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Opening a business in tax authorities
Opening a business in tax authorities
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Description
Any Israeli business must be registered with three authorities: VAT, Tax Service and National Insurance.
The first question that an entrepreneur in Israel faces is: which form of business is more profitable for you: osek patur, osek murshe or a limited liability company.
It is customary to register with VAT first. However, a limited liability company must first be registered in the Register of Companies, then a bank account must be opened and only then the company is registered with VAT.
After registering the business with VAT and receiving the appropriate certificate, the business is registered with the Tax Service and National Insurance.
The latter is of particular importance, since it is not only about tax, but also about insurance. Incorrect registration (or lack thereof) leads to the fact that a person is not insured and as a result loses a lot of money.
Businesses often overpay to the National Insurance Service.