Business Guide | Israel-India 2022

T he Banking System in Israel Israel has a stable, modern banking system that serves the business and household sectors in all their needs. Costs of banking services and fees are relativelymoderate in relation to the rest of the world. The Banking set-up in Israel consists of 12 banks, 4 foreign banks, 6 credit card companies, 1 financial institution and 2 joint service companies. In recent years, some direct, online banks have started to capture a small market share. Legal System in Israel Israel’s legal system is based on the British legal system, but over the years has been influenced by the American and German legal systems. There are several types of business models that foreign companies can use in Israel: Subsidiary - which is incorporated as an Israeli company, wholly or partially owned by the foreign company; Branch – of a foreign company that is listed in Israel; Sole Proprietorship; Israeli Partnership (general and limited); Foreign Partnership (general and limited); NGO (non-profit organizations); Cooperative Societies. Incorporation Procedure in Israel The procedure of incorporating a company in Israel is rather simple anda corporation enjoys the advantage of limited liability. When registering a branch of a foreign company in Israel the foreign company is required to file its Articles of Association, the names of its directors, and other information required by the Registrar of Companies. All documents should be translated into Hebrew, Arabic or English. Financial and business services that help doing business Both Israel and India are interested in foreign investments. A brief overview of the financial & legal systems in the two countries Indian Investments in Israel In order to attract investment capital to Israel and stimulate economic growth, Israel enacted laws and regulations. No minimum capital investment is required in Israel for incorporating a local private company. Cash Grants are made available to enterprises that are located in specified development areas; Government guaranteed loans are available from financial institutions for all "approved enterprises". IncomeTaxbenefits areoffered to companies that are ate least 25 %owned by foreign residents who have invested foreign currency in its capital. Tax holidays are available to "approved enterprises" that waive their cash grants and/or Government guarantees. Other Incentives andBenefits include Deferred VAT Payments (for exporters), Employment Incentive Payments, R&Dgrants, financing and tax incentives and more. 10 Largest law firms in Israel – 2021 Rank Meitar Law Offices Herzog Fox & Neeman Fischer (FBC) Goldfarb Seligman & Co. M. Firon & Co. Shibolet & Co. Gornitzky & Co. Naschitz Brandes Amir Yigal Arnon & Co Gross Law Firm (Source: DUN'S 100 ). Top Law Firms in India, 2021 1 . Shardul Amarchand Mangaldas & Co. 2 . Trilegal India 3 . Khaitan & Co. 4 . Sagar Associates 5 . DSK Legal 6 . AZB & Partners 7 . Anand & Anand 8 . Vaish Associates 9 . Phoenix Legal 10 . Desai & Dewanji (Source: BML Munjal University) Israel-India > Business Guide > 2022 44 > Business Services > Review