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Holy See (Vatican City State)

Legal form:

LLC, LLP, PLC, Inc.

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2 weeks

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$1,000

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Holy See (Vatican City State)

Email

Phone

Listing
Open website
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About

Holy See (Vatican City State)

Capital
Official languages
Population 
Currency

ISO 4217

Vatican City

Latin and Italian

801

Euro

VES

FAQ

Q: What is the process for forming a company in Holy See (Vatican City State)?

A: The Holy See is a sovereign city-state and does not have a separate legal system for company formation. However, entities can be established within the Holy See for specific purposes.


Q: What types of entities can be established within the Holy See?

A: The Holy See allows for the establishment of various types of entities, including foundations, associations, and cooperatives.


Q: What are the requirements for establishing an entity within the Holy See?

A: The requirements for establishing an entity within the Holy See can vary depending on the type of entity. Generally, entities must have a legal representative, a registered office address, and comply with any relevant regulations and laws.


Q: How long does it take to establish an entity within the Holy See?

A: The time it takes to establish an entity within the Holy See can vary depending on the type of entity and the specific requirements. It is important to work with a qualified professional to ensure that all requirements are met and the process is completed as efficiently as possible.


Q: What are the tax implications of establishing an entity within the Holy See?

A: The Holy See does not have a separate legal system for taxation, but entities established within the Holy See may be subject to taxation in their home country or other jurisdictions where they conduct business.


Q: What are the ongoing compliance requirements for entities established within the Holy See?

A: The compliance requirements for entities established within the Holy See can vary depending on the type of entity and the specific regulations and laws that apply. It is important to work with a qualified professional to ensure that ongoing compliance requirements are met.

Economy

The Holy See (Vatican City State) is a small, independent city-state located within Rome, Italy. It is the smallest country in the world, with a population of just 801 people and an area of 0.44 km2. Despite its small size, the Holy See has a strong economy, with a GDP of $1.2 billion in 2019. This is largely due to its status as a major tourist destination, with over 5 million visitors in 2019. The Holy See also has a strong financial sector, with a banking sector that is estimated to be worth around $10 billion. Additionally, the Holy See is home to the Vatican Bank, which is the world’s oldest bank and is estimated to have assets of around $8 billion. The Holy See also has a strong manufacturing sector, with exports of around $1.2 billion in 2019. The main exports are pharmaceuticals, electronics, and textiles. The Holy See also has a strong service sector, with tourism being the largest contributor. The Holy See is also home to the Vatican Library, which is one of the oldest and most important libraries in the world. Overall, the Holy See has a strong economy and is a major tourist destination.

Taxation

The Holy See, also known as the Vatican City State, has a unique tax system due to its status as a sovereign state and the spiritual center of the Roman Catholic Church. The main sources of revenue for the Holy See are donations, investments, and sales of souvenirs and publications.


Corporate Taxation:

There is no corporate income tax in the Holy See, as there are no commercial companies operating within its borders.


Personal Taxation:

There is no personal income tax in the Holy See for its citizens or residents. However, employees of the Holy See who are not citizens or residents of the state are subject to income tax on their salaries, in accordance with the tax treaties between the Holy See and their countries of origin.


Tax Payment Process:

As there are no taxes on personal or corporate income for citizens or residents, there is no formal tax payment process in the Holy See. However, employees of the Holy See who are subject to income tax on their salaries have their taxes deducted at source, similar to the withholding system used in many other countries.


It is worth noting that the Holy See is subject to international agreements and conventions, such as the UN Convention against Transnational Organized Crime and the UN Convention against Corruption, and may cooperate with other countries in tax matters to combat money laundering, terrorist financing, and other financial crimes.


In summary, there is no corporate income tax or personal income tax for citizens or residents of the Holy See. Employees of the Holy See who are not citizens or residents of the state may be subject to income tax on their salaries, which is deducted at source. The Holy See may cooperate with other countries in tax matters to combat financial crimes.

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