Introduction to Offshore Corporate Structuring
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Slide deck from guest lecture at MGIMO, Moscow, on the topic of Offshore Structuring
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Introduction to Offshore Corporate Structuring
- 1. Presented by Leighton Peter Prabhu, BCom MPhil CA CPA Managing Partner, Interstice Consulting LLP Board Member, Canada-Eurasia-Russia Business Association (CERBA) Introduction to offshore corporate structuring Moscow State Institute of International Relations (MGIMO) 23 April 2013
- 3. Offshore structures “Creating legal structures in jurisdictions external to a company’s principal base of operations, with the goal of creating an economic benefit”
- 4. Offshore financial centre (OFC) “A jurisdiction where the bulk of deposit and lending activity is transacted with non residents, typically offering a high degree of secrecy, little regulation and zero/low taxes to such customers.”
- 5. Cross-border sales & purchases Investments & financing Areas of application
- 6. Significant benefits Text $2 trillion held offshore by US companies alone
- 7. Offshore terminology Double Irish Bankruptcy remote SPV / SPC Harmful tax competition Transfer pricing Information sharing Dutch Sandwich Tax haven Assignment of intellectual property rights Royalties Layering
- 8. Specific benefits of offshore structures
- 11. Security
- 15. What are the costs and risks?
- 16. Implementation
- 17. Compliance
- 19. Change in laws
- 20. Change in application of laws Source: NewYork Times
- 21. Political
- 22. Political
- 23. Political
- 24. Reputational
- 25. Specific OFCs
- 28. Cayman Islands
- 29. Bermuda
- 30. Ireland
- 31. Cyprus
- 33. Hedge funds Source: Hedge Fund Fundamentals
- 36. “Double Irish” + “Dutch Sandwich” Source: Mike Seccombe,The Global Mail (graphic by Ella Rubeli)
- 38. •Global Forum on Transparency and Exchange of Information for Tax Purposes •Aggressive Tax Planning •Fighting Unintended Double Non Taxation G20 •Information sharing •Tax competition - Ireland •Cyprus •Foreign Account Tax Compliance Act (FATCA) •Automatic exchange of tax information Current themes
- 40. Offshore structures - summary • Cayman Islands • Bermuda • Cyprus • Switzerland • Ireland • Luxembourg • BritishVirgin Islands • USA • OECD • EU • G20 / FATF • Foreign sales • Cross-border investments • Securities issuance • Asset protection • Diversification • Security • Privacy • Tax reduction • Facilitate ownership transfers • Implementation • Compliance • Operational and managerial • Assets held in foreign countries • Change in laws • Change in application of laws • Political • Reputational BENEFITS COSTS RISKS MAIN OFCS REGULATORS APPLICATIONS
- 41. Resources
- 42. Спасибо! Leighton Peter Prabhu BCom MPhil CA CPA Managing Partner Interstice Consulting LLP Tverskaya 9 Moscow 125009 Email: lsp.prabhu@intersticeconsulting.com Mob: +7 916 4*4 *7 *2 Blog: intersticeconsulting.com/russia/e-commerce