The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in almost all of the world'

India's economy is the third largest in the world in terms of purchasing power parity and the sixth largest in terms of nominal GDP. India is also one of the major G20 economies, with an average growth rate of around 7% over the past two decades. In the final quarter of 2014, it became the fastest growing major economy in the world, outperforming the People's Republic of China. Although the two countries showed very similar growth rates in 2016, it is forecast that China's growth will slow down, but that the Indian economy will grow again to 7.2% in 2017. According to a PWC report The World in 2050, India's nominal GDP could surpass that of the United States by 2040. The report also predicts India's GDP will double to $ 5 trillion by 2025.

There are several main reasons for India's positive long-term growth prospects, including the relatively young population (with a correspondingly low nursing care rate), healthy investment and savings rates, and increasing integration into the global economy. The Indian economy is believed to become the third largest over the next decade and one of the two largest by the middle of the century.

Another reason why India's economy has grown faster than that of other countries is likely to be the rise in government investments, which incidentally also play an important role in the world's second fastest growing economy - China. Meanwhile, slow-growing Western countries rely mostly on private rather than government investment.

India's service sector is one of the fastest growing in the world, growing 9% every year since 2001. India has become a major exporter of business process outsourcing (BPO) services, software and IT services - the latter are the country's largest private employers. India also has the fastest growing number of internet users in the world, which shows the huge potential of e-commerce in India. Flipkart and Amazon are the best examples of ecommerce success in India. India is also the third largest start-up hub in the world, with more than 3,100 tech start-ups in 2014-2015.

With the diversification and growth of the Indian economy, the contribution of agriculture to the country's GDP has been steadily declining since 1951, but it still plays a significant role in the country's socio-economic development and is one of the largest sources of employment. India currently ranks second in the world in terms of agricultural production.

Foreign direct investment is currently an important engine of economic development in India. Foreign companies are investing in fast growing private companies to benefit from lower wages and an emerging business environment. India is extremely attractive to foreign investors. In fact, in the first half of 2015, it surpassed the US and China as top foreign direct investment destinations, attracting $ 31 billion, compared to $ 27 billion in the US and $ 28 billion in China.

Among other things, the service sector has been attracting a large proportion of foreign direct investment since 2011. The service sector includes finance, banking, insurance, non-financial business services, outsourcing, research and development, courier services, and technology testing and analysis. In fiscal 2014-15, the service sector attracted $ 3.25 billion, which is 17% of total FDI.

The service sector is followed by construction development (new settlements, residential construction, urban development and infrastructure) with 2.89 billion USD with 2.20 billion USD in FDI in the same period.

In terms of political and civil liberties, Kuwait ranks 2nd. Citizens in Kuwait enjoy partial freedom. While the majority of Kuwaiti citizens enjoy some degree of free will, some political engagement may be restricted and certain sections of the population may be deprived of certain freedoms or expressions of opinion. In terms of economic freedom, Kuwait's companies rank third. The citizens of Kuwait are considered to be reasonably free in their economic decisions. The government in this country exercises appreciable control over corporations and other economic activities. Citizens can own property and control certain financial decisions, but in many cases the government can take control of private property for government needs. Kuwait's media ranks third in terms of journalistic freedom. In Kuwait, journalists are allowed to express different opinions, but are only allowed to publish those that are not against the government or state ideology. The government in that country may have its own government-sponsored publications to promote its ideas and beliefs. This is considered a problematic situation.

Bookkeeping is an essential part of the finance profession. It is also an essential part of all accounting systems. The main purpose of accounting and its main function is a systematic recording and recording of financial transactions.

Typically, accounting refers to a process of measuring, recording, and identifying important economic information used in connection with an organization or other commercial and non-commercial formation to enable users of the information to make informed judgments.

Goal of efficient accounting
Accounting helps in the preparation of financial statements and financial data in general. It includes the record keeping aspect of bookkeeping; Therefore, accounting principles can also be applied to bookkeeping. Often information relating to the financial condition of the company is presented on a balance sheet and information about operating results is presented on an income statement. In addition, some data relating to a company's liquidity and changes in the company's financial structure are usually reviewed in a statement of changes in financial condition. Financial statements are needed to provide information about the company's past performance that provides a way to forecast what might happen to that company in the future.

All of a company's financial data provide the accounting input. These can be salary cards, reports as well as special journals such as sales journal or purchase journal, cash book, bank checks and invoices, where each recorded information or what it is called – transaction is identified in two aspects or dimensions – debit and credit aspect.

Accountants, auditors and accounting associations
Usually there is a specific person who manages the accounting in a company. He or she may be professionally referred to as an accountant or accountant. An accountant prepares certain adjustments to record events that are considered transactions already completed related to the company's income, expenses, wages of employees, etc.

The Accountant position requires an individual capable of preparing financial documents and reports, payroll including taxes and garnishments, processing accounts payable, as well as maintaining day-to-day banking activities and assisting with bank reconciliations while working within the realm of a basic system of Double-entry bookkeeping was invented more than five hundred years ago by a Cistercian monk named Luca Pacioli. All accountants must have the core skills of accounting to be able to work in this professional field.

There are specific accounting associations that aim to provide support and standards for those working in the accounting industry. In the United States, there are several professional organizations that maintain, develop, and ensure information about accounting standards, such as the National Bookkeepers Association, the National Association of Certified Public Bookkeepers, the American Institute of Professional Bookkeepers, and an Institute of Certified Bookkeepers (ICB). ICB can look back on more than 20 years of professional experience. It was established to raise and raise the standards of accounting around the world.

Accounting Certification in USA
In the US, a certified accountant means having an accounting certificate, being a member of the Bookkeepers Association, providing accounting services at a significant level for a period of more than 2 years, and having a proven level of accounting proficiency.

According to the ICB, accountants' responsibilities include: recognizing what the company is doing and making sure the customer is billed, issuing and then recording that bill, and making sure the customer pays. Accountants are responsible for: tracking all ways a business spends money, collecting cash receipts, monitoring the business ordering system, receiving, checking for validity, scheduling/noting supplier invoices for payment, paying the business's suppliers and collecting payments, paying of employees and recording payment and wage obligations.

An ICB Code of Conduct has been made available to all ICB Accountants which contains specific rules that may apply to all members of the Institute. Members must comply with the requirements of these rules and any failure to do so constitutes misconduct, the basic principles of which are set out on the ICB website.

Given that within the European Union there are no withholding taxes on IP royalties between member states, we can suggest a number of countries where royalties are particularly advantageous.

CYPRUS
The intellectual property royalties tax regime in Cyprus has changed as a result of the recommendations of the Organization for Economic Co-operation and Development (OECD) Action Report 5 and the Ecofin Council conclusions published on 8 December 2015. Legislation has been changed to limit the companies that can benefit from research and development (R&D) exemptions, but the tax rate in Cyprus is still one of the most favorable in the EU for foreign companies using Cyprus intellectual property want to license -resident companies (intermediaries), where this right is then sub-licensed to the end user. Overall, the effective tax on IP royalty income should be less than 2.5%.

IRELAND
In 2015 Ireland introduced an effective corporation tax rate of 6.25% on intellectual property income based on an allowance for research and development costs borne by the company. By linking the two components in this way, Irish law encourages companies to conduct R&D directly within the EU - leading to the creation of intellectual property - while discouraging them from acquiring licenses without directly committing to R&D.

BELGIUM
Belgium has introduced a tax system that favors those with income from acquired copyrights. This tax regime can have many different applications and can be used to protect artworks as well as a useful tax break for IT developers. Income from IP rights royalties is taxed at 15%. This income is not taken into account when calculating social security contributions. In addition, these taxes are reduced by 50% for imports due to the application of standard import costs. The first €15,000 that a copyright owner earns in a year is therefore taxed at 7.5%, and the next €15,000 at 11.25%. This tax system applies to people with a total annual income of up to 56,450 euros.

LUXEMBOURG
In general, corporate tax in Luxembourg is 29.22%, but for IP licensing income it can be as low as 5.8%. This is due to an 80% corporate income tax exemption. Interestingly, this exemption also applies to companies that have registered a patent for use in connection with their own business, which then calculate a notional net income as if they had received the licensing income.

ITALY
Italy is a larger market compared to the other countries discussed and can be a very attractive place for a company to invest in R&D since 2015 companies have been able to deduct intellectual property income from their taxable income base. The tax deduction was set at 30% in 2015, 40% in 2016 and 50% from 2017. Businesses will therefore enjoy a significant tax rebate by reducing their taxable income.

THE NETHERLANDS
Since 2010, IP income has been taxed at only 5% in the Netherlands. Except for patents, there is no income limit. Patent holders can actually have access to this tax regime if their share of the expected revenue is between 30% and 70%, taking into account the total combined revenue from patents and other sources. These rates also apply to foreign companies owning intangible assets or companies that have received research and development accreditation from the Dutch Ministry of Economic Affairs if they are owners of software IP or trade secrets. The only other caveat to this favorable tax regime is that it doesn't apply to marketing and branding-related assets.