The Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents, the Apostille Convention, or the Apostille Treaty, is an international treaty drafted in 1961, which specifies the modalities through which a document issued in one of the signatory countries can be certified for legal purposes in all the other signatory states.

It is an international certification comparable to a notarization in domestic law, and normally supplements a local notarization of the document. If the convention applies between two countries, such an Apostille is sufficient to certify a document’s validity, and removes the need for double-certification, by the originating country and then by the receiving country.

What information does the Apostille stamp consist of?

On the top is the text Apostille, under which the text Convention de La Haye du 5 October 1961 (French for “Hague Convention of 5 October 1961”) is placed. This title must be written in French for the Apostille to be valid (article 4 of the Convention). In the numbered fields, the following information is added:

1. Country … (where the stamp is being put)
This public document
2. has been signed by (name and surname of the person)
3. acting in the capacity of (e.g. Public Notary)
4. bears the seal/stamp of (e.g. Basic Court of Novi Sad)
Certified
5. at (name of the city/town)
6. the … (date when the stamp is being put)
7. by … (name of the authorized persons and institution)
8. No … (registered number)
9. Seal/stamp … (of the authority giving the apostille)
10. Signature

States that are party to the convention and dates of entry into force

A
Albania 09.05.2004.
Andorra 12.31.1966
Antigua and Barbuda 01.11.1981.
Argentina 18.02.1988.
Australia 16.03.1995.
Austria 13.01.1968.
Azerbaijan 02.03.2005.
Armenia 08.14.1994

B
Barbados 30.11.1966.
Bahamas 07.10.1973
Bahrain 31.12.2013.
Belgium 09.02.1976
Belize 11.04.1993
Belarus 31.05.1992
Botswana 30.09.1966.
Bosnia and Herzegovina 24.01.1965.
Brazil 08.14.2016
Brunei Darussalam 03.12.1987.
Bulgaria 29.04.2001.
Burundi 03.12.2015.

C
Cape Verde 13.02.2010
China only Hong Kong region (China-Hong Kong) 25.04.1965
China only Macau region (China-Macao) 02.04.1969
Cyprus 30.04.1973.
Colombia 01.30.2001
Costa Rica 14.12.2011.
Cook Islands 30.04.2005.
Croatia 24.01.1965.
Czech Republic 26.03.1999.
Chile 30.08.2016.

D
Denmark 29.12.2006.
Dominica 03.11.1978
Dominican Republic 30.08.2009.

E
Ecuador 02.04.2005.
El Salvador 31.05.1996
Estonia 30.09.2001.

F
Fuji 10.10.1970
Finland 26.08.1985.
France 01.24.1965

G
Grenada 07.02.1974.
Greece 18.05.1985.
Georgia 14.05.2007.
Germany 13.02.1966.
Guatemala 18.09.2017.
Guyana 18.04.2019.

H
Honduras 30.09.2004.
Hungary 18.01.1973.

I
Israel 14.08.1978.
India 14.07.2005.
Ireland 09.03.1999.
Iceland 27.11.2004.
Italy (Italy) 11/02/1978

J
Japan 27.07.1970.

K
Kazakhstan 30.01.2001.
Kyrgyzstan 07.31.2011.
Republic of Korea 14.07.2007

L
Lesotho 04.12.1966.
Latvia 30.01.1996.
Liberia 08.02.1996.
Lithuania 19.07.1997.
Liechtenstein 17.09.1972.
Luxembourg 03.06.1997.

M
Malawi 02.12.1967.
Malta 03.03.1968.
Morocco 14.08.2016.
Marshall Islands 14.08.1992.
Mauritius 12.03.1968.
Mexico 14.08.1995.
Moldova 16.03.2007.
Monaco 31.12.2002
Mongolia 31.12.2009.
Montenegro 03.06.2006.

N
Namibia 30.01.2001.
Niue 02.03.1999.
Nicaragua 14.05.2013.
New Zealand 11.22.2001
Norway 29.07.1983.
Netherlands 08.10.1965.
North Macedonia 24.01.1965.

O
Oman 30.01.2012.

P
Palau 23.06.2020.
Panama 04.08.1991.
Paraguay 01.09.2014.
Peru 09.30.2010.
Philippines 14.05.2019.
Poland 14.08.2005.
Portugal 04.02.1969.

R
Romania 16.03.2001.
Russian Federation 31.05.1992.

S
Samoa 13.09.1999.
San Marino 13.02.1995.
Santa Lucia 31.07.2002.
Sao Tome and Principe 13.09.2008.
Swaziland 06.09.1968
Seychelles 31.03.1979.
Saint Vincent and the Grenadines 27.10.1979.
Saint Kitts and Nevis 14.12.1994.
Slovakia 18.02.2002.
Slovenia 24.01.1965.
Serbia 24.01.1965.
Suriname 25.11.1975.
South Africa 30.04.1995.
Switzerland 11.03.1973.
Sweden 01.05.1999.
Spain 25.09.1978

T
Tajikistan 31.10.2015.
Tonga 06.04.1970.
Trinidad and Tobago 14.07.2000.
Tunisia 10.07.2017, entry into force 30.03.2018.
Turkey 29.09.1985.

U
Uzbekistan 15.04.2012.
United Kingdom of Great Britain and Northern Ireland 24.01.1965.
Ukraine 22.12.2003.
Uruguay 14.10.2012.
United States (United States of America) 15.10.1981.

V
Venezuela 16.03.1999.
Vanuatu 01.08.2008.

If you need more information regarding legalization of foreign public documents or you need any assistance regarding this process, contact Asst Office.

Legalisation of Foreign Public Documents is done either on the basis of the he Hague Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, the Apostille Convention, or by authentication by legalization.

Apostille

Apostilles are affixed by Competent Authorities designated by the government of a state which is party to the convention. A list of these authorities is maintained by the Hague Conference on Private International Law. To be eligible for an Apostille, a document must first be issued or certified by an officer recognized by the authority that will issue the Apostille.

Apostille is the only formality that, under the Convention, may be required so that public documents which have been executed in the territory of one Contracting State may be produced in the territory of all Contracting States, with the power of evidence of public documents of these states. It applies to the documents emanating from an authority or an official connected with the courts or tribunals of the State, including:

• court documents;
• administrative documents;
• notarial acts;
• official certificates which are placed on documents signed by persons in their private capacity, such as official certificates recording the registration of a document or the fact that it was in existence on a certain date and official and notarial authentications of signatures.

Authentication by legalisation

A state that has not signed the Convention must specify how foreign legal documents can be certified for its use. Two countries may have a special convention on the recognition of each other’s public documents, but in practice this is infrequent.

Otherwise, the document must be certified by the foreign ministry of the country in which the document originated, and then by the foreign ministry of the government of the state in which the document will be used; one of the certifications will often be performed at an Embassy or Consulate. In practice this means the document must be certified twice before it can have legal effect in the receiving country.

When the legalisation is not required?

The legalization of foreign public documents and Apostille is not required:

1. When there is a ratified international agreement on the exemption of certain foreign public documents from any kind of legalisation between two countries where the public document will be produced.
2. When documents issued in one country, based on de facto reciprocity, are not subject to legalization for use in other country.
3. When the state authority before which the public document issued in one will be used, does not require legalization;
4. When legalization is not possible due to the nature, character, or type of public documents (travel documents, identity cards, etc.), and when public documents relate to commercial, foreign trade or customs operations, i.e. accompanying the exported or imported goods, and are issued or verified by the competent Chamber of Commerce or customs authorities (customs declarations, invoices, certificates of customs supervision, origin, direct shipment, the end-user, etc.).

If you need more information regarding legalisation of foreign public documents or you need any assistance regarding this process, contact Asst Office.

Autonomous Region of Madeira, or just Madeira, is one of the two autonomous regions of Portugal. it is well known for it is wine, gastronomy, historical and cultural value, flora and fauna, landscapes (laurel forest) that are classified as a UNESCO World Heritage Site, and embroidery artisans. But these are not the main reasons to start a business in Madeira.

Special status within European Union

Although Madeira is part of Portugal which is a Member state of the EU, due to its geographical situation Madeira is entitled to derogation from some EU policies despite being part of the European Union. Consequently, The International Business Center of Madeira (IBCM or MIBC), formally known as the Madeira Free Trade Zone was established.

Tax Benefits

Under the current set of tax benefits applicable to the MIBC tax benefits, the applicable corporate income tax rate for licensed companies is 5% of taxable income until the end of 2027. Non-resident single and corporate shareholders of Madeira’s IBC companies will benefit from a full exemption from withholding tax on dividend remittances from the Madeira companies, provided that they are not resident in jurisdictions included in Portugal’s “black list”. No withholding tax on the worldwide payment of interest, royalties and services. Documents, contracts and other operations requiring public registration carried out by IBC companies will benefit from an 80% exemption on stamp (capital) duty, provided that other parties involved are not resident in Portuguese territory or are also companies operating within the legal framework of the IBC of Madeira.

Incorporation of Trusts

The MIBC is the only jurisdiction in Portugal that allows the incorporation of trusts. In accordance with the law, in a Madeiran Trusts, the Settlor shall expressly designate the law that will regulate the Trust. Furthermore, and if desired, it is possible to substitute the chosen law at any time during the Trust’s existence.

The above means that any material change in the elected Law of the trust, will allow that the Trust Deed is simply amended and another Law preferred to regulate the same. If, on the other hand, the Trust would be actually located in said (initial) jurisdiction this would mean that the Trust would have to be re-domiciled (if permitted) or extinguished.

Nevertheless, trusts are not allowed to have, directly, pure financial activity. The following tax benefits apply for a trust incorporate within the MIBC:

• Trusts are fully exempt from taxation on dividends received from shares, royalties or interest received on the deposits;
• All (non-financial) income distributed from the Trustee to the Trust’s Beneficiaries is fully exempt of taxation provided these Beneficiaries are corporate entities licensed to operate within the MIBC or non-Portuguese resident entities/individuals.

International Shipping Register of Madeira

International Shipping Register of Madeira or MAR is directly linked to the MIBC, and offers unique operational advantages. Special tax benefits are applicable to both vessels (excluding fishing vessels), yachts, shipping and yachting companies incorporated in MIBC. These benefits are employee related benefits, benefits for yacht companies and flexible mortgage system applies to vessels register under MAR.

So if you are in trading or holding services, e-business or ICTs or in production, assembling and warehousing business Madeira is just the right place to start or relocate your business to. Apart from that if you are shipping or yachting company, Madeira offers all the benefits that you need.

 

The Eurasian Economic Union (EAEU) is an international organization for regional economic integration originally formed by Republic of Belarus, Republic of Kazakhstan and Russian Federation. Beside its founder’s other members are Republic of Armenia and Kyrgyz Republic.

In general, EAEU is a market of 184.8 million people, which is 2.4% of the world population. The EAEU provides free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the founding Treaty and International Agreements within the Union members.

What are the dominant industries in the Union?

Members of the Union produce 634,2 million tons of oil, 744,7 million cubic meters of gas and generates 1.255,0 million kw/h of power. In other words, EAEU Members produce 14,5% of the global oil production, 20,2% of the global gas production and generates 4,9% of the global power production. This makes EAEU Members one of the most important producers in the field of energy industry.

In addition to this, manufacturing industry is vastly developed among EAEU Members, as they produce 5,0% of the global steel production, 16,6% of the global mineral fertilizers production and 4,7% of the global cast iron production.

Agriculture industry is also developed, and play important role for the EAEU Members. Gross production of grain and leguminous crops, as well as milk production is of the highest in the world.

Who governs The Eurasian Economic Union?

The EAEU is governed by:

• The Supreme Eurasian Economic Council,
• The Eurasian Intergovernmental Council,
• Eurasian Economic Commission, and
• The Court of the Eurasian Economic Union.

International Treats

The EAEU has signed Free Trade Agreements with the People’s Republic of China, Singapore and Vietnam. Beside this the EAEU signed Memorandum of Cooperation with the People’s Republic of Bangladesh, Memorandum of Understanding on cooperation in the field of agro-industrial complex with Government Secretariat for Agro-Industry of the Ministry of Production and Labor of the Argentine Republic, Memorandum of Understanding with the Ministry of Trade, Industry and Energy of the Republic of Korea, and many more.

There are many ways to obtain temporary residence permit in Slovakia, which precedes permanent residence permit. Although Blue Card represent one of the types of residences, we find it as special type, and therefore want to single it out.

What are the types of Temporary Residence Permits in Slovakia?

To obtain temporary residence permit in Slovakia, you will need to meet many criteria and fulfill several conditions. Regarding on which grounds you apply for this permit you can obtain:

• Temporary Residence for the Purpose of Special Activity
• Temporary Residence for the Purpose of Research and Development
• Temporary Residence of a third-country national who is granted the status of a Slovak living abroad
• Temporary Residence for the Purpose of Study in Slovakia
• Temporary Residence for the Purpose of Business and Employment in Slovakia

Who can apply for residence permit in Slovakia?

Generally speaking, there are few groups of people that can apply for residence in Slovakia:

1. a person interested to make business in Slovakia,
2. a person who wants to work in Slovakia,
3. a person with different interest to apply such as lecturer, artist, actor/ actress sportsman, journalist, volunteer you can apply under special conditions, scientist or Slovak living abroad,
4. a person who wants to study in Slovakia any specific field or Slovak language.

How long does it take to take a decision on the application for a residence?

A police department, as a general rule, shall decide on the application for temporary residence within 90 days following the date of receipt of complete application.

The Act on Residence of Foreigners provides a derogation from above mentioned rule according to which a police department shall decide within 30 days following the date of receipt of complete application in certain cases.

Blue Card

Blue Card is a type of residence issued to third country nationals for the purpose of highly qualified employment in Slovakia. The basic requirement is higher professional qualification in the form of university education. Blue card entitles you to enter, reside and work in Slovakia, to travel abroad and back. Your future employer must report a job vacancy to the competent local Labour Office, at least 30 working days before applying for the Blue Card.

If you need more information regarding certain procedures or you need any other assistance regarding company formation, opening a bank account, obtaining temporary and permanent residence permits or Blue Card in Slovakia feel free to contact Asst Office.

While certain categorizes and nationals of countries do not need visa to enter Schengen Area, others that are not privileged need to go through all the processes of meeting requirements and attending interviews in order to obtain this Visa. But, before we go through list of countries whose citizens need a Visa, we will explain what Schengen Area is.

What is Schengen Area?

It is the world’s largest visa free zone of 26 European countries that abolished their internal borders. by doing so these countries enabled free and unrestricted movement of people. This Area covers most of the European Union (EU) countries, with the exception of UK, Ireland and countries that are in process of becoming a part of: Romania, Bulgaria, Croatia and Cyprus.

What are Member States of the Area?

The above 26 stated European countries that are part of Schengen Area are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

What is Schengen Visa?

The Schengen Visa is the most common visa for Europe and represents a short-stay visa that allows a person to travel to any Member state, per stays up to 90 days for tourism or business purposes. It is important to know that if you want to study, work or live in on of the Member states for more than 90 days, then you will have to apply for a national visa of that country and not for Schengen Visa.

Who Needs a Schengen Visa?

Simply said, all nationals of third countries, that are not part of Schengen Area, and that did not reach a visa-liberalization agreement with the Member states, need to obtain a visa prior of their arrival in Europe.

Are there different types of Schengen Visa?

Yes, there are. If you are not citizens of a member state, you will have to apply for the Visa for the following reasons:

• Business purposes;
• Visiting friends and family;
• Tourism and holidays;
• Cultural and sport events;
• Airport transit and transit for seafarers;
• Official visit;
• Medical reasons;
• Short-term study and research purposes.

Also, depending on the reasons and the frequency of your visit to Member states you can be granted with single-entry visa, double-entry visa, or a multiple-entry visa.

Citizens of Which Countries Don’t Need a Schengen Visa to enter Europe?

Among many countries that do not need a visa to enter the Area such as Canada, Japan, Monaco, New Zealand, Singapore, visa-free regime applies to citizens of Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro and Serbia only if they are holders of biometric passport. For holders of the passports issued by Taiwan this visa-free regime applies only if their passport contains an identity card number.

Additionally, visa-free regime applies to holders of a Hong Kong Special Administrative Region passport and holders of Região Administrativa Especial de Macau passport.

Citizens of the countries that don’t need a visa to enter the Area are permitted to stay in any of the Schengen zone countries up to 90 days every half a year, regardless of the travel reasons.

If you need any additional information regarding Schengen Area or Visa, feel free to contact Asst Office.

There are two types of public holidays in Serbia: national holidays and religious holidays. Some of them are non-working public holidays, while others are working public holidays.

Non-working public holidays in Serbia for 2020

The national holiday of the Republic of Serbia is Sretenje – National Day of Serbia, commemorating the day when the First Serbian Uprising was erected at the assembly in Orašac in 1804 and the day when the First Constitution of the Principality of Serbia was issued and sworn in 1835.

• Sretnje – Serbian National Day is celebrated on February 15th-17th.

The national holidays of the Republic of Serbia are also:

• New Year’s Day (January 1st and 2nd);
• Labour Day (May 1st and 2nd); and
• Peace Day in the First World War (November 11th).

Religious holidays are celebrated in the Republic of Serbia:

• The first day of Christmas (January 7th);
• Easter holidays beginning on Good Friday and ending with the second day of Easter (17th-20th April).

On the days of national and religious holidays celebrated in the Republic of Serbia, state and other bodies, companies and other forms of organization for performing activities or services do not work, except on the Victory Day, which is celebrated on working days.

State and other bodies, companies and other forms of organization for performing activities or services are obliged to ensure the continuous performance of activities, i.e. services, even on the days of national and religious holidays that are celebrated in the Republic of Serbia, if the discontinuation of activities or services would cause harmful consequences for citizens and the state.

Businesses and other forms of organizing for the performance of activities or services whose nature of activity, that is, the technology of the work process requires continuous work, may also work on the days of national and religious holidays celebrated in the Republic of Serbia.

Additionally, employees have the right not to work on the following religious holidays:

• Orthodox – on the first day of baptismal glory;
• Catholics and members of other Christian religious communities – on the first day of Christmas and on the Easter holidays, beginning on Good Friday, ending with the second day of Easter, according to their calendar;
• Members of the Islamic community – on the first day of the Ramadan Bayram and the first day of the Kurban Bayram;
• Members of the Jewish community – on the first day of Jom Kippur.

Working public holidays in Serbia for 2020

The Republic of Serbia celebrates:

• St. Sava’s Day – Spirituality Day (January 27th);
• Day of Remembrance for Holocaust Victims, Genocide and Other Victims of Fascism in World War II (April 22nd);
• Victory Day (May 9th)
• Vidovdan – Memorial to the Battle of Kosovo (June 28th);
• Day of Remembrance for Serbian Victims in World War II – Memorial to 21st October 1941 and the bloody autumn of 1941 when the German occupying forces carried out a mass war crime against civilians in Kragujevac and throughout Serbia.

For all your business activities in Serbia, feel free to contact Asst Office and appoint a meeting with our team.

Serbia keeps on proving that when it comes down to offering best possible business environment for IT companies, things will be done. Therefore, it is not surprise that Google added Serbia to Merchant Account platform.

What does this mean?

Until now Serbian IT companies had a huge problem with charging for their services and products. After Google added Serbian to Merchant Account platform all companies registered in Serbia, from now on, can charge for their services and products that are available on the Google Play Store worldwide. In the end, this means that Serbia is being recognized as important part of international IT community, and that Serbian legal framework is side by side with world leading IT markets.

Who can benefit from this?

Serbian IT sector, or better said it exports will reach 1.5 billion Euro in 2019. Now, when there is opportunity for access to the worldwide market via Google Play Store, it is too being expected that mobile app developers and mobile app industry in general will benefit the most. Mobile app companies from Serbian will be able to plan sale of their products to smartphone users globally.

In addition to all this, special incentives have been introduced for investing in fields of research, development and creation of intellectual property in Serbia. These incentives stipulate that the profit from the income from intellectual property is taxed at the tax rate of 3%, instead of the 15%, as it was rated before.

All of this, together with the decision that from January 1, 2020, all digital nomads who stay in Serbia for up to 90 days will be tax-exempt, makes Serbia become one of the most competitive countries in these fields.

What are next steps?

Beside all mentioned, Serbia is planning to implement liberal visa policy for employment in Serbia, electronic visa application and special start up visas. By doing so, Serbia will become even closer to all those that want to start their business and live in Serbia.

If case you want to know more about Serbian legal framework regarding company formation, visa application or immigration feel free to contact Asst Office.

If you want to register a limited liability company in Slovakia and start your business venture there, you will need to fulfill certain conditions and meet certain criteria.

Business name and business activity

First and foremost, you will need to decide what will be the name of the limited liability company and to find a legal address – business address – for the company. For legal seat – business address – you can find providers of Virtual Office Services or you can find a suitable office and rent it.

Next step is to determine the what type o business activity will your limited liability company perform – object of the business. In case you wish that your company performs more than just one business activity, it is possible, in accordance with Slovak Law, to register few business activities.

Shareholders

Each and every limited liability company must have a least one shareholder. This means that one company can have more than one shareholder, but minimum value of share that each shareholder holds must be at minimum of 750,00 EUR. If a shareholder is individual than he or she must provide copy of ID or passport where name, surname, date and place of birth, citizenship and residency are state. For legal entity to be registered as a shareholder you will need to provide Excerpt from Commercial Register or Business Agency Register where name of the entity, identification number and other relevant information will be stated.

Share capital

Minimum share capital is rated at 5.000,00 EUR, but before submitting Registration Application before Slovak Trade Register, only 2.500,00 EUR of share capital must be deposited. So, it is stipulated that only 50% of the share capital is deposited before registering a limited liability company. In addition to this, Slovak Law stipulate that, within this 50 % of total share capital, 30% of shareholder’s contribution have to be paid.

Other information

Once all these facts are determined, you will need to draft Company’s Articles of Association and other related documents and certify them before Public Notary.

Final steps after completing all of above stated includes, registering for tax income, opening a bank account for legal entity and registering before Social Insurance Company.

For business purposes most important taxes are Personal Income Tax – rated at 19% for wages up to 34.401,74 EUR and 25% for what exceeds that amount; Corporate income Tax – rated at 21%; and Value Added Tax (VAT) – rated at 20%.

If you want to register a company in Slovakia or you need any additional information on this topic, feel free to contact us and let us  assist you.

Founded on 15th February 1991, the Visegrad Group (also known as the “Visegrad Four” or simply “V4”) represents the efforts of the Central European countries Poland, Hungary, Slovakia, and the Czech Republic to work together and become members of the European Union (EU). 

Although they achieved this mutual goal and became EU members, V4 members continued their cooperation in several fields, such as culture, environment, internal security, defense, science, and education. Furthermore, the members of the Visegrad Group are intensifying their cooperation in the fields of justice, transportation, tourism, energy, and information technologies.

Since V4 is not an institutionalized organization, all of the above stated is realized through periodical meetings of its representatives at various levels – from the highest-level political summits to expert and diplomatic meetings, to the activities of the non-governmental associations in the region, think-tanks and research bodies, cultural institutions or numerous networks of individuals.

Also, V4 organized platform known as International Visegrad Fund in the year 2000 with the aim of supporting the development of cooperation in culture, scientific exchange, research, education, exchange of students and development of cross-border cooperation and promotion of tourism—represents the civic dimension of V4 cooperation.

Besides cooperating on achieving goals in the mentioned fields, V4 members are also working hard and are dedicated to extending cooperation with other regional bodies and single countries, where their priorities are the Benelux Countries (Belgium, Netherlands, and Luxembourg), the countries of the Nordic Council of Ministers (Denmark, Finland, Iceland, Norway, and Sweden), countries within the EU’s Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine) and the Western Balkans (North Macedonia, Montenegro, Serbia, Albania and Bosnia and Herzegovina).

On the other side, countries like Germany, Austria, and Ukraine represent the most important economic and strategic partners of the Group.

Looking at the Human Development Report it is notable that all V4 members are high ranked countries where Poland is ranked as a 33rd country in the world, Czechia 27th, Slovakia 38th and Hungary 45th.

In addition to this World Bank Report – Doing Business 2019 ranked Hungary 53rd, Poland 33rd, Slovakia 42nd and Czech Republic 35th country in the world regarding ease of doing business.