Archive for April, 2016

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New webinar Foundations in Malta

In on April 27, 2016 by NEWCO

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Thursday, 5th of May at 3 pm

As an alternative to the Trusts, Malta offers the possibility to set up foundations, which have the advantage of being a legal entity and of being a widely accepted and acknowledged concept in countries with a Roman legal system.

A foundation cannot directly exercise a commercial activity, but it can hold shares in a company, own industrial property, franchises or other property that manage income, such as a ship, as long as the foundation is a passive owner of such assets. A foundation can also be used as a vehicle to secure a transaction by granting bond loans. It can also be used as a collective investment vehicle, subject to licensing or authorization, with units issued to investors and passively holding a common group of assets, its management delegated to a third party.

As such, a foundation in Malta offers security and flexibility within the European Union, all within a regulated environment, highly attractive and with costs substantially lower in comparison with other jurisdictions.

In our forthcoming webinar, our Managing Partner Frederico Gouveia e Silva will present the advantages of Maltese foundations, namely in terms of wealth management and asset protection.

Register now to learn more about:

– What Foundations in Malta are;
– Their ends and purposes;
– Their tax regime.

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    Within 2 weeks, NEWCO will be on the MIUT (Madeira Island Ultra Trail)!

    In on April 9, 2016 by NEWCO

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    Within 2 weeks the 8th MIUT – Madeira Island Ultra Trail – is happening in Madeira and NEWCO will be there with a team taking part in 3 of the 4 event competitions (115 km/7000D+, 43km/1100D+, 16 km/350D+).

    We have always valued the practice of sport, as we are advocates of its physical and intellectual benefits. But trail running in particular is one of the sports that best suits our internal management and social responsibility policy:

    For Madeira, where NEWCO was born and developed, we think that trail running is one of the best adverts for tourism and one of the best ways to appreciate and preserve what makes the island unique: its nature.

    For our team, it is excellent training for personal management and leadership.

    Because it lets each one of us choose the competition that best suits our ability and intended level of difficulty.

    And because when we are alone in the mountains we don’t just do physical exercise. We dare to dream, challenge all of our limits, learn to manage the fatigue, the discouragement and the stress, to control our emotions and play down the superficial. We learn to deal with failure and gather the courage to change what we need to change and start again. We learn to respect others, to regain strength with their help and support them when they need us. We learn to listen to our bodies and understand the signs they give us and the best way to silence them. And we learn to get to the heart of ourselves and remember, time and time again, why we are there.

    And that is the spirit that best characterises what we want for NEWCO. The attitude that lets us always be rethinking, wanting to go further and do better.

    The MIUT is included in the restricted tour of the UTWT – Ultra Trail World Tour. In 2016, there will be more than 2,000 participants of 36 different nationalities.

    To understand our passion for trail running and why we support the MIUT a little better, watch this video.

    To find out about the challenge that our team will be facing in 2 weeks, watch this video.

    To monitor and support the different participants of the NEWCO team, follow us on facebook.

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    3 features of tax havens (that Madeira and Malta do not have)

    In on April 5, 2016 by NEWCO

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    Any time that an offshore jurisdiction surges into the headlines, the same thing happens: in the press, on social networks, in conversations over tea and coffee, tax planning is confused with tax evasion, tax benefits become weapons of corruption and any privileged tax regime is automatically categorised as “offshore.”

    As a corporate services provider that has been working in fiscally competitive jurisdictions for more than 25 years, one of our recurring tasks for many years has been explaining the main differences between offshore jurisdictions and privileged tax regimes like Madeira and Malta to potential clients. There are several differences but in practice we can reduce them to the three main elements that characterise an offshore jurisdiction (which Madeira and Malta fortunately do not have):

    • Opacity: In most offshore jurisdictions there is a culture of secrecy and confidentiality not just in terms of financial information but also in terms of the identity of the actual shareholders and the ultimate beneficiaries of companies based there. This has been one of the main attack points on the part of the OECD Forum concerning transparency and information exchange, which have had a pivotal role in combating detrimentally competitive fiscal practices, as we explain here. However, when it comes to Madeira and Malta, these jurisdictions have always been subject to and have complied with all of the OECD’s community guidelines in terms of transparency and information exchange, never having been classified as tax havens or offshore regions by these organisms.
    • Tax exemption: as a rule, in offshore jurisdictions no kinds of tax are covered. Companies pay registration and maintenance rates but are exempt from tax on their income and that of their shareholders. In Madeira and Malta, on the other hand, companies are entities subject to taxation, though they do benefit from reduced rates of tax on some income or from set exemptions previously negotiated with the European Commission and assigned in a non-selective way. It is thus curious to note the contribution of taxes paid by these companies relative to the overall fiscal revenues of these two jurisdictions.
    • Deregulation: in the majority of offshore jurisdictions, companies do not have to present annual accounts. They are not subject to the legislative or regulative framework of the countries they are in or specific legislation is applied to them, which in most cases is the least onerous legislation possible. Exactly the opposite happens in Madeira and Malta: companies benefitting from their privileged tax regimes are fully integrated in the internal and community legal order, monitored by the national regulating authorities and subject to all of the applicable legal and fiscal rules. And yes, they have to keep their accounts organised in accordance with the international accounting standards and present their tax returns every year just like any other company.

    These apparent benefits come at a price. Besides questions of reputation, companies that operate through offshore jurisdictions or tax havens now find themselves having immense difficulties from an operational point of view, from difficulties opening bank accounts or processing payments to automatically implementing anti-abuse mechanisms on the part of the fiscal authorities of other countries with which they inevitably have to collaborate.

    It’s no wonder then that companies looking to legitimately optimise their international operations from a tax point of view (which is a right for any taxpayer and good practice for financial management) are now turning more and more to regulated, transparent and fiscally competitive jurisdictions, like Madeira and Malta.

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