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Doing Business in Israel 2012 המועצה הלאומית לכלכלה משרד ראש הממשלה Prime Minister’S Office the National Economic Council ﺍﻠﺲ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻮﻃﻨﻲ ﺩﻳﻮﺍﻥ ﺭﺋﻴﺲ ﺍﳊﻜﻮﻣﺔ

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Doing Business in Israel 2012 המועצה הלאומית לכלכלה משרד ראש הממשלה Prime Minister’S Office the National Economic Council ﺍﻠﺲ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻮﻃﻨﻲ ﺩﻳﻮﺍﻥ ﺭﺋﻴﺲ ﺍﳊﻜﻮﻣﺔ Doing Business in Israel 2012 המועצה הלאומית לכלכלה משרד ראש הממשלה Prime Minister’s Office The National Economic Council ﺍﻠﺲ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻮﻃﻨﻲ ﺩﻳﻮﺍﻥ ﺭﺋﻴﺲ ﺍﳊﻜﻮﻣﺔ April 2012 September 2008 marked a major international event, when the fourth largest investment bank in the U.S.A. - Lehman Bros. - filed for bankruptcy. This triggered a new phase in the global financial and economic crisis, one of the biggest in modern history. Against the background of uncertainty created by this crisis since 2008, Israel is still an ‘island of stability’ in a sea of instability. It has weathered this crisis without significant harm being caused to the country’s development and has resumed the growth rate existing prior to the European sover- eign debt crisis. The debt crisis prevailing in Europe over the past year, clouding economic growth and jeopardizing the stability of an not-inconsiderable number of leading western nations, is yet another phenom- enon of the uniqueness of the Israeli economy. While credit rating agencies downgraded the U.S. and six European nations including France, Austria, Italy and Portugal and others, they upgraded Israel to A+. Israel’s economic stability was achieved thanks to the establishment of fiscal disci- pline, reflected in tight budgetary policies, cutback in government spending and a reduced public debt, the upshot of which was consistent labor force participation and job creation, keeping unem- ployment at a low rate. Securing economic stability enables the Israeli government to act forcefully and resolutely in imple- menting significant reforms in the economy, thereby increasing competition in diverse fields and offering potential investors various opportunities for investment in this country. Among the extremely attractive and numerous opportunities existing in Israel, it is worth mention- ing a number of key goals on which the government will focus in the coming years. This includes developing the natural gas sector, promoting Israel as an international center for technological financial know-how, disseminating valuable agricultural knowledge and abilities worldwide, turning Israel into a major center of industry and research by creating technologies that reduce global dependence on transportation fuels, and maintaining Israel’s relative advantage as a universal labo- ratory for technology development, arising from a successful and targeted combination between academic excellence and flourishing hi-tech industries. Israel’s growth depends, now more than ever, on its ability to become integrated, insofar as possible, with the regional global economy. Hence, the Israeli government is pursuing its efforts to create a leading global eco system on an international level, for the activity of foreign companies in Israel. Prof. Eugene Kandel Head of the National Economic Council Doing Bussiness in Israel PREFACE This publication has been prepared by BDO Israel to provide our clients, associates and foreign investors with an overview of Israel’s economy and business environment. Our goal in this publication is to summarize useful information, so as to provide our readers with a “taste” of Israel. The publication aims at covering most, but not all, aspects of doing business in Israel and should therefore not be regarded as a manual or a textbook on the subject. Prior to making any investing decision, it isrecommended to seek the advice of Israeli economic consultants in the relevant sectors. Our partners and associates at BDO Israel provide reliable and professional service to all investors considering investing in Israel. BDO Israel is one of the leading accounting firms in the banking and financing sectors, in addition to our proven leadership in other areas such as health care, real estate and high-tech. We also act as a principal financial service provider to government offices in Israel. BDO is the fifth largest international network, with combined revenues of approximately €4 billion. The firm has 1,118 offices in 135 countries worldwide, with a total of approximately 40,660 partners and professional staff. The information presented here was updated in February 2012, based on data available at the time of printing. The publication is intended for information purposes only and does not in any way replace or amend any of the laws and regulations mentioned. We thank the lawfirm of Gideon Fisher & Co., for their assistance in reviewing some of the chapters included here. Although we have conducted extensive research to prepare this publication, we are not responsible for any inaccuracies that may have arisen. BDO Israel Doing Bussiness in Israel TABLE OF CONTENTS 1. THE ISRAELI ECONOMY IN 2011 ..................................................................... 1 1.1 Foreword ............................................................................................................................ 1 1.2 Macro-economic Developments in 2011 ............................................................................. 2 1.3 Forecast of the Economic Development in 2012 ................................................................. 7 2. ISRAEL - GENERAL OVERVIEW ...................................................................... 8 2.1 Background ........................................................................................................................ 8 2.2 Government ........................................................................................................................ 8 2.3 Facts and Figures ............................................................................................................... 9 2.4 Israel’s Currency ............................................................................................................... 10 2.5 Infrastructure .................................................................................................................... 11 2.6 Working in Israel ............................................................................................................... 11 2.7 Business Hours ................................................................................................................ 11 3. OVERVIEW OF ISRAEL’S HI-TECH INDUSTRY ....................................................... 13 3.1 Israel’s High-Tech Industry- Introduction ........................................................................... 13 3.2 The High-Tech World in 2011 ........................................................................................... 14 3.3 The Venture Capital Industry ............................................................................................ 15 3.4 Analysis of Venture capital Raised by Industry ................................................................. 16 3.5 Capital Raised by Israeli High-Tech Companies by stage ................................................ 17 3.6 The Biotechnology Industry in Israel ................................................................................. 18 4. BUSINESS STRUCTURE ................................................................................ 20 4.1 Business Organizations .................................................................................................... 20 4.2 Tel Aviv Stock Exchange .................................................................................................. 27 4.3 Insurance, Credit And Capital Market Reform ................................................................... 31 5. BUSINESS ENVIRONMENT ............................................................................ 32 5.1 Human Resources ............................................................................................................ 32 5.2 Antitrust Law ..................................................................................................................... 35 5.3 International Trade ........................................................................................................... 37 5.4 Trade Agreements ............................................................................................................ 39 5.5 Proprietary Rights ............................................................................................................. 40 6. INVESTMENT INCENTIVES AND TRADE ADVANTAGES ............................................ 42 6.1 General ............................................................................................................................. 42 6.2 Law For Encouragment Of Capital Investment .................................................................. 42 6.3 Depreciation ..................................................................................................................... 48 6.4 Encouragement Of Capital Investments In The Tourist Industry ....................................... 50 6.5 Incentives For Building Rental Housing ............................................................................ 51 6.6 Other Incentive Programs ................................................................................................. 53 BDO Israel Doing Bussiness in Israel 6.7 Overseas Marketing Encouragement Fund ....................................................................... 57 6.8 Special Free Zones........................................................................................................... 58 6.9 Research And Development ............................................................................................. 59 6.10 International Cooperation ................................................................................................
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