preferred gateway into the EU as well as a major business hub. Thanks to its political, social and legal stability, and the effort of its political class to create a business-friendly environment, Luxembourg has developed a reputation for pro-business legislation and administration. This guide, aimed at businesses wanting to establish themselves in Luxembourg, provides a comprehensive overview of the key features of Luxembourg law that will need to be addressed before starting operations in Luxembourg. It should be noted however that, no matter how comprehensive this guide is, it should not be