When approving annual financial statements, shareholders' meeting may resolve to distribute dividends, which will be transferred to respective shareholders.

Branch

Repatriation of funds may generally be undertaken at any time. There is no withholding tax payable on the remittance of branch profits to the foreign holding company.

Proprietary company

Funds may be repatriated by dividends or return of capital.

Public company

Funds may be repatriated by dividends or return of capital.

Stock corporation (AG)

Funds can be repatriated abroad from Austria via dividends or redemption.

Limited liability company (GmbH)

Funds can be repatriated abroad from Austria via dividends or redemption.

With Limited Liability (WLL)

The redemption of the shares will be made in accordance with the company's memorandum of association. The value of the redeemed shares must be paid from the profits or the distributable reserves. The redemption of the shares will not result in a capital reduction.

Closed Shareholding Company (BSC(c))

The redemption of the shares will be made in accordance with the company's memorandum of association or articles of association. The value of the redeemed shares must be paid from the profits or the distributable reserves. The redemption of the shares will not result in a capital reduction.

Foreign Branch (Branch)

Not applicable for this jurisdiction.

Public limited company (société anonyme/naamloze vennootschap)

Shareholders' meeting can decide on capital decrease and dividend distribution. The amount of dividends is limited by certain criteria.

Board of directors: Interim dividend out of the results of the current financial year as well as out of the results of the previous financial year as long as the annual accounts of the previous financial year have not yet been approved. In such case, decreased with the loss carried forward or increased with the profit carried forward without deducting the existing reserves and taking into consideration the reserves which are established due to legal provisions or provisions of the articles of association, if provided for in the articles of association.

Capital decreases must be proportionally allocated between the company's fiscal capital and certain of its reserves. The part of the decrease that is allocated to the reserves will be treated for tax purposes as a dividend distribution.

The payment of dividends is in principle subject to a 30-percent withholding tax. Domestic law provides for reduced rates and exemptions in certain circumstances. The applicable rate may further also be reduced under an applicable double taxation treaty.

Limited company (société à responsabilité limitée/besloten vennootschap)

A shareholders' meeting may decide on allocation of the profit and the determination of distributions. The articles of association can provide the board of directors with the authority to move forward with the distribution of profits of the current financial year as well as profits of the previous financial year as long as the annual accounts of the previous financial year have not yet been approved, in such case decreased with the loss carried forward or increased with the profit carried forward. The amount of the dividend is limited by certain criteria.

The payment of dividends is in principle subject to a 30-percent withholding tax. Domestic law provides for reduced rates and exemptions in certain circumstances. The applicable rate may further also be reduced under an applicable double taxation treaty.

Belgian branch office of a foreign company

In Belgium, there are no restrictions on how funds can be repatriated by a Belgian branch office to the foreign company.

Limited liability company (Sociedade Limitada)

Dividends, capital reduction, redemption of quotas, purchase and sale of quotas.

Corporation (Sociedade Anônima)

Dividends, capital reduction, redemption of shares, purchase and sale of shares.

Corporate subsidiary (Corporation form rather than flow-through form)

Funds can be repatriated abroad from Canada via dividends, return of capital or redemption.

Subject to compliance of tax obligations and applicable exchange rules, such as Chapter XII of the Compendium of Foreign Exchange Rules of the Central Bank of Chile, DL 600 or other applicable rules. There is no regulatory restriction to repatriation of funds (ie, dividends or redemption).

Funds can be repatriated abroad via dividends or liquidation of a company.

Funds can be repatriated abroad but must always be declared before the Colombian Central Bank and are subject to exchange regulation.

Funds can be repatriated from Czech Republic abroad via dividends.

Limited liability company (Kapitalselskab)

Funds may be repatriated from Denmark when paid out to shareholders as dividend.

Dividends may be paid to the shareholders without them having to pay withholding tax under certain conditions, eg, if the recipient is the rightful owner of at least 10 percent or more of the shares in the company.

No restrictions on the repatriation of funds of all entities outside of Egypt. Banking regulations will apply including Anti-Money Laundering requirements and providing legitimate reason for any transfer as may be required.

However, it is worth noting that the exportation of EGP is prohibited if it exceeds an amount of EGP5,000. Accordingly, funds exceeding the aforementioned EGP amount must be converted into any foreign free hard currency prior to repatriation.

Osakeyhtiö (Oy)

Funds can be repatriated abroad from Finland via dividends or redemption.

Société par actions simplifiée (SAS)

Funds can be repatriated abroad via dividends, distribution of reserves or capital reduction by redemption of shares.

Société à responsabilité limitée (SARL)

Funds can be repatriated abroad via dividends, distribution of reserves or capital reduction by redemption of shares.

Société anonyme (SA)

Funds can be repatriated abroad via dividends, distribution of reserves or capital reduction by redemption of shares.

GmbH – limited liability company

Funds can be repatriated abroad from Germany via profit withdrawal in accordance with the relevant tax provisions.

No exchange control exists.

Not applicable for this jurisdiction.

Limited private companies

Funds can be repatriated abroad via dividends, redemption (if the relevant shares are issued as redeemable shares), or share buyback. Different rules and procedures apply in each case.

Payment of dividends requires a resolution of a shareholders'/quotaholders' meeting and is subject to the Zrt.'s Kft.'s financial statements showing sufficient funds to pay dividends.

Decrease of the registered capital (effected with a view to make distribution to the shareholders'/quotaholders') requires a resolution of a shareholders'/quotaholders' meeting. Decrease of the registered capital is a complex, 4-6 months procedure. Amongst others, the intention to decrease the registered capital must be published in the Companies Gazette and creditors of a Zrt. or Kft. may demand collateral (security). Payments to shareholders regarding capital decrease may only be made after the Court of Registration registers the capital decrease.

There is no withholding tax on accumulated profits distributed in the course of a capital decrease (i.e., redemption) or with respect to dividends distributed to resident or nonresident corporate entities.

Accumulated profits distributed in the course of a capital decrease (i.e., redemption) or dividends distributed to resident individuals are subject to personal income tax and social tax. Withholding tax due on dividends paid or accumulated profits distributed in the course of a capital decrease (i.e., redemption) to nonresident individuals must be withheld by the paying company. No social tax payment obligation arises in respect of payments made to an individual qualifying as secured person in another EU member state.

Private limited company

Funds can be repatriated abroad from India via dividends or redemption – commonly referred to as buyback of equity.

Limited liability company

Funds can be repatriated from Indonesia through dividends, capital reductions and share buybacks, subject to certain requirements and procedures under Indonesian law, such as the minimum reserve requirement (for dividends) or a maximum 10 percent of all the company's issued shares (for a share buyback).

Private company limited by shares (LTD)

Funds may be repatriated via dividends, a redemption or buyback of shares or a reduction of share capital. Capital maintenance rules must be complied with.

 

External company

Determined by the laws of the jurisdiction of incorporation.

Company

Generally by distribution of dividends, return of shareholder loans, etc.

Branch / representative office

Generally by distribution of dividends, return of shareholder loans, etc.

Società per azioni (S.p.A.)

The funds can be divided between corporate capital and share premium.

Registered branch

A branch does not have equity participation shares, but the income of a branch may contribute to dividends of its head office.

Kabushiki-Kaisha (KK)

Funds can be repatriated abroad from Japan via dividends or distribution of residual assets upon liquidation.

Godo-Kaisha (GK)

Funds can be repatriated abroad from Japan via dividends or distribution of residual assets upon liquidation.

Private limited liability company (Société à responsabilité limitée or S.à r.l.)

Repatriation of funds can be made through payment of (interim) dividends, redemption of shares (capital decrease) or upon liquidation (boni de liquidation). Debt or hybrid instruments may also be put in place, in which case the repatriation of funds can be made through interest payments, repayment of loans or redemption of securities. 

Public limited liability company (Société anonyme or S.A.)

Repatriation of funds can be made through payment of (interim) dividends, redemption of shares (capital decrease) or upon liquidation (boni de liquidation). Debt or hybrid instruments may also be put in place, in which case the repatriation of funds can be made through interest payments, repayment of loans or redemption of securities. 

Special limited partnership (Société en commandite spéciale or SCSp)

The distributions and reimbursements to the partners are to be provided for in the limited partnership agreement.

Not applicable for this jurisdiction.

Funds can be repatriated abroad from Mauritius via dividends or redemption. There is no withholding tax on dividends and interest. There are also no exchange controls in force in Mauritius and funds can be repatriated freely.

The Customs Act 1988 of Mauritius does not prohibit the transportation of currency or bearer negotiable instruments by any traveler into or out of Mauritius. However, any person making a physical cross-border transportation of currency or bearer negotiable instruments of more than MUR500,000 or its equivalent in any foreign currency must declare the amount of the currency or bearer negotiable instruments in their possession, their origin and intended use.

Failure or refusal to make this declaration or making a declaration that is false or misleading is an offence liable to a fine not exceeding MUR1 million and imprisonment for a term not exceeding 5 years.

S.A. de C.V.

Funds can be repatriated abroad from the US via dividends or redemption.

S. de R.L. de C.V.

Funds can be repatriated abroad from the US via dividends or redemption.

S.A.P.I. de C.V.

Funds can be repatriated abroad from the US via dividends or redemption.

Branch office

Determined by governing law of the head office.

B.V. (private company with limited liability)

Funds can be repatriated via dividends (including repayment from reserves) or redemption.

Co-operative U.A.

Funds can be repatriated via dividends (including repayment from reserves) and repayments from the member accounts.

C.V. (a limited partnership)

Funds can be repatriated via dividends and repayments from the capital accounts (for which, in most cases, the partnership agreement will require prior unanimous written consent of all partners).

General contract law applies to the CV, mandatory rules of corporate law do not apply. General rules on reasonableness and fairness limit the contractual freedom of the parties involved. Please note that not all profits may be allocated to 1 partner and that partners cannot be excluded from a profit right.

Limited liability company

Funds can be repatriated by dividends or return of capital as long as the directors are satisfied that the company is solvent. A dividend, (or in some cases a return of capital) by a limited liability company, can be subject to withholding tax.

Branch

Repatriation of funds may generally be undertaken at any time. There is no withholding tax on a distribution by a foreign company with a New Zealand branch.

Under Nigerian law, any person may invest in any enterprise or security with foreign currency or capital imported into Nigeria through an authorized dealer. The importation of capital through this recognized channel guarantees the ease of repatriation of capital or investment return in foreign currency. When the capital is imported into Nigeria through an authorized dealer (a Nigerian bank), the authorized dealer issues a Certificate of Capital Importation (CCI) evidencing the investment for the benefit of the investor.

An investor may also import capital into Nigeria through payment into a domiciliary account or any other means. However, where the investor did not import the capital through an authorized dealer, such capital or investment returns in foreign currency will only be sourced from the unregulated parallel market at a price influenced by the forces of demand and supply and subject to availability.

Private LLCs

Funds may be repatriated as a dividend or a share capital decrease. Both types are adopted by the general meeting following a proposal by the board of directors. The company may only distribute dividends to the extent that, after the distribution, it still has net assets covering the company's share capital and other restricted equity, such as funds for unrealized gains and valuation differences. Upon a share capital decrease, the share capital decrease may not be set lower than the minimum share capital of NOK30,000. A share capital decrease may be completed by a redemption of shares or reduction of the par value. A share capital reduction is subject to a 6 weeks creditors' notice period before it may be implemented. Finally, the company shall at all times have equity and liquidity which is adequate in terms of the risk and scope of the company’s business.

Public LLCs

Funds may be repatriated as a dividend or a share capital decrease. Both types are adopted by the general meeting following a proposal by the board of directors. The company may only distribute dividends to the extent that, after the distribution, it still has net assets covering the company's share capital and other restricted equity, such as funds for unrealized gains and valuation differences. Upon a share capital decrease, the share capital decrease may not be set lower than the minimum share capital of NOK1 million. A share capital decrease may be completed by a redemption of shares or reduction of the par value. A share capital reduction is subject to a 6 weeks creditors' notice period before it may be implemented. Finally, the company shall at all times have equity and liquidity which is adequate in terms of the risk and scope of the company’s business.

Partnerships with liability

Distribution of profit is subject to resolution of the partnership meeting. The company may only distribute profit if the funds are not necessary to cower obligations of the company or company business. Profit cannot be distributed if this evidently would harm the interests of the company or its creditors.

Subsidiary

Dividends paid by the subsidiary to the head office/parent foreign corporation, subject to presence of sufficient unrestricted retained earnings.

Capital can be repatriated after dissolution and liquidation of the subsidiary. The capital to be repatriated cannot be denominated in pesos. To be able to source foreign currency through the banking system, the foreign company must secure a Bangko Sentral Registration Document (BSRD) to register its foreign equity investments with the Bangko Sentral ng Pilipinas (BSP). The registration is optional but must be done within 1 year from the date of inward remittance. Without a BSRD, foreign currency has to be sourced outside the banking system.

Branch office

Branch profit remittance.

Remaining assigned capital may be repatriated after withdrawal of license has been issued by the SEC and upon proper liquidation.

To be able to repatriate capital through the banking system, the company must have a BSRD, as discussed above.

Representative office 

Remaining assigned capital may be repatriated after withdrawal of license has been issued by the SEC and upon proper liquidation.

To be able to repatriate capital through the banking system, the company must have a BSRD, as discussed above.

Regional or area headquarters

Remaining assigned capital may be repatriated after withdrawal of license has been issued by the SEC and upon proper liquidation.

To be able to repatriate capital through the banking system, the company must have a BSRD, as discussed above.

Regional operating headquarters

Dividends.

Remaining assigned capital may be repatriated after withdrawal of license has been issued by the SEC and upon proper liquidation.

To be able to repatriate capital through the banking system, the company must have a BSRD, as discussed above.

Partnership

Dividends.

Remaining profits may be repatriated after dissolution and winding up of the partnership.

To be able to repatriate capital through the banking system, the company must have a BSRD, as discussed above.

With respect to all organizational forms, funds can be repatriated via profit withdrawal in accordance with the relevant tax provisions. Shares can be redeemed if the company's articles of association provide so (this also applies to limited joint-stock partnerships). Dividends and advances against dividends are paid in commercial companies in accordance with relevant laws.

Shares’ redemptions are subject to tight legal requirements.

Dividends may be paid to shareholders provided that at least the amount equal to the share capital plus the legally mandatory reserves is maintained. In any case, previously carried forward losses must be fully covered.

Corporations

A corporation's funds may be repatriated from Puerto Rico through distributions or redemption, as applicable.

Limited Liability Companies

An LLC's funds may be repatriated from Puerto Rico through dividends or redemption, as applicable.

Depending on the sector of the company activities, specific requirements may apply.

Joint-stock company (public and non-public)

Funds can be repatriated abroad from Russia via dividends, buyback of shares or decrease of the charter capital.

Limited liability company

Funds can be repatriated abroad from Russia via distribution of profits or decrease of the charter capital; in the latter case, the charter should provide for the return of cash in the event of redemption.

Limited liability company

Funds to be taken as dividends, subject to statutory requirements to maintain a reserve, and local tax.

Limited liability company

No restriction on the free entry and repatriation of funds, subject to any anti-money laundering laws.

Private and Public companies
Exchange control

South African resident companies, and to a limited extent non-residents, are required to comply with South Africa’s Exchange Control regulations, imposed by the South African Reserve Bank (SARB).  These regulations also apply to the transfer of profits to non-residents.

Where a private/public company is required to be audited (in terms of the South African Companies legislation), funds can be repatriated freely from South Africa on presentation of copies of the relevant documentation to the company’s Authorized Dealer (being the commercial bankers) – for example, an auditor’s certificate confirming distribution is made from earned profits.

Where a private/public company is not required to be audited, profits may be remitted on presentation of inter alia copies of the Annual Financial Statements as prepared by the accounting officer.

A resolution of the board may also be required and should state that profits have been declared remitted from earned profits as a dividend distribution or redemption.

Before funds can be repatriated, a company must liaise with its commercial bank to ensure all formal requirements for remittance are met.

If the company’s balance sheet reflects a “loan” owed to the holding company, then the relevant Exchange Control principles are applied.

External Company
Exchange control

A branch is also defined as South African “resident” for Exchange Control purposes and is therefore required to comply with South Africa’s Exchange Control regulations imposed by the South African Reserve Bank (SARB).

Where a branch is required to be audited (in terms of the South African Companies legislation), profits may be remitted freely from South Africa on presentation of copies of the relevant documentation to the branch’s Authorized Dealer (being the commercial bankers) – for example, an auditor’s certificate confirming distribution is made from earned profits.

Where a branch is not required to be audited, profits may be remitted on presentation of inter alia copies of the Annual Financial Statements as prepared by the accounting officer.

A resolution of the board may also be required and should state that profits have been declared remitted from earned profits.

Before profits are remitted, a branch must liaise with its commercial bank to ensure all formal requirements for remittance are met.

If the company’s balance sheet reflects a “loan” owed to the holding company, then the relevant Exchange Control principles are applied.

Joint-stock company (Jusik Hoesa)

Funds can be repatriated abroad from Korea via dividends or redemption; however, in case of a foreign investor, maintaining an investment of at least KRW100 million for each foreign investor is required to be qualified for benefits under the FIPL.

Limited company (Yuhan Hoesa)

Funds can be repatriated abroad from Korea via dividends or redemption; however, in case of a foreign investor, maintaining an investment of at least KRW100 million within Korea for each foreign investor is required to be qualified for benefits under the FIPL.

Branch (Sucursal)

Not applicable. Branch funds are funds of a principal company.

Limited liability company (Sociedad Limitada)

Funds can be repatriated abroad from Spain via dividends or redemption.

Joint-stock company (Sociedad Anónima)

Funds can be repatriated abroad from Spain via dividends or redemption.

Limited company (aktiebolag, AB)

Funds can be repatriated abroad from Sweden via dividends or redemption.

Trading partnership (handelsbolag, HB)

During the year, partners can withdraw funds out of the business as own drawings. Such funds can be repatriated abroad from Sweden.  

Limited partnership (kommanditbolag, KB)

During the year, partners can withdraw funds out of the business as own drawings. Such funds can be repatriated abroad from Sweden.  

Branch office (filial, Branch)

Not applicable for this jurisdiction.

Stock corporation

Free equity can be repatriated abroad from Switzerland via dividend or redemption. Withholding tax (35 percent) may arise.

Company limited by shares

  The company may repatriate all its after-tax profits as dividends after the annual shareholders' meeting has accepted the annual financial statements. In addition, the company may distribute dividends after the end of each quarter or half fiscal year after its board meeting has accepted the quarterly/semi-annual financial statements if its articles of incorporation so permit. In order to repatriate the company's invested capital, the company would have to either reduce its capital or liquidate.

Closely-held company limited by shares

A CHC may repatriate all its after-tax profits as dividends after the annual shareholders' meeting has accepted the annual financial statements and, if its articles of incorporation so permit, may also distribute dividends after the end of each quarter or half fiscal year after its board meeting has accepted the quarterly/semi-annual financial statements. In order to repatriate the CHC's invested capital, the CHC would have to either reduce its capital or liquidate.

Limited company

The company may repatriate all its after-tax profits after the members have accepted the annual financial statements and, if its articles of incorporation so permit, may also distribute profits after the end of each quarter or half fiscal year after its members have accepted the quarterly/semi-annual financial statements. In order to repatriate the company's capital contributions, the company would have to either reduce its capital or liquidate.

Branch office of a foreign company

After-tax profits of a branch office can be repatriated to its foreign company free from dividend tax. In order to repatriate the branch office’s working capital, the foreign company would have to pass resolutions to reduce the branch office’s working capital or liquidate the branch office.

Dividends or capital returns can be repatriated from Thailand via wire transfer through a commercial bank.

Financial statements become final with the approval of the majority of shareholders or partners through a general assembly resolution. At the same meeting, distribution of profits (as dividends) can also be approved.

Limited Liability Company

Funds can be repatriated via dividends. Ukraine has no restrictions regarding a maximum amount of dividends allowed for monthly repatriation of dividends abroad.

Funds may be repatriated from LLC by decreasing its charter capital. Such decision is adopted by 3/4 of the votes of all participants of the company who have the right to vote on this issue. Adoption of such decision requires notification of all unsecured creditors. In this case, all unsecured creditors are entitled to claim for either (i) securitization of LLC obligations, (ii) early termination or early fulfilment of LLC obligations or (iii) execution of another agreement with the LLC within 30 days. If such creditors have no requests to the company, the LLC can thereafter decrease its charter capital and pay the participants the respective amounts.

Another way to repatriate funds from an LLC is redemption by such LLC of its participatory shares, which requires unanimous decision of all participants. As a result of redemption, the LLC shall either reduce its charter capital or alienate such participatory share on a paid basis within 1 year after the redemption.

Private Joint-Stock Company

Funds can be repatriated via dividends. Ukraine has recently abolished restrictions regarding a maximum amount of dividends allowed for repatriation per month.

Decrease of share capital of a PJSC provides for a possibility to the shareholder to repatriate the funds from the PJSC. This requires 75 percent of shareholders registered at the meeting to vote for such decision (the quorum for the general meeting of shareholders to be valid is 50 percent plus 1 share). In this case, all unsecured creditors of the PJSC shall be notified of such decrease and, unless such creditors claim for either (i) securitization of PJSC obligations, (ii) early termination or early fulfilment of PJSC obligations, or (iii) execution of another agreement with the PJSC within 45 days, the PJSC can thereafter decrease its charter capital and pay the shareholders the respective amounts.

Redemption by PJSC of its own shares can be conducted in 2 cases:

• Voluntary redemption, when a general meeting of shareholders resolved for such redemption (such decision requires majority of votes of shareholders registered at the meeting) and if shareholders whose shares are being redeemed consented to this, and
• Mandatory redemption, when shareholders voted against 1 of the following decisions:
  • Reorganization of PJSC (for holders of ordinary shares)
  • Providing consent to executing a material and/or related party transaction by PJSC (for holders of ordinary shares)
  • Change of the amount of PJSC charter capital (for holders of ordinary shares)
  • Changes to the charter which provide for the placing of privileged shares of a new class in which holders will have priority regarding obtaining of dividends or payments within the liquidation procedure (for holders of privileged shares)
  • Providing more rights to privileged shareholders with the priority regarding obtaining of dividends or payments within the liquidation procedure (for holders of privileged shares) and
  • Refusal to use the preemptive right of shareholders for acquisition of shares of additional issue within the process of their placement (for holders of both ordinary and privileged shares).

As a result of redemption, the PJSC shall either annul the redeemed shares and reduce its charter capital respectively or sell such shares within 1 year after the redemption.

LLC

No restrictions. Funds can be repatriated freely subject to complying with the applicable legal reserve (10 percent of the LLC's net profits).

Branch

Not applicable for this jurisdiction.

FZ-LLC

No restrictions. Funds can be repatriated freely.

FZ-Branch

Not applicable for this jurisdiction.

Dual Licence Branch

Not applicable for this jurisdiction.

Private limited company

Funds can be repatriated via dividends or redemption of shares. The UK's capital maintenance rules can restrict a company's ability to repatriate funds.

Limited liability partnership (LLP)

Requirements governed by LLP Agreement.

Registered UK establishment

Not applicable for this jurisdiction.

Funds can be repatriated abroad from the United States by dividend, return of capital or redemption. These may have varying tax effects that should be considered.

Funds can be repatriated abroad via dividends or redemption.