Minerva Newsletter

Transcription

Minerva Newsletter

Minerva
= News
Minerva Trust & Corporate Services Limited
P O Box 218, 43/45 La Motte Street
St Helier, Jersey JE4 8SD, Channel Islands
T +44 (0)1534 702800
F +44 (0)1534 702870
Minerva Trust & Corporate Services Limited is regulated by the Jersey Financial Services Commission.
[email protected]
www.minerva-trust.com
Introduction
Contents
1. The Advantages
of Setting up an
International Trading
Company in Switzerland
2. Playing To Our
Strengths
3. Jersey Private
Placement Funds
4. New Zealand
Foreign Trusts
5. Mauritius Stock
Exchange
6. Minerva Director
Named in CityWealth
Leaders List
7. Appointments
I am delighted to write the introduction to our newsletter, my first since assuming
responsibility as Group Managing Director in January 2012.
As you will read in the article ‘Playing To Our Strengths’ on page 5, I am really
looking forward to being part of the ‘Minerva family’ and to playing my part in the
continuing growth of the business.
The last five months have been hugely interesting as I have immersed myself
in the detail of Minerva’s operations and gaining a real feel for the heartbeat
of the group across its five locations. My interactions with clients, staff and the
professionals we work with have all reinforced my thoughts that Minerva is quite
special – a company focussed on professionalism and established family values
to deliver excellent client service.
That’s not to say there isn’t more to do. The shareholders’ commitment to the
business is very evident with significant investment being made both now and
in the future. I see a key component of my role being to harness this investment
whilst preserving those things that make Minerva special. With this in mind I will be
concentrating on improving our client services by being more proactive, improving
our processes, delivering a consistent experience across all offices and developing
services that are cost effective and add value to our clients.
Good governance and meeting the highest international standards will also
continue to determine how we discharge our responsibilities. However, I recognise
that services must be delivered at a cost that our clients recognise offers value
for money in terms of service and professional expertise.
The staff and Directors will be working hard to deliver these improvements and
I encourage you to let me know how we are doing.
I can be contacted at: [email protected]. I look forward to hearing
from you.
Brian Lee
Group Managing Director
T +44 (0)1534 702800
F +44 (0)1534 702870
[email protected]
The Advantages of Setting
up an International Trading
Company in Switzerland
Switzerland has long been a popular location for
International Trading Companies. Besides the very
competitive tax regime, many international groups
choose Switzerland as the location for their trading
companies for following reasons:
• Switzerland is the heart of the European continent
and as such is easy to access by car, train or plane;
• The local work force is highly skilled and efficient;
• Excellent infrastructure;
• Business support is excellent (lawyers, insurance
companies and fiduciary services);
• The banking industry is one of the most advanced in
the world;
• Political, social and economical stability;
• Switzerland is consistently ranked world number
one in the World Competitiveness Report published
by the World Economic Forum; and
• Government Economic Development Offices
assist foreign enterprises to set up their respective
companies in each region of Switzerland.
Tax considerations will also influence the decision
making process. Swiss corporate income tax is one of
the lowest in Europe. The rate of corporate tax varies
from one local state (canton) to another but is never
more than 25%.
Thus, the Swiss corporate rate is lower than Belgium
(36%, including a 3% crisis contribution), France
(34.43%) and Italy (27.5%, plus local tax, ranging
from 3.9% to 8.5%).
Furthermore, Switzerland has adopted specific rules
for international trading companies which allow
them to pay less than the normal 25% corporate
tax. An international trading company is a company
registered in Switzerland, engaged in carrying on
any business or other activity from Switzerland with
persons not resident in Switzerland (International
Trading Activities).
International Trading Companies are taxed according
to the canton (local state) where they are located,
on top of the federal tax of 7.83%. They are taxed at
between 9% and 11% altogether, instead of the 25%
charged to a domestic company.
“The tax efficiency of an international trading structure
depends on the choice of the countries where the
subsidiary and its holding are domiciled and also the
way the structure is managed.”
1
See: Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and
subsidiaries of different Member States (Official Journal of the European Union, 29th November 2011, L 345/8.
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[email protected]
The downside of choosing Switzerland for setting
up an International Trading Company is that Swiss
dividend withholding tax of 35% on payments to nonresidents is one of the highest in the western world
(Belgium and France: 25%, Italy: 27% and the
US: 30%).
In this case, the Swiss domestic withholding tax of
35% would apply.
The tax efficiency of an international trading structure
depends on the choice of the countries where the
subsidiary and its holding are domiciled and also the
way the structure is managed.
However, the withholding tax is eliminated if the
company is owned by a holding domiciled in the
European Union (EU). Switzerland has signed
bilateral agreements with the EU, which have the
effect that the European Parent-Subsidiary Directive
applies to the relationship between Switzerland and
European Union countries.
In order for the Directive to apply, the company must
fulfil certain criteria:
• It must have legal personality (so, for instance, in the
UK, only companies may benefit from the Directive);
• It must be resident for tax purposes in a European
Union Member State (or in Switzerland); and
• Must be subject to corporation tax.
If these conditions are fulfilled, the Swiss International
Trading Company may avoid the payment of the 35%
withholding tax, if it is owned for instance by a parent
in the UK.
Moreover, such an arrangement would also mean:
a) Switzerland will tax the profits of the company at a
rate varying from 9% to 11%.
b) Switzerland will not levy any withholding tax on the
distribution of dividends to the UK.
c) The UK will not tax the dividends (participation
exemption).
d) The UK will not levy a withholding tax upon the
distribution of dividends abroad.
Switzerland may however refuse to apply the
Directive in case of abuse or fraud. A case of
abuse would occur if the holding does not have any
substance. An example of such an abuse would be
if the holding did not rent any office and did not hire
any employees.
Minerva has offices in Geneva and in London, which
would ensure that all the conditions for the proper
structuring of an International Trading Company set
out above are fulfilled.
For further information on this subject please contact:
Philippe Butty
Managing Director, Minerva Trust Company
(Switzerland) SA
[email protected]
This note is intended to provide a brief rather
than a comprehensive guide to the subject under
consideration. It does not purport to give legal or
financial advice that may be acted or relied upon.
Specific professional advice should always be taken
in respect of any individual matter.
2
See: Directive, art. 2 (a).
2
See: Directive, art. 1,2.
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F +44 (0)1534 702870
[email protected]
Playing To Our Strengths
Brian Lee, Group Managing Director, highlights the benefits
to clients of a respected offshore finance centre.
It is good to be working in Jersey again and be at
the helm of a company as interestingly positioned
as Minerva at a time when power, influence and
wealth creation is inexorably moving from the mature
economies of the West to less developed and
emerging economies. India and China loom large on
our industry’s radar however I believe sub Saharan
Africa also has a part to play in the decade to come.
Having worked for a number of internationally
focused wealth management businesses, most
recently in the Isle of Man, I recognise the enormous
benefit it is to have the strength of the Jersey brand
behind Minerva’s business proposition. Although all
the British offshore islands deserve their hard-earned
reputations as international financial centres of
excellence, Jersey retained its position as the highest
rated offshore international finance centre according
to the latest Global Financial Centres Index (GFCI).
I recall times when ‘offshore finance’ was referred by
some as businesses that would be here today and
gone tomorrow, fair-weather supporters of their home
economies, however in Jersey’s case, nothing could
be further from the truth. Over 50 years the many and
varied businesses making up the finance sector have
successfully responded to numerous challenges and
helped grow the Jersey economy such that islanders
generally enjoy an enviable standard of living.
The resilience of the financial services sector in
Jersey is no accident, like those before them,
professionals working in the industry today continue
to shape the development of the sector with the
practical support of government and the legislature.
Such on-going collaboration ensures Jersey has
the product set necessary to compete for business
on a global stage and clients have the reassurance
of knowing the island’s supervisory and regulatory
regime is second to none and in step with the
demands of an evolving global business.
Given such diligence, it comes as no surprise Jersey
is the only offshore centre to be both recognised
as a ‘global specialist’ and rank (16th) in the top 20
financial centres ranked by reputational advantage.
Similarly, high standards of regulation and corporate
governance ensure the island is consistently rated
ahead of its peers by the IMF, FATF, OECD and the
G20.
Despite our high standards and these independent
assessments there remain those with closed minds
who will never be convinced of the island’s positive
contribution to the global economy and in particular
the manner in which Jersey facilitates very significant
inward investment into the UK, something highlighted
in the Foot Report.
A few days after the Foot Report was published,
the positive contribution of offshore finance centres
to the UK economy was reaffirmed by American
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[email protected]
economist Professor James Hines. The ‘Hines Report’
revealed that Crown dependencies added $332.5
billion into UK banks in the second quarter of 2009,
two-thirds of which was provided by Jersey.
More positively, Jersey Finance does an excellent job
in constructively positioning the industry and I believe
the very varied nature of the tax compliant work
Jersey now specialises in will eventually cause all but
our most ardent critics to be neutralised, although
maybe not won over.
Recent reports indicate bank deposits and funds
under management are on the increase, Jersey
continues to attract high caliber businesses to its
shores and the cloud that was the EU Code of
Conduct on Business Taxation appears to have
finally lifted. So there are many reasons for Jersey
practitioners to look to the future with confidence.
However, against this positive backdrop there remain
significant challenges to overcome.
Traditional markets have slowed down or stalled
in line with the global economy resulting in less
new business at a time many existing clients are
being squeezed by lower investment/bank returns,
the consequence of reduced commercial property
valuations, increased financing costs and downturns
in their own businesses. Add to the mix the natural
life cycle of many of the structures administered in
Jersey and the increasing cost of meeting the high
standards of governance we prize, it is no surprise the
business environment feels tough in some quarters.
Many firms have been actively looking to the East
for new business and some have opened offices in
Singapore from which to better serve India, China
and Far East markets. Likewise Minerva will open its
office in Singapore later this year and such proactivity
on the industry’s part underlines Jersey firms’
commitment to be global businesses.
This also plays well to growing client expectations
that their wealth managers and advisers should be
able to offer a multijurisdictional approach to the
administration of their assets as increasingly we find
private clients’ businesses routinely operate across
multiple borders, offering opportunities for
the efficient inward investment of capital and the
potential to take advantage of available tax treaties.
Not only is structuring ownership in such a way
right, it also offers opportunity to undertake work
in jurisdictions with a significantly lower cost base
than Jersey. For example Mauritius has long been
associated with inward investment into India however
this well regulated centre is carving a niche in
structuring capital flows into sub Saharan Africa as
it benefits from membership of the main African
regional organisations and has tax treaties with
twelve African nations (with more treaties pending).
Such an approach needn’t marginalise Jersey,
as typically Minerva finds being able to offer a
multijurisdictional approach potentially wins business
in which Jersey can play a major role. Clients like
the peace of mind associated with having ultimate
ownership of family and business assets vested in a
Jersey structure be this a trust, private trust company,
foundation, holding company, listed vehicle etc.
This provides for strategic management and control
to be exercised from a jurisdiction of Jersey’s
standing and for a Jersey based relationship
director to exercise appropriate oversight of all the
moving parts being the holding companies tactically
positioned to capitalise on particular territorial
advantages such as tax treaties.
It is no longer tenable to administer low value
relationships from Jersey. However, the financial
services sector will thrive if it continues to capitalise
on its strengths such as its reputation, its ability to
innovate, the depth of the professional services on
offer and the robustness of its legal and regulatory
systems.
If you would like further information please contact:
Brian Lee
Group Managing Director
[email protected]
T +44 (0)1534 702800
F +44 (0)1534 702870
[email protected]
Jersey Private
Placement Funds
Jersey has an enviable portfolio of specialist fund
regimes. In 2012 a new, more flexible regime, known
as the Private Placement Fund was introduced. In
our view this is a very welcome addition providing
further scope and flexibility alongside the Expert,
Unregulated and Very Private regimes which are the
cornerstone of closed ended alternative funds in
Jersey.
Jersey Private Placement Funds (PPFs) provide
a highly flexible and fast track solution for the
establishment of closed–ended funds which can be
offered to up to 50 professional or sophisticated
investors. PPFs are subject to limited regulatory
prescription, are highly versatile and provide an
attractive and cost-effective solution particularly for
boutique fund houses and promoters of alternative
asset classes.
This type of fund can be offered to investors who
qualify as ‘Professional’ or ‘Sophisticated’ and who
must expressly acknowledge a prescribed investment
warning as part of the subscription process. There
are specific criteria that may enable an investor to
qualify as ‘Professional’ or ‘Sophisticated’ however the
definition will be met where the minimum subscription
is at least GBP£250,000 or currency equivalent. In
addition, where the manager, investment manager or
advisor appointed to a PPF is established in Jersey,
it will often be able to take advantage of exemptions
which mean that it will not fall to be regulated
under the Financial Services Law in Jersey and
will, therefore, not be required to obtain a license or
permit from the JFSC.
PPFs can be established very rapidly, at reasonable
cost and fall outside the scope of the Collective
Investment Funds Law which means that they are
subject to a reduced level of regulatory supervision in
Jersey. PPFs are suitable where the total number of
invitations made to investors does not exceed 50 and,
as the name suggests, are organised on a private
placement basis.
PPFs benefit from a fast track approval process in
Jersey provided that certain criteria are satisfied.
“Jersey Private Placement Funds (PPFs) provide a highly
flexible and fast track solution for the establishment of
closed–ended funds.”
T +44 (0)1534 702800
F +44 (0)1534 702870
[email protected]
Frequently Asked Questions
What are the advantages?
Flexible and fast track. Can be offered to up to 50
investors. Falls outside the Collective Investment
Fund rules and therefore subject to reduced level of
regulatory oversight and compliance requirements.
Compatible with the European Union Alternative
Fund Manager’s Directive until at least 2018.
Are there any restrictions on who can
invest in a PPF?
Only ‘Professional’ or ‘Sophisticated’ Investors can
invest into a PPF. Full definitions are contained within
the PPF Guide but, broadly, will qualify where the
minimum investment is £250,000 per investor.
Is there a limit on the number of
investors?
Up to 50 offers can be made. This means that, if all
offers are accepted, there can be up to 50 investors
in a PPF.
Is there a minimum investment amount?
Generally set at a minimum of £250,000 per investor.
Are there any prescribed investment or
borrowing restrictions?
None.
Are there any restrictions on the nature
and form of the Fund?
Must be closed-ended in nature. If established in
Jersey, PPFs can take the form of a Jersey Company,
Protected or Incorporated Cell Company or Cell,
Limited Partnership, Limited Liability Partnership,
Incorporated Limited Partnership or Unit Trust.
Are there any requirements for the
key service providers including the
investment manager / advisor?
The promoter must meet certain tests as specified
in the guide. These relate mainly to the solvency,
location, skills and experience of its senior
management in relation to the relevant asset
class in which the fund will invest.
The PPF must appoint a Jersey administrator.
Minerva is fully licensed by the JFSC to provide
these services.
Are they regulated and what is the
approval process?
Regulated by the JFSC under the Control of
Borrowing (Jersey) Order which is much more flexible
than the higher bar Collective Investment Fund rules.
An application pack must be submitted to the JFSC
which must include certain prescribed confirmations
and details in relation to the fund.
Once successfully processed, consent will be issued
by the JFSC and the Fund can be launched.
How quickly can they be set-up and
approved?
The JFSC publish an authorisation timescale of
three working days following the receipt of a fully
completed application. It should be noted that
sufficient time should be allowed for the preparation
of this pack which may vary according to the nature
and complexity of the fund.
If you would like further information please contact:
Gavin Wilkins
Head of Corporate & Fund Services
[email protected]
Ruari Allan
Client Relationship Manager
[email protected]
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F +44 (0)1534 702870
[email protected]
New Zealand
Foreign Trusts
New Zealand has become one of the leading
‘onshore-offshore’ jurisdictions for international trust
planning and features the New Zealand Foreign Trust
(‘NZFT’) as the jewel in its crown.
A NZFT confers the usual benefits one would
expect to receive from an international trust
structure including creditor protection, protection
from community property/spousal/relationship/
matrimonial claims, as well as protection from forced
heirship regimes.
In addition to the above, a NZFT offers tax
advantages. No New Zealand tax is payable by the
NZFT if its income is derived outside of New Zealand.
No New Zealand tax is payable by Beneficiaries who
are not tax residents in New Zealand if trust income
is derived outside of New Zealand. Further, there are
no New Zealand inheritance taxes.
New Zealand has Double Taxation Agreements
(‘DTA’) with many countries. Depending on the terms
of the DTA, a NZFT may qualify as a NZ resident for
NZ tax treaty purposes. This would most probably be
the case for countries such as India, Singapore, South
Africa, the United Arab Emirates and the United
Kingdom.
A NZFT is both private (because a NZFT is not
registered) and flexible. This is because a NZFT
can hold any property (real property such as land;
personal property such as shares, investment
portfolios, bank accounts), it can trade and can even
operate a business.
‘Custodian Trustee’. The Managing Trustee manages
the NZFT but is not registered as owner of the trust
fund. Whereas the Custodian Trustee simply holds the
trust assets in the name of the relevant trust and acts
on the instructions of the Managing Trustee.
While the Custodian Trustee will usually be a NZ
resident trustee, the potential exists for the Managing
Trustee to be the client’s non-New Zealand advisor
(such as banker, lawyer, accountant) or possibly even
the client themself.
The above legal framework means that New Zealand
is a viable alternative for clients who seek a robust
‘onshore’ international trust structure as opposed to
the usual ‘offshore centres’.
Philippe Butty
Managing Director,
Minerva Trust Company (Switzerland) SA
[email protected]
The NZFT can also incorporate unique features under
the New Zealand Trustee Act including what is called
the Managing/Custodian Trustee Regime.
This structure divides the trustees’ roles between
what is called the ‘Managing Trustee’ and the
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Mauritius Stock
Exchange
International investors are increasingly recognising
how Mauritius can act as an effective gateway
through which to structure inward investment into
sub Saharan Africa. Strategic location, stability, tax
treaty networks, investment protection agreements,
membership of regional African economic and
trade organisations have all added to the significant
attractions of this long standing and well regulated
international financial centre.
The last 20 years have provided ample evidence of
Mauritius’ readiness to adapt its legal and regulatory
system so as to embrace new ways of allowing
financial services to flourish although always under
the careful watch of the Mauritius Financial Services
Commission. The history of the Stock Exchange
of Mauritius (‘the SEM’) clearly demonstrates this.
Since it was incorporated in 1989 the Exchange
has regularly introduced innovations to reflect the
changing requirements and ever-higher standards
of global stock markets. The SEM is now one of
the leading exchanges in Africa and a member of
the World Federation of Exchanges. 6 months ago
it was recognised as the most innovative African
stock exchange at the annual Index Series Awards
held at the New York Stock Exchange. The United
Kingdom recognises the SEM as a ‘recognised
Stock Exchange’ with the potential benefits such
recognition confers.
The official market of the SEM has been in existence
throughout the exchange’s 23 year history. Of more
interest to the private client and non-institutional
investor has been the Development and Enterprise
Market (‘DEM’) which was launched mid 2006 and
now has over 50 companies listed and an innovation
12 months ago which saw the SEM extend the
potential for Category One Global Business
Companies (‘GBC1s’) to list by introducing Chapter
18 to the listing rules.
Amongst other things, Chapter 18 caters for the
listing of GBC1s and represents a shift for the SEM
from being domestic equity focused to being a more
internationally focused exchange, with the first GBC1
listed in March this year. The route to listing on the
SEM becomes a viable option for smaller, privately
owned GBC1s as the initial and on-going listing
costs are very modest and the listing rules allow for
GBC1s to:
• Be listed without having a three year track record;
• Have less than 25% of the issued shares in public
hands;
• Have a market capitalisation of just MUR20million
(approximately USD700K); and
• Avoid the need to use a registered sponsor.
Private clients owning large family businesses can
enjoy the benefits of a stock exchange listing, which
include:
• The credibility associated with a public listing gives
counterparties the confidence of knowing respected
regulatory and general standards of corporate
governance have been met;
• Increased visibility and profile with key customers
and suppliers;
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• Facilitating potential growth and strategic
acquisitions through easier access to new
investors/capital markets or through the exchange
of shares quoted on a recognised exchange;
• Potential to incentivise key employees through
share option schemes;
• Supporting wider share ownership within a complex
family structure; and
• Adding weight to the physical presence of a GBC1
in Mauritius.
Where appropriate, a stock exchange listing is a
major event in the development of a family business
and a milestone to be celebrated. Although we
recognise that such a route might not appeal to all
private families, Minerva has experience in helping
companies list and if such an event might form part
of your strategy then we would be delighted to assist.
Manon Thamothiram
Director,
Minerva Fiduciary Services (Mauritius) Limited
[email protected]
Minerva Director Named in
CityWealth Leaders List
Peter Nicolle, Director, Minerva Trust & Corporate
Services Limited has been recognised within the
2012 CityWealth Leaders list as a ‘Leading Trustees Prominent Figure’.
The list, compiled by Citywealth Magazine, details
prominent figures from across the legal and wealth
management sectors.
private clients or peer recommendation. References,
testimonials and confidential research have also been
undertaken.
Full details of the 2012 Leaders List is available at
www.citywealthmag.com
Peter Nicolle commented “Individuals included within
the CityWealth Leaders lists are acknowledged to
possess a strong reputation for expertise in their
respective fields. It is an honour to be recognised in
this way and included within this list of prominent
figures”.
Citywealth’s annual list is the result of extensive,
in-depth research consisting of numerous interviews,
meetings, telephone conversations and emails. All
nominations have been put forward confidentially by
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Minerva Appointments
Minerva recently announced the promotion of three
members of staff. Elizabeth Dulake, Carole Jones
and Dawn Manti have all been promoted from within
the organisation to take up key roles within the new
organisational structure.
These appointments reflect Minerva’s ambition to
drive forward the development and strategy of the
business, to build on the considerable successes
achieved to date and to be the independent global
fiduciary services business of choice for clients and
intermediaries.
Elizabeth has been appointed a Director of Minerva
Trust & Corporate Services Limited. In her new role
as Group Head of Client Services, Elizabeth will focus
on the development of its service offering. Elizabeth
has over 25 years experience in the offshore finance
industry, with particular focus on trust and company
management.
Carole has been promoted to Associate Director.
Carole will have principal responsibility for overseeing
the company bookkeeping and accountancy services.
Carole has over 25 years experience in the offshore
finance industry.
Dawn is now an Associate Director in the Funds
and Corporate Services area. In her new role Dawn
will be responsible for the day to day management
of the Fund and Corporate Services administration
department. Dawn has over 22 years experience in
the offshore finance industry.
Minerva appoints new Head
of Compliance and Risk
Minerva has appointed Matthew Beddoe as Head
of Compliance and Risk to further develop the
compliance capabilities and ensure delivery of an
effective compliance function across its operations.
His position is a new role within the firm’s compliance
and risk management team. Matthew will lead a
team of six to oversee the compliance framework
and implement continued improvement, appropriate
policies and procedures for Minerva Trust &
Corporate Services Limited.
Matthew is based at Minerva’s head office in Jersey
and has overall responsibility for compliance and risk
for the Jersey office.
Contact
P O Box 218
43/45 La Motte Street, St Helier
Jersey JE4 8SD, Channel Islands
T +44 (0)1534 702800
F +44 (0)1534 702870
[email protected]
‘Minerva’ comprises Minerva Trust & Corporate Services Limited, Minerva Fund Administration Limited, Minerva Trust Company (Switzerland) SA,
Minerva (Middle East) Limited, Minerva Fiduciary Services (Mauritius) Limited, and Professional Trust Company (UK) Limited. In Jersey, Minerva Trust
& Corporate Services Limited and Minerva Fund Administration Limited are regulated by the Jersey Financial Services Commission. In Switzerland,
Minerva Trust Company (Switzerland) SA is supervised by F.I.N.M.A. Minerva (Middle East) Limited (MME) is licensed by the Dubai International
Financial Centre (DIFC) to provide company management services. In Mauritius, Minerva Fiduciary Services (Mauritius) Limited is regulated by the
Mauritius Financial Services Commission.

Minerva Newsletter

Transcription

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