Insider No. 62

Transcription

Insider No. 62

GGI
SIDER
Welcome
to Bangkok
No.
Nov. | 2012
62
Join the GGI
Asian Regional
Conference
News and Information for Members and Friends of Geneva Group International
GGI INSIDER No. 62 – November | 2012
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EDITORIAL
Diary
Editorial
Dear GGI Members,
Dear Friends,
As the year draws slowly to a close,
GGI is still bustling with activity. This is
why we are able to report once more on a
series of GGI projects and events.
The Asian-Paciic Regional Conference is coming up, and promises to fascinate those taking part with its varied programme and charismatic keynote speaker.
Find out more about the topics discussed and key highlights of past GGI
events. September saw around 80 guests
attend the launch of the Boston oice, to
interact with like-minded people in the
stunning atmosphere and to look around
the new GGI oices.
The irst North American EasyMeet
(which will be known in future as the Developing Leaders Conference) was a resounding success. The splendid hosts had
put together a very interesting programme
and acquainted all the guests with their
CONTENT
home country, culture and customs over
the course of a memorable evening. This
year’s World Conference took place in October in Rome. Attended by more than 300
participants, it was the largest conference
in GGI history. The event was extraordinary
not only in terms of numbers, but also in
its impressive content. The next generation of GGI member company staf also
convened recently in Prague at the European EasyMeet.
Access to the GGI App will be available
not only to Apple fans, but also to other
smartphone users everywhere. The GGI
Android App is also available now. The
world of GGI in your pocket – the new
pocket-sized GGI Membership Directory
is available now and can be obtained online at www.ggi.com (Shop).
GGI will again be ofering its support
in the form of grants to ive junior executives from GGI member companies, for
the Global Village on the Move (GvotM)
programme. Those who receive the grant
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will travel to Shanghai, where the programme is held.
GGI member company RN Marwah
wishes to share two of its success stories with our readership. As of now, Adam
Crowson has been appointed to the post
of Regional Manager for the North American market. We can now provide more
information on oice openings and the
Vibrant Gujarat Summit 2013. Marc Faber
gives an outlook on the global economy.
Gareth Winstone, Tax Partner at GGI
members Haines Watts, reports on Business Opportunities in the United Kingdom and Dr. Karl Friedrich Dumoulin,
GGI member irm FPS Rechtsanwälte und
Notare, informs on recent changes in German insolvency law.
Practice Groups have once again
contributed some very interesting articles which we can only recommend.
The M&A Practice Group recently went
online with its new website, which can
be reached at www.ggimergers.com or
at www.ggimanda.com.
Our head oice in Zürich will be closed
for the holidays from 24 December until 2
January, and will reopen on 3 January 2013.
We are looking forward to seeing all of you
very soon, and wish you a pleasant and
peaceful end to the year. We hope that the
New Year will be joyful and prosperous for
you and your loved ones.
Your GGI Team
➜ 13-16 December 2012
GGI Asian-Pacific
Regional Conference
Bangkok – Thailand
➜ 01-03 February 2013
GGI Practice Group
Chairperson Meeting
Zurich – Switzerland
➜ 08-10 February 2013
GGI Practice Group Meeting
International Taxation
Amsterdam – The Netherlands
➜ 01-03 March 2013
GGI EasyMeet
Tel Aviv – Israel
➜ 18-21 April 2013
GGI European Conference
Lisbon – Portugal
➜ 02-04 May 2013
GGI North American
Developing Leaders Conference
Boston, MA – USA
➜ 09-12 May 2013
GGI North American
Regional Conference
San Francisco, CA – USA
Please refer to our website
for actualised information and
additional events: www.ggi.com,
entry “Events”
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CONTENTS
UPCOMING GGI EVENTS
UPCOMING GGI EVENTS
➜GGI Asian-Pacific Regional Conference in Bangkok ..............................................05
REVIEW GGI EVENTS
➜GGI Boston oice opening ..................................................................................... 08
➜GGI EasyMeet Raleigh .............................................................................................10
➜GGI World Conference in Rome .............................................................................. 12
➜GGI EasyMeet in Prague ......................................................................................... 16
GGI NEW MEMBER FIRMS .................................................................................... 18
GGI INTERNAL NEWS
➜New GGI Android app available now ..................................................................... 20
➜GGI Membership Directory 2013/ 2014 available now .......................................... 21
➜Global Village on the Move 2013 .............................................................................22
➜RNM successfully closed a 15 million GBP acquisition .........................................24
➜Adam Crowson appointed as Regional Manager North America ..........................26
➜Marketing Event conducted by RNM in New Delhi
with Leading Real Estate Developer .......................................................................27
➜GGI member firm Nolands opens office in Port Elizabeth ....................................28
➜GGI member firm Lawler Expands to Western Australia .......................................29
COMMON INTEREST
➜Marc Faber anticipates major crash ....................................................................... 31
➜Russian Federation: Removal of Cyprus from its “Black List” ............................... 33
➜Recent Changes in German Insolvency Law ..........................................................34
➜Vibrant Gujarat Summit 2013 ................................................................................. 37
➜United Kingdom – Open for Business....................................................................39
➜New Tax Regime Regarding Intellectual Property and other Tax issues ................43
GGI PRACTICE GROUP PAGES
ITPG
➜Relevant aspects of the new Law against Money Laundering .......................45
M&A
➜GGI M&A Practice Group launched own website ..........................................47
PRIVATE EQUITY AND INTERNATIONAL WEALTH MANAGEMENT
➜Our EU Retirement (U.S. Qualified) Plan solution... .....................................50
REAL ESTATE
➜GGI Practice Group Meeting Real Estate in Rome......................................... 53
TRUST & ESTATE PLANNING
➜The structure of the TEP Practice Group leadership Team ............................54
GGI BUSINESS TRAVEL TIP – Bangkok, the Kingdom of Thailand .....................56
BOOK REVIEW ....................................................................................................... 58
FURTHER CONFERENCES / EVENTS ...................................................................59
DISCLAIMER ..........................................................................................................62
CONTENT
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Bangkok – City View
13-16 December 2012
GGI Asian-Paciic Regional
Conference in Bangkok
At the forthcoming GGI Asian-Paciic
Regional Conference in Bangkok, Dr. Marc
Faber, famously known as Dr. Doom, is
sure to keep the audience spellbound with
his fascinating lecture on “an Investment
strategy in a rapidly changing and highly
volatile environment – addressing longterm structural problems with “short-run
ixes” and superimposing “new bubbles”
In his presentation, he will cover topics such as challenges associated with
expansionary monetary and iscal policies; causes and consequences of the
ongoing shift in the balance of economic
and political power from the most developed countries to emerging economies,
rising social and political tensions in the
Middle East and Central Asia, and territorial disputes in the South China Sea, as
well as investment strategy in a rapidly
changing and highly volatile economic,
political and inancial environment. On
pages 31 f you can read his outlook on
the global markets.
In addition to the keynote speech,
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UPCOMING GGI EVENTS
many further interesting lectures, workshops and Practice Group meetings
promise a varied conference:
GGI member Alan Rajah will deliver a
presentation on “Managing a successful
practice – current challenges facing the
profession”, sharing his team’s own experience of how they developed a UK based
accounting/tax practice and turned this
into a successful international practice as
a result of their membership with GGI.
During a workshop on Saturday morning,
he will go into more detail and discuss
challenges facing the profession with participants and perhaps ind a collective solution to the problems. Some other issues
covered in this workshop will be recruiting and retaining qualiied staf, succession planning and partner compensation,
growing the practice, dealing with complex personal issues, reducing legal liability exposure, improving billing and collection procedures and keeping pace with
technological changes.
Ricky Wong from Hong Kong will
lead an interactive workshop session:
“What you need to know when performing inancial due diligence, especially in
China?”. Allan Farrar and Iain Spittal will
ofer a workshop on “Structuring investment into Australia” and Dipankar Chatterji will elaborate with his workshop participants “The new emerging nations – is
BRICs passé?”
As usual some Practice Group meetings will be held. The special interest
groups (known as GGI Practice Groups)
are institutionalised expert groups estab-
Christine Schraner Burgener – Swiss
Ambassador to the Kingdom of Thailand
lished by active GGI members and are
open to all GGI members throughout
the diferent disciplines. During the Practice Group meetings, information will
be exchanged to ind better approaches
and solutions for clients’ issues. Practice Group members stay connected to
international information and issues relevant to areas of their practice. Meeting
participants pool knowledge and crosspollinate ideas and professional learning
from one irm to another. The following
Practice Group meetings will be held in
Bangkok:
Corporate, Commercial & IP
Auditing, Reporting & Compliance
Task Force Financial Crisis
M&A
Immigration & Expatriate Services
International Dispute Resolution
Thailand, has conirmed her attendance
for the morning session. She will oicially open the conference.
GGI member irms S.A.T. Associates
Legal & Tax Co. Ltd and M.R. Associates
Co. Ltd. will host this year’s Asian Regional Conference and look forward to
welcoming many GGI members in Bangkok, Thailand, at the Shangri-La Spa &
Resorts. Some carefully selected fringe
events will round of the conference as
participants will have the opportunity to
discover Thai cuisine, visit some Buddhist temples and enjoy a city tour.
To prepare for your journey to Bangkok, read Ady Nordman’s travel tips on
Bangkok on pages 56 f.
GGI members who have not yet registered, can still do so. Please use the
online registration tool at www.ggi.com
(member login/events). The detailed
meeting programme is also available
here.
H.E. Christine Schraner Burgener,
Swiss Ambassador to the Kingdom of
Shangri-La Hotel Bangkok, Lake view
CONTENT
Dr. Marc Faber, Keynote Speaker at the
GGI Asian-Paciic Regional Conference
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REVIEW GGI EVENTS
26 September 2012
GGI North American
Regional Ofice
Opening Success
First and foremost, Geneva Group International would like to thank all those
who attended and especially those who
traveled to attend GGI’s North American Regional Oice Opening Event in
Boston.
The event brought members and
candidates together from across the
globe. Over 80 people in all attended
and the majority of participants traveled from outside of the New England
area. Nearly a dozen members traveled
from abroad to join in on GGI’s celebratory event.
The event began with a
champagne toast at the recently completed and renovated GGI oice space in the
heart of Boston’s downtown
inancial district. This gave
a chance for participants to
not only get a feel for the new
GGI oices, but interact with
one another. Participants
had the opportunity to catch
up with familiar faces as well
as meet many new members
and potential future business
partners.
After the initial toast, the
group walked to the prestiThe GGI North American Regional Oice is situated gious State Room, which ofin the heart of Boston’s downtown inancial district
fers panoramic views overCONTENT
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looking the Boston Harbor
and the various historical
communities Boston has
come to be known for. The
entire atmosphere and energy was more than anyone
could have expected given
the nature of the event and
the impression that it was
simply an opening. When
in fact, it turned into what
people have come to admire and look forward to
about attending and expe- Reception area at the GGI North American Regional
riencing these events with Oice
fellow GGI members.
This fantastic opening has set in
GGI believes the simple fact that so
stone GGI’s ever growing presence in many chose to spend an evening with
North America, which proves to be an each other as not only business partners,
important target market. Over the last but in many cases as friends, speaks volthree years GGI’s presence in the Unit- umes as to the type of organization GGI
ed States and Canada grew from 14 to has become and will continue to strive
72 oice locations, highlighting the to be.
great success which GGI has had in this
Our deepest appreciation to all of
crucial market. Having an oice and lo- our members,
cal presence there will truly bolster the
future development of GGI.
GGI North America Services Corp.
100 State Street
3rd loor
Boston, MA 02109
United States
Conference Room
T: +1 857 300 51 00
F: +1 857 300 51 11
Adam Crowson
E: [email protected]
Jane Raphanella
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REVIEW GGI EVENTS
28-30 September 2012
GGI EasyMeet Raleigh
The irst North American EasyMeet
took place in Raleigh, NC, United States
from 28 to 30 September 2012. The
event was kindly hosted by the local GGI
member irms Brooks, Pierce, McLendon, Humphrey & Leonard, LLP (Brooks
Pierce hereafter) and Stancil & Company.
The event was extremely successfully,
with over 50 participating delegates – not
only from the North America region, but
some also from Europe.
The conference was kick-started on
the evening of Friday, 28 September with
a welcome dinner at the Raleigh Marriott
City Centre hotel. This gave participants
the opportunity to get to know one another and also to meet many represen-
tatives of the host irms in attendance.
The formal part of the conference began
on the following morning. The venue for
the event was the North Carolina Museum of Natural Sciences, which kindly
allowed the delegates to use the conference room named after one of the Partners of Brooks Pierce – William G. Ross.
The opening address was delivered
by Claudio G. Cocca (Founder and Chairman of GGI), Walter Tippett (Partner,
Brooks Pierce) and Scott Hensley (Partner, Stancil & Company). Adam Crowson
and Amiran Kavkasidze from GGI gave a
brief introduction to the various opportunities available for member irms to engage in GGI, such as the Practice Groups,
William G. Ross, Of Counsel of Brooks Pierce
Keynote speaker Robert T. Geolas
CONTENT
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Group work at the EasyMeet
diferent conferences worldwide, the International Staf Exchange Programme
and more. The keynote speech was delivered by Robert T. Geolas, Chief Executive
Oicer of the Research Triangle Foundation. Mr. Geolas explained the origin and
history of the Research Triangle Park (the
area comprises the cities of Raleigh, Durham and Chapel Hill). His speech was
particularly motivating and inspirational
for the younger generation delegates at
the conference.
Richard E. Mastrocola (GGI member
irm Tonneson + Co, Certiied Public Accountants and Consultants) gave a talk
on “Shaping Client Trust” where he emphasised the importance for advisors to
understand the needs and expectations of
clients. Mr. Mastrocola highlighted the necessity of having access to clients, contacts
and resources in order to serve clients better. His colleague, John Parker delivered
a technical lecture on “Passive Foreign
Investment Companies”, focusing on the
U.S. tax treatment of these structures.
The afternoon session of the conference was a combination of talks and
interactive exercises led by William G.
Ross and Scott Hensley on the topic of
“The Changing Face of Professional Services”. The talk explained how expectations from clients and the roles of advisors have changed over time, and how
one must adapt to these changes. The
interactive session required participants
to break down into smaller groups and
brainstorm on issues which have been
changing lately, including billing, inding
the most eicient ways to work and managing client expectations.
The conference was concluded with a
wonderful barbecue hosted at the home
of Wade Hargrove, a Senior Partner with
Brooks Pierce. The evening gave participants a true taste of North Carolina
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REVIEW GGI EVENTS
hospitality, with a traditional hog roast,
BBQ chicken and banana pudding. A live
Bluegrass band also played beautiful music throughout the evening.
Sandra Limoyo, from the GGI member irm Haines Watts in the United Kingdom, shares her overall impressions of
the conference:
“The opportunity to meet and to talk
to people from GGI member irms from
across the USA and Canada was unquestionably interesting and enjoyable. Being
able to collaborate, discuss issues and
make contacts with counterparts from
across the world was valuable.
Importantly, events such as the GGI
North America EasyMeet enable a pooling-together of what is a plethora of experience, skills, perspectives and professional knowledge from irms across the
globe.”
Overall, it can be said that the irst
North American EasyMeet (which will be
known in future as the Developing Leaders Conference) was a huge success, and
GGI looks forward to organizing many
more of these conferences in the near future.
Audience at the GGI World Conference in Rome
18-21 October 2012
GGI World Conference
in Rome, Italy
The GGI World conference took place
in the magniicent city of Rome, Italy from
18 to 21 October 2012. The event was hosted by the local GGI member irms Reidata
srl and BCG Associati. This was the largest conference ever hosted by GGI, with
more than 300 participants from member
irms all around the world.
The International Taxation Practice
Group held a very well attended meeting
in the afternoon of Thursday, 18 October covering diverse and very interesting
CONTENT
topics. The ITPG meeting was followed
by a welcome dinner. During the dinner,
Michael Reiss von Filski, CEO of GGI,
introduced the various new members
and candidate member irms who were
attending a GGI conference for the irst
time.
On Friday, 19 October, the full day
programme started with a brief and pithy
welcome speech delivered by GGI Founder and Chairman of the Board of Directors, Claudio Cocca. Dr. Ugo Girardi,
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partner at Reidata srl and representative
for the host irms, took to the loor to
express his greetings to GGI and all the
member irms.
The day schedule provided an exceptional keynote speaker: EU Ambassador John Bruton. He was Prime Minister of Ireland from 1994 to 1997 and
previously held a number of top posts
in Irish government, including Minister for Finance and Minister for Industry, Trade, Commerce and Tourism.
From 2004 to 2009, he served as the
Ambassador of the European Union to
the United States. His topic was: “It
is all about politics....the real story of
the euro crisis”, including his views on
the euro, which was in his eyes established without proper consideration of
the political steps that would have to
be taken in the event of a crisis of conidence in the strength of Europe’s banks
Keynote speaker John Bruton
or the creditworthiness of governments. The possibility of a contagious
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REVIEW GGI EVENTS
loss of conidence afecting both was not
contemplated, nor was the efect of a resultant contraction in the availability of
credit to otherwise entirely viable businesses. These issues are now, belatedly,
being tackled but this has to be done
against a background of a newly nationalistic and resentful public opinion that
is almost totally unprepared for the measures that will have to be undertaken.
Resolving this problem is in his view the
biggest challenge of creative statesmanship and leadership Europe has faced
since World War Two.
After Mr. Bruton’s speech, Prof. Teodoro Cocca ofered an in depth overview
of the current situation of the European
Monetary Union in “Euro on the brink”.
He provided data and anticipations
about the path toward which Europe is
moving with its monetary policy. It was
fascinating to hear the political as well as
the scientiic view.
The irst half of the day concluded with
the Management Report delivered by Michael Reiss von Filski. After providing a
view of structure and governance characterising GGI and a report of the company’s activity in the European region, the
three regional managers (Adam Crowson
for North America, Dr. Miguel Mantelli
for Latin America & the Caribbean and
Peter Kaeser for Middle East, Africa and
Asia-Paciic) talked about the current situation in their respective areas.
On Friday afternoon, two rounds of
various Practice Groups were held, where
experts from all over the world exchanged
technical knowledge and visions, as well
as exploring opportunities for future joint
business projects. The newly established
practice group Trust & Estate Planning,
chaired by Steven L. Cantor, also held its
irst meeting. Please refer to pages 54 f
Conversations during cofee break
CONTENT
Good mood at the gala dinner
for further information on this new GGI
Practice Group.
After a very interactive day, member
delegates were invited to a wonderful
dinner with a live band at La Carovana, a
typical Roman restaurant absorbed in a
relaxing and cosy environment.
Saturday, 20 October was the last day
of the conference. Member delegates enjoyed several interactive workshop sessions. During the second half of the day,
delegates and accompanying persons
could enjoy a variety of sightseeing programmes in Old Rome and Vatican City.
The conference ended on a high with
the Gala Dinner taking place at Casinadi
Macchia Madama, an elegant villa located in the heart of Rome. The location
dominates the areas of Colli Albani and
Monti Lucerni providing a breath taking
view. All delegates attending this fantastic black tie event enjoyed themselves
as the conference came to a successful
end.
Networking
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REVIEW GGI EVENTS
16-18 November 2012
GGI EasyMeet in
Prague, Czech Republic
The 2012 GGI Autumn EasyMeet was
held in Prague between 16 and 18 November and was kindly hosted by GGI member irm Konečná & Zacha, s.r.o. GGI had
the pleasure of sharing this remarkable experience with 47 delegates from member
irms who attended this inspiring meeting
and took the opportunity to network with
the staf of fellow members, share experiences and attend fruitful workshops and
presentations.
The event started on Friday 16 Novem-
ber in the afternoon with a meeting of the
GGI International Taxation Practice Group
in the oices of Konečná & Zacha s.r.o. in
the old town of Prague, a beautiful location surrounded by the gothic architecture
of the city. The meeting was followed by a
cocktail reception in the oice, where the
irm partner JUDr. Radka Konečná gave a
welcoming speech to delegates. The day
ended with a special dinner at SaSaZu
restaurant, which is well known in the city
for its far-eastern cuisine. The delegates
savoured delicious
sushi and appreciated the oriental
atmosphere of the
venue.
Saturday featured a full day of
captivating presentations and interactive workshops.
The day started with
a speed networking session where
the
attendants
had the chance to
briely meet and inMelina Karaolia from M. Eliades & Partners LLC
troduce each other.
CONTENT
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Audience at the EasyMeet in Prague
This was followed by the contribution of
Adrian Achimescu from Konečná & Zacha
s.r.o., who delivered an interesting speech
about business opportunities in Romania, considering the perspective of energy
from renewable sources. Second speaker
of the morning was Melina Karaolia from
Eliades & Partners. Her session about arbitration and mediation in the new era of
dispute resolution closed the irst half of
the conference.
The afternoon session featured three
more contributions. First, Vesela Kabatliyska from Dinova Rusev & Partners
gave an interesting overview of dispute
resolution. Following on, Michiel Teekens, from TeekensKarstens advocaten
notarissen, delivered a handy lesson regarding GGI awareness, the global village GGI relation, and internationalisation. Last but not least, speaker of the
day was Graham Busch from Lawrence
Grant Chartered Accountants. During
his session, several issues such as networking tips and GGI awareness tools
were discussed and the attendants
could also appreciate an intervention by
Michael Reiss von Filski, CEO of Geneva
Group International.
The programme continued with a 90
minute guided tour of Prague’s old town,
providing insights into the history and culture of this beautiful city. The tour ended
at the Novoměstský pivovar, a renowned
brewery in the old town which provided
participants with an opportunity to sample Czech cuisine and drinks, while also
delighting in local live music. All delegates
attending this traditional event enjoyed
themselves as the conference came to a
successful end.
Adrian Achimescu from Konečná &
Zacha s.r.o.
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NEW MEMBER FIRMS
Germany
DIEM & PARTNER Rechtsanwälte
Hölderlinplatz 5
70193 Stuttgart
Germany
T:
F:
E:
W:
+49 711 228 54 50
+49 711 226 55 70
[email protected]
www.diempartner.com
Further ofices in: Istanbul (Turkey), Lyon
(France). Company languages: German,
English, French, Turkish. Contact person:
Frank E.R. Diem, [email protected].
Services: Law Firm.
United
States
Libya
Ahmed Ghattour & Co.
Certiied Public Accountants and Auditors
Dar almansora Building
Jumhoria Street
P.O Box 6026
Tripoli
Libya
T:
F:
E:
W:
+218 21 444 44 68
+218 21 333 48 14
[email protected]
www.ghattour.com
Company languages: Arabic, English. Contact person: Ahmed Ghattour, aghattour@
ghattour.com. Service: Financial Audit &
Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance, International Trust & Estate Planning.
Shields & Company, Inc.
890 Winter Street Suite 160
Waltham, Boston, MA 02451
United States
T:
F:
E:
W:
+1 781 890 70 33
+1 781 890 70 34
[email protected]
www.shieldsco.com
Company language: English. Contact
person: Thomas J. Shields, tshields@
shieldsco.com. Service: Management Consulting, Corporate Finance.
Search for
independent members
of GGI at
www.ggi.com
Frank E.R.
Diem
Ahmed
Ghattour
We wish to extend a very warm welcome to our new distinguished members.
CONTENT
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Thomas J.
Shields
GGI iPhone App
GGI Android App
We wish to extend a very warm welcome to our new distinguished members.
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GGI INTERNAL NEWS
GGI Android app
now available in
Google Play Store
In addition to the GGI iPhone app a
GGI mobile app is available now also for
the Android devices, free of charge. The
GGI app ofers all Android devices users
quick and easy access to the GGI register of
members, details of all current GGI events,
the GGI corporate video and GGI contact
details. Below we present an overview of
the advantages:
Member Search – Users are taken directly to a map with all members displayed
as pins. Click on a pin and a small pop-up
appears with the name of the member and
a “detail button”, which takes the user to
a page displaying the details/contact information of the member in question.
GGI Events – The event tab displays
an up-to-date list of all future GGI events.
Clicking on “Past Events” brings up details
of all events that have already taken place.
GGI Corporate Video – The video will
be displayed in full-screen mode with the
usual player controls.
GGI Contact – Detailed contact information (e.g. addresses, telephone
numbers & email addresses) is displayed
under “Contacts” and is arranged by region.
CONTENT
You can download the GGI app clicking
here or searching “Geneva Group International” in the search bar of the Google Play
Store from your Android Smartphone or
Tablet.
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10% discount on all online purchases
GGI Membership
Directory 2013 / 2014
available now
The GGI membership directory
2013/ 2014 is available in the GGI
web shop. The directory contains a
complete list of GGI member irms,
including the addresses, contact
person details and information on
areas of expertise of individual practices.
The directory is a brilliant tool
to demonstrate your irm’s international strength and global reach.
The directory can be obtained from
the GGI online shop via www.ggi.
com. If you purchase the GGI membership directory online you will receive 10% discount on all purchases
made before 31 January 2013.
Further advertising materials,
such as GGI pennants and books,
can also be acquired from the online shop or directly from GGI Head
oice.
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GGI INTERNAL NEWS
17 to 26 September 2013
Global Village on
the Move in Shanghai
GGI is cooperating with the Iacocca
Institute, Oice of International Afairs
at Lehigh University Pennsylvania, USA
(www.lehigh.edu), to send participants
to their co-organised leadership programme – Global Village on the Move
(GVotM) Shanghai 2013. The theme of
the event will be “Building business alliances in Asia”.
Global Village on the Move programmes are designed to be professional development, training and immersion
experiences that explore business climate
and culture in the host country around
a speciic theme. The programmes are
GVotM 2013 will take place in Shanghai
CONTENT
focused on business and industry knowledge, leadership and entrepreneurship
skills and the development of a global
network.
Global Village on the Move programmes focus on unique business and
cultural environments by taking participants to dynamic locations throughout
the world and providing focused learning experiences, presented on location.
The Global Village programme builds on
the central mission that the knowledge
of business and industry, the skills of
leadership and entrepreneurship and the
continuous development of a powerful
global network are essential for today’s most successful young professionals.
This
year’s
programme took place in San
Marco dei Cavoti in Italy
from 09 to 18 September.
It was highly successful
and a great experience for
all the participants, panellists and everyone who
was involved. Two participants of the programme
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Ready for the Global Village on the Move in Shanghai
shared their impressions with us:
Paulina Reveles, GGI member irm
Integroup, Guadalajara, Mexico, summarized her experience: “Through this
amazing experience I believe I have
learned a lot about myself, entrepreneurship and the business world around me.
One of the hightlights of the programme
was being able to meet so many interesting people coming from opposite backgrounds and diferent cultures; to work
with them in groups, socialize with them,
but most importantly, to have learned the
true essence of teamwork and leadership
with them all. I believe it has been a life
changing experience for me and a countless number of other professionals”.
Dagoberto Mendoza, GGI member
irm DRDA PLLC, Houston, TX, USA, said
“It was a huge opportunity for growth and
experience personally and professionally.
The courses and exercises were very interesting and well explained by talented
and successful individuals. As a result of
this, I was able to meet many people from
all around the globe which later became
good friends during the social activities.
Truly, it was one in a lifetime experience.“
In order to stimulate the company’s
cooperation with the programme, GGI
will sponsor ive young professionals from
its member irms to attend the GVotM
Shanghai 2013 programme, which is to
be held from 17 to 26 September 2013 in
Shanghai, China. The GGI sponsorship
includes all classes, workshops, food
and accommodation over the nine days,
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GGI INTERNAL NEWS
providing a useful cross-border professional experience and participants are
only required to cover costs for getting to
the programme location. Theme of the
programme will be “building business
alliances in Asia”.
Candidates should be mid-level managers and young professionals aged between 22 and 35 that possess speciic
personal values, ethics, motivation and
skills. Applicants should also have an
idea of the beneit they hope to derive by
attending and contributing to the programme. To promote the diversity of par-
ticipants, one candidate will be picked
from each of GGI’s ive regions.
GGI professionals will join 40 to 50
other professionals from China and
throughout the world for this Global Village, experiencing a stimulating and challenging multicultural environment.
The application form required to apply to Global Village on the Move Shanghai 2013 will be sent to all GGI member
irms in November. We cordially invite
all young professionals to apply for this
opportunity to join this successful crossborder experience.
RNM successfully closed a
GBP 15 million acquisition
In a move to spread its wings further
into European nations, one of India’s
leading hospitality chains inalises a
spectacular property at the world centre
for inancial services with professional
advice from RNM.
The Lalit Suri Hospitality Group was
looking outside of Asia and the Middle
East for a prestigious London property
where legendary Indian hospitality, styles
and ambience could be experienced at
their best. The Group wanted to involve
an investment banking irm which could
Raghu Marwah
CONTENT
GET PDF
Looking for a prestigious London property – RNM successfully closed a GBP 15 million
acquisition
run property searches, negotiations,
structuring and deal closure by understanding the needs of the LaLit Brand
in its quest to ofer guests an exceptional experience, but not at an exorbitant
price. A unique location was soon identiied, which adjoins a UNESCO World
Heritage site and an icon of London, the
Tower Bridge, surrounded by restaurants
and bars, markets, cultural venues and
historic sites in Southwark Council, London. Following this, the market was assessed and the inancial feasibility of the
proposed 4 star boutique hotel was projected. The hotel site is highly visible and
the LaLit brand will beneit from being
part of the wider Berkley Homes development, which, once complete, will provide a mix of high-quality residential and
leisure developments. In addition to major attractions and local venues, the wider Bankside area also hosts a number of
key events, such as the Mayor’s Thames
Festival and the Bankside Frost Fair. This
was considered a strong market opportunity for the hotel to establish itself in
the local and wider London hotel market as a high-quality Indian hotel brand
with international exposure. The acquisition of a guide price of GBP 15 million
was conceded in June 2012 by RNM &
Associates, an investment banking irm
with successful track record of completing strategic investment and merger and
acquisition transactions. RNM & Associates is part of the RNM Group with GGI
member irm R.N. Marwah & Company,
chartered accountants rendering professional services to its esteemed clients for
more than 65 years. The hotel property
is now being refurbished to become a 4
star boutique property with a launch of
the Grade II listed historical building expected at the end of 2014.
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GGI INTERNAL NEWS
Adam Crowson
appointed as Regional
Manager North America
Adam Crowson joined GGI in April
2011 to help grow GGI throughout North
America. He is based in the GGI oice
in Boston, but frequently travelling to
meet GGI member irms as well as prospects to strengthen the network.
He demonstrates a inely-honed instinct for selecting suitable candidates
and successfully developed the North
American market for Geneva Group International AG. With an innate grasp of
client needs and wishes he will be the
right person to maintain and develop this
important region and ensure member
irms are happy. In October 2012 Adam
has been appointed by GGI’s Executive
Committee as Regional Manager North
America. In this function he serves as
member of the Executive Committee.
He graduated from the University of
Nevada Las Vegas with a degree in Finance. He always wanted to understand
how business motivates and shapes
the world we live in. Prior to GGI, Adam
worked in the Real Estate Finance ield.
Adam has always had a passion for
food and wine and is actually a Certiied
Sommelier.
CONTENT
GGI North America Services Corp.
100 State Street
3rd loor
Boston, MA 02109
United States
T: +1 857 300 51 00
F: +1 857 300 51 11
Adam Crowson
Jane Raphanella
Marketing by RNM in New Delhi
Event with leading
real estate developer
Adam Crowson
GGI North America has also recently
hired Jane Raphanella to help address
the growth and continuing needs of
the North American members. Jane will
help maintain GGI’s continued presence throughout the region by providing support in operations across North
America and as a resource for GGI’s
growing membership.
GET PDF
In September 2012, London, Berkeley
Homes, one of the leading luxury home
developers in UK, collaborated with
RNM & Associates to organise an event
in New Delhi to promote the residential
project on south bank of River Thames.
The area between Blackfriars Bridge and
Tower Bridge is home to some of the capital’s most iconic attractions, including
Tate Modern and Shakespeare’s Globe,
as well as unique venues such as the
Menier Chocolate Factory, Vinopolis and
Borough Market. The One Tower Bridge
project overlooks the Tower Bridge on the
Thames comprising apartments priced
anywhere between GBP 0.85 million and
GBP 14 million. RNM & Associates leveraged a scalable platform for its key cli-
entele to interact with the luxury home
developer. Presentations were made on
tax implications and ways of structuring
overseas direct investments (ODI). The
event received good press coverage, including the leading business daily, The
Economic Times.
GGI member firm
R.N. Marwah & Company
Financial Audit & Accountancy,
Tax Consulting, Management Consulting,
Corporate Finance
New Delhi, Bangalore
India
Raghu Marwah, FCA
W: www.rnm.in
27
GGI INTERNAL NEWS
GGI member irm Nolands SA
New ofice in Port
Elizabeth, South Africa
Port Elizabeth is the most recent addition to Nolands SA’s growing national
presence in South Africa.
The company is headed up by David
Masterton CA (SA) CFE, a well established
accounting and inance professional in
the region.
Nolands prides itself on being “not ordinary” and for the irst time the Eastern
Cape business community will be able to
beneit from the brand’s particular style of
Photo: Ngrund
28
Nolands SA opens new oice in Port
Elizabeth, South Africa
CONTENT
energy and professionalism that is growing the company’s reputation across the
country.
In many ways, Port Elizabeth was the
missing piece of the Nolands national
footprint and they know that David has
both the experience and the know-how to
very professionally ill this important gap.
The oice will also have a capability
across the advisory spectrum, from commercial to technical and tax. For specialised input, the Port Elizabeth oice will be
able to draw on the national Nolands network.
GGI member firm
Nolands SA
Financial Audit & Accountancy Services,
Coprorate Finance, International Trust
& Estate Planning
Port Elizabeth, Cape Town, Umhlanga
Rocks, Bloemfontein, Johannesburg,
Mthatha (Eastern Cape)
South Africa
David Masterton
T: +27 81 271 0585
W: www.nolandsadvisorype.co.za
GET PDF
GGI member irm
Lawler Expands to
Western Australia
Australian GGI representatives Lawler Chartered
Accountants (Lawler) announced on 1 November
that leading Western Australian accounting practice
McGillivrays would join the
independent group of irms.
Perth-based
McGillivrays joins other Lawler
irms with oices across
Australia in Sydney, Melbourne, Brisbane, Newcastle,
Rockhampton,
Tamworth and Walcha bolstering numbers to almost
400 directors/partners and
staf across the group.
McGillivrays Managing
Director, Wayne Healy, said
the Lawler Alliance was an
enormous step in the development of the irm and that Terry Lawler (left) with Wayne Healy from Lawler
the critical factor in discus- McGillivray
sions had been to ensure
the culture of each irm is aligned.
our clients and team have expanding
Mr. Healy said “We have been in the horizons and the opportunity for our
Perth local market for over 28 years,
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GGI INTERNAL NEWS
business to grow with like-minded businesses both nationally and internationally is exciting.”
“As a professional services irm our
focus is on helping our clients achieve
their goals and objectives. Lawler provides us access to an expanded network
of experts with the same commitment
to personalised client service.
Importantly, the alliance structure
also means we remain an independentlyowned and managed business”, Mr.
Healy said.
Lawler Chairman, Terry Lawler, said
this represented an important milestone
in the alliance’s dedication to ofer each
irm’s clients additional value and depth
of services.
“In a nutshell, our alliance operates
on the philosophy that the ‘sum of the
parts is greater than the whole’. While
as independent irms we operate separately and independently in our markets,
we leverage our knowledge and expertise as a group to strengthen our value
to clients.
We already have a strong presence
on the eastern seaboard and are delighted to now have representation in Western Australia which is currently Australia’s strongest performing economy”,
Mr. Lawler said.
About Lawler
Lawler Alliance is a group of specialist independent irms ofering a range
of consistent services designed to add
CONTENT
GGI COMMON INTEREST
value to a client’s business and inancial
afairs, including:
Audit and Assurance
Business Advisory
Taxation
Business Recovery & Insolvency
Corporate Advisory
Wealth Management
Forensic accounting
Franchise
Hospitality
Superannuation.
Stock market guru Marc Faber
GGI member firm
Lawler Partners chartered accountants
(Financial Audit & Accountancy Services,
Corporate Finance, International Trust
& Estate Planning)
Sydney, Melbourne, Brisbane, Newcastle,
Rockhampton, Perth
Australia
Terry Lawler
W: www.lawlerpartners.com.au
GET PDF
Investor Marc
Faber anticipates
major crash
Stock market guru Marc Faber, who
will be keynote speaker at GGI’s upcoming Asian-Paciic Regional Conference in
Bangkok, warns that the stock markets
will crash. The global economy is losing
momentum, global inancial systems will
implode some day and central banks and
political systems are at risk of collapse.
The distinguished investor Marc Faber
predicts that a massive price slump is imminent on the stock markets. After peaking at 1,474 points in September, the U.S.
S&P 500 stock index could drop by at least
20%, which would not be attributable to
Greece or the iscal clif in the USA.
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GGI COMMON INTEREST
The latter can be overcome with a little
work on all sides from the Congress. Republicans and Democrats are likely to be
in agreement about raising a number of
taxes in ive years or so and, according to
Faber, spending cuts are likely to take place
in 100 years. Faber is far more convinced
that the markets will collapse because of
company proits coming under pressure and
the fact that the global
economy is only likely
to register very weak
growth – potentially
even shrink – over the
next year.
Following the dificulties in the LTCM Marc Faber
hedge fund in the USA,
fears of wildire panic spreading in the
banking system depressed the mood on
international stock markets on 1 October
1998. Concern about escalation of crises
in Asia, Japan, Latin America and Russia
also took its toll. The DAX fell by 7.6%.
The attacks on the World Trade Center on 11 September triggered panic on
the inancial markets. While Wall Street
remained closed as it was located close
to the site of the terrorist attack, the DAX
fell 8.5%. On 14 September 2001, three
days after the terrorist attacks, fear of
U.S. retaliation pushed the DAX down
even further by more than 6%. Additionally, there was uncertainty about the reopening of Wall Street on the following
Monday, 17 September. In the wake of a
four-day break in trading, the Dow Jones
CONTENT
subsequently fell by more than 7%.
Stock market expert forecast:
“It will be even worse this time” – The
problems each country has to deal with
difer. In many Asian countries, the issue
is overcapacity, for example in the real
estate sector. The vast
mountains of debt in
the Western world including Japan are curbing growth. Faber is
quite certain that the
entire global inancial
system will one day hit
zero. It is not the central banks, but imploding currency, loan and
stock markets that will ensure a potential
re-launch of the system.
The euro has failed – Those who then
still retain half the assets they own today
should consider themselves lucky. The
further manipulative market intervention
by central banks and politicians pushes
this day into the future, the more painful the shakeout process will be. Central
banks and politicians in Western democracies are risking a complete collapse of
society, warns Faber.
In the eurozone, the contours of Faber’s bleak forecast are already recognisable today: the longer the euro exists, the
higher the cost. The ridiculous experiment
to save the euro at any cost is putting the
peripheral countries on a direct path to a
third world future.
GET PDF
Russian Federation:
Removal of Cyprus
from its “Black List”
The Ministry of Finance of the Russian Federation has announced the removal of Cyprus from its “Black List”
with efect from 1 January 2013. This
will have a positive impact on both inbound investment to Russia from Cyprus and outbound investment from
Russia to Cyprus and globally.
regulations will continue to apply.
Other possible Russian provisions
being introduced with restrictive
implications in respect of payments to companies in jurisdictions on the Black List will not
apply to transactions with Cyprus
companies.
This is importantly:
With efect from 1 January 2013,
dividends paid from Cyprus companies to Russian companies will
be exempt from taxation in Russia (subject to the normal holding
conditions), beneiting from the
Russian participation exemption
that does not apply to dividends
from countries on the Black List.
The transactions of Russian companies with Cyprus companies
will not be subject to the onerous
transfer pricing provisions introduced with efect from 1 January
2013 for countries on the Black
List. The standard transfer pricing
GGI member firm
M. Eliades & Partners LLC
Financial Audit & Accountancy
Services, Tax Consulting, Law Firm,
International Trust & Estate Planning
Nicosia, Cyprus
T: +357 22667730
W: www.eliades.eu
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GGI COMMON INTEREST
Recent changes in German insolvency law
Position of creditors in
preliminary proceedings
strengthened
With efect from 1 March 2012, new provisions were implemented in German insolvency law. They strengthen the position
of creditors in preliminary proceedings
prior to the appointment of an insolvency
administrator and the commencement of
insolvency proceedings. Creditors of the
debtor in insolvency now have the following options to inluence the appointment
of the insolvency administrator:
1. Options of individual creditors
Individual creditors may propose to
the insolvency court a suitable (preliminary) insolvency administrator (cf. Section 56 (1) of the German Insolvency
Act). However, the court is not bound by
such a creditor’s proposal.
2. Options of the preliminary
creditor committee
According to Section 22a (1) of the
Insolvency Act, it is compulsory to set
up a preliminary creditor committee
CONTENT
(vorläuiger Gläubigerausschuss) in the
opening proceedings if the debtor in insolvency met at least two of the following three conditions in the preceding
inancial year: (i) at least EUR 4.84 million balance sheet total after deduction
of a deicit on the assets side within the
meaning of Section 268 (3) of the German Commercial Code, (ii) at least EUR
9.68 million turnover in the 12 months
before the inal date of accounts, (iii) an
annual average of at least 50 employees.
If the debtor in insolvency does not
meet these requirements, pursuant to
Section 22a (2) of the Insolvency Act, a
creditor is entitled to demand the setting
up of a preliminary creditor committee.
Besides, the preliminary insolvency administrator or the debtor in insolvency
can make such an application.
However, even if the threshold pursuant to Section 22a (1) of the Insolvency
Act is met or if an application is made
according to Section 22a (2) of the Insolvency Act, a preliminary creditor committee may not be set up if (i) the business
GET PDF
of the debtor in insolvency has already
been shut down (cf. Section 22a (3) of
the Insolvency Act), if (ii) it is economically unreasonable to set up a preliminary creditor committee in view of the
existing assets of the debtor in insolvency or if (iii) the delay – due to setting up
a preliminary creditor committee – will
economically be detrimental to the inancial situation of the debtor in insolvency.
Through the preliminary creditor
committee, the creditors can inluence
the appointment of both the preliminary
insolvency administrator in the opening
proceedings and later of the (inal) insolvency administrator after commencement of the insolvency proceedings.
Furthermore, the preliminary creditor
committee shall support and supervise
the insolvency administrator (cf. Section
69 of the Insolvency Act).
In order to adequately take into account the interests of all kinds of creditors concerned, the preliminary creditor
committee shall be made up of creditors
with preferential rights as well as creditors with the highest amounts of claims
against the insolvency debtor and those
with only minor claims and an employee’s representative (cf. Section 67 (2) of
the Insolvency Act). In detail, the following rules apply:
2.1 Deinition of a proile
for the (preliminary)
insolvency administrator
In accordance with Section 56a (1)
Dr. Karl Friedrich Dumoulin
of the Insolvency Act, the court has to
hear the preliminary creditor committee before appointing a (preliminary)
insolvency administrator. The preliminary creditor committee shall comment
on the requirements which the (preliminary) insolvency administrator has to
meet and on the person of the administrator unless – again – there is a risk
that such a hearing may be detrimental
to the economic situation of the debtor
in insolvency. Consequently, the preliminary creditor committee can determine
a proile of the (preliminary) insolvency
administrator by a resolution of the majority (for further details, cf. Section 72 of
the Insolvency Act) and therefore participate in the selection of the (preliminary)
insolvency administrator.
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GGI COMMON INTEREST
2.2 Proposal of a speciic person
as (preliminary) insolvency
administrator
The court may only deviate from a
unanimous proposal of the preliminary
creditor committee if the proposed person is not suitable for the position of a
(preliminary) insolvency administrator.
It must, however, base the appointment
of the insolvency administrator on the
requirements as to his person resolved
upon by the preliminary creditor committee.
As mentioned above, in urgent cases
(risk of detrimental change in the inancial
situation of the debtor in insolvency), the
court may refrain from hearing the preliminary creditor committee. However, in
such cases, the preliminary creditor committee in its irst meeting may – by unanimous resolution – replace the (preliminary) insolvency administrator appointed
by the court with its own candidate (Section 56a (3) of the Insolvency Act).
Summary
The reform strengthened the position
of creditors in insolvency proceedings,
particularly during the early stage of the
opening proceedings where important
decisions are usually made. It remains to
be seen how the new law will be handled
in practice and how often a preliminary
creditor committee will have to be installed due to the threshold of the business size provided for in Section 22a (1)
of the Insolvency Act.
However, the introduction of the preliminary creditor committee and its early
and extensive participation rights in insolvency proceedings are very positive
steps towards ensuring the creditors’ inluence in insolvency proceedings. The
iling for insolvency should, therefore, be
properly prepared as it should contain all
necessary information which the court
will require. In the event that the applicant carefully selects suitable persons
for the preliminary creditor committee, it
can avoid a delay in the appointment of
the committee.
3. Participation after opening of
the insolvency proceedings
After the opening of the insolvency
proceedings and appointment of an insolvency administrator, the creditors
may replace the insolvency administrator with their own candidate in their irst
meeting after the appointment of the administrator (Section 57 of the Insolvency
Act). In this respect, the law has not been
changed.
CONTENT
GGI member firm
FPS Rechtsanwälte & Notare
Law Firm
Dusseldorf, Frankfurt, Berlin, Hamburg
Germany
Dr. Karl Friedrich Dumoulin
W: www.fps-law.de
GET PDF
Vibrant Gujarat Summit – the biggest business summit of India
Vibrant Gujarat
Summit 2013
Gujarat, the economic powerhouse
and growth engine of India, has inherent strategic strength due to its location
and is considered one of the preferred regions from a logistics perspective. Given
the excellent infrastructure and stable political governance, Gujarat has
emerged as a global business hub at
the Vibrant Investors’ Summits, which
are organised every two years.
Vibrant Gujarat is a biennial, high
level, multi stakeholder gathering, acknowledged globally as the premium
platform for decision-making and action
on emerging opportunities in Gujarat,
India and beyond. Vibrant Gujarat Investors’ Summit is South Asia’s premier investment event. It is the most dynamic
initiative by the
state of Gujarat,
which has been organised under the
able
leadership
of Mr. Narendra
Modi since 2003. Over time, the focus
has shifted from an “investors’ summit”
to an ideal platform for knowledge, social
and business transformation. The ive
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GGI COMMON INTEREST
global summits held so far have been a
resounding success, having attracted investment agreements to the tune of USD
817 billion.
The sixth Summit is taking place from
11 to 13 January 2013 at Mahatma Mandir
in the state capital, Gandhinagar.
Vibrant Gujarat 2013 will be an unrivalled platform for exploring business
opportunities, sharing best practice and
interacting with inluential people. Furthermore, this year’s focus on education, knowledge industries and youth
deployment will put the spotlight on
some of the most crucial issues facing
global economies as they strive towards
inclusive and balanced development.
Japan and Canada are the partner
countries for Vibrant Gujarat 2013 investors’ summit.
Why Gujarat?
Although it only has 5% of India’s
population, Gujarat has 16% of the industrial production. The state has been
witnessing double-digit growth rates
over the last ive years, even at a time of
global recession.
Longest coastal line – 1,600 km
Number of ports – 42
Number of airports – 17
Special economic zones – 60
Industrial estates – 198
Integrated state gas grid – 2,400 km
Abundant natural resources
Large pool of skilled human resources
CONTENT
Land bank availability for industrial
use
Robust physical, social and industrial
infrastructure
The right work-life balance
Proactive governance
Transparent, business friendly policies
Home to many of India’s ambitious
projects
Leaders and heads of state, decision
and policy makers, corporate leaders and
CEOs, multinational corporations, Indian corporations and SMEs, national and
international chambers of commerce,
academics, inancial experts, media and
opinion makers, international business
and inance, sophisticated investors, entrepreneurs and the global Indian diaspora are expected to participate in the
event.
Vibrant exhibition event is organised
in an area of 1 Lac Sq. Mts and more than
eight million people from across the
globe are expected to visit the event.
Zinzuwadia & Co., Chartered Accountants, are a GGI member irm in Ahmedabad City, the third fastest growing city in
the world.
Vijesh Zinzuwadia, partner at GGI
member irm Zinzuwadia & Co., Chartered Accountants, is happy to provide
assistance and answer any questions for
those interested in attending the event.
His mobile number is 0091 98253 29576.
Further contact details can be found below.
GET PDF
GGI members who would like to participate in this event can be sent formal
invitations directly from the State Government of Gujarat.
As more than eight million visitors
from across the globe are expected to
participate in the event, hotels may be
fully booked, but we are happy to help
with organising hotel accommodation
and transport.
GGI member firm
Zinzuwadia & Co., Chartered Accountants
Corporate Finance
Ahmedabad, Vododara, Mumbai, Kalol,
India
Vijesh Zinzuwadia
W: www.zinzuwadiaco.com
United Kingdom –
Open for Business
By Gareth Winstone
Despite the economic issues around
the world, it has never been a better time
to set up business in the UK. Many global
companies have a presence or headquarters in the UK because of the well established legal and regulatory framework and
the highly skilled workforce.
Getting Started
The main forms a business can take
in the UK are as a permanent establishment of a non-UK resident company or as
a standalone company (including a subsidiary of an overseas company).
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GGI COMMON INTEREST
It is very easy to set up a business in the
UK and takes very little time. Registration
is required with Companies House to set
up a company or register a branch, and
HM Revenue & Customs need to be notiied for corporation tax, payroll tax and VAT.
Corporation Tax
Companies are subject to tax on their
worldwide proits and gains, permanent
establishments are only subject to tax on
the UK proits and gains related to the
permanent establishment.
The current rate of tax in the UK is:
24% for proits above £1,500,000 (expected to decrease to 23% and 22%
over the next few years).
20% for proits below £300,000
25% on proits between £300,000 and
£1,500,000
Where there are active associated companies, including overseas companies, all
these limits are reduced, in efect spreading the limit across all active companies.
For companies paying tax at the lowest
rates, the liability is due nine months and
a day after the year end, for companies
paying at the full rate, tax is payable by instalments, two in the accounting period
and two after.
Deductions
Qualifying capital assets purchased for
use in the trade can be written of against
CONTENT
proit. The deduction is called capital allowance and takes the place of commercial depreciation charged in accounts. The
irst £25,000 of assets purchased in a year
get 100% deduction, the excess expenditure gets 18%/8% deduction per year on a
reducing balance basis depending on the
type of expenditure.
The UK is focused on innovation and
provides large tax breaks for expenditure
on research and development (R&D).
Currently, a 225% deduction is allowed for
qualifying expenditure on R&D, for every
£100 spent there is a deduction of £225.
Subject to OECD based transfer pricing rules, Interest paid to money lenders
both third party and other group companies is deductible against proits but may
be subject to a withholding tax. The UK
does have worldwide debt cap rules which
can also restrict the deduction for interest if it exceeds the worldwide interest expense of the group.
Extraction of funds
The UK does not withhold tax on the
payment of dividends, therefore after tax
proits of the UK company can be paid as
a dividend to the parent company without
sufering tax.
If the UK company is used as a holding
company, the receipt of dividends from
subsidiaries is generally exempt from corporation tax, subject to certain rules designed to limit abuse..
The payment of interest from the UK
company to an overseas company on a
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loan will have withholding tax at 20%, but
double tax agreements can be used to reduce or eliminate this tax.
In a similar vein, royalties paid to overseas intellectual property rights holders
will also sufer withholding tax at 20%
and again this can be reduced depending
on the double tax treaty available.
Business Exit
No tax will generally arise on the sale
of the shares in the UK company by the
overseas parent company (unless the
shares are held through a UK permanent
establishment), because UK capital gains
tax is only chargeable on UK residents.
If the UK company is used as a holding
company, the sale of shares in subsidiaries
may be exempt from tax on the UK company due to the substantial shareholding
exemption. This requires the shareholding in the subsidiary to be at least 10%
and have been held for at least 12 months.
The company being sold and the company making the sale must be trading both
before and after the disposal.
If the business is a UK permanent establishment then upon disposal of UK assets used in the UK trade taxable gains
may arise which are charged to corporation tax.
International Connection
The UK has one of the most extensive
tax treaty networks in the world and there
is generally the ability to reduce withhold-
ing rates and eliminate double taxation
when transacting from a UK company.
As the UK is part of the EU, it provides
an excellent gateway to Europe and beneits from the EU cross boarder reliefs for
freedoms of movement to allow ease of
trade.
The UK follows the OECD guidance on
transfer pricing and uses the arm’s length
principle. Small and medium size groups
are generally exempt from transfer pricing.
UK companies of a large group must keep
suicient records in line with OECD recommendations to justify pricing between
group members both within the UK and
internationally.
Personal Taxation
Residence and domicile
An individual will deinitely be resident
if physically in the UK for 183 days or more,
a day is counted if present at midnight. It
is possible to be resident if in the UK for
less days but the rules are far more complicated. New rules are expected to come
into force from April 2013 which will bring
a welcome certainty to this area.
Liability to tax
An individual that is resident and domiciled in the UK is taxable on his/her
worldwide income, a UK resident that is
non UK domiciled may choose each tax
year to be taxed in the same way as a UK
domicile or on the “remittance basis”.
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GGI COMMON INTEREST
The remittance basis allows for overseas
income/gains to only be taxed if brought
into the UK. However, there are penalties
for choosing this method, such as the
loss of tax free allowances and potentially
a charge to tax of up to £50,000 depending on the number of year’s resident in
the UK. Therefore it is necessary to review
the income and gains every year to choose
which method is preferable for that tax
year.
A remittance is not limited to cash but
also covers assets and the repayment of
UK liabilities from overseas (e.g. UK credit card or loan).
To promote overseas investment in
the UK, a remittance will not be taxed if
it is used for the purposes of commercial
investment in a UK business.
Arriving in the UK
Intellectual Property and other Tax issues
If a non-domiciled individual moves
to the UK and uses the remittance basis,
there are steps that can be taken before
arrival to ease the potential tax liabilities
while in the UK.
To ind out more about investing in the
UK, download the Haines Watts guide at
www.hwca.com/investinguk
New Tax Regime in
the Republic of Cyprus
By Marios Eliades
The House of Representatives of the
Republic of Cyprus has introduced new
legislation relating to:
a. The intellectual property regime,
b. Interest deductibility
c. Group relief and
d. Deemed distribution of dividends.
The new legislation became efective
1st January 2012
Rates
Intellectual property rights
Residents of the UK and some nonresidents depending on their nationality
and residence receive a tax free allowance
of £8,105. The next £34,370 of income is
taxed at 20% (10% for dividends), income
above this is taxed at 40% (32.5% for
dividends) and above £150,000 at 50%
(42.5% for dividends). If income is above
£100,000 then the tax free allowance is
reduced by £1 for every £2 over.
Capital gains tax is charged at 18% for
20 per cent rate tax payers and 28% for
higher rate tax payers. The irst £10,600
is tax free. If the gain relates to a disposal
of certain business assets the rate is 10%
subject to lifetime limits of £10,000,000.
CONTENT
GGI member firm
Haines Watts
Corporate Finance
55 offices in all major towns and cities
throughout the United Kingdom
Gareth Winstone
W: www.hwca.com
GET PDF
The meaning of patent rights and intellectual property (IP) rights has been
amended to coincide with the deinition in the Patent Rights Law of 1998,
the Intellectual Property Law of 1976
and the Law regarding Trademarks.
This ensures that all types of IPs will
be covered by this new regime avoiding any uncertainty
The new law provides for an 80% exemption on the net proit from the exploitation of such intangibles
The net proit is calculated after deducting from the licensing of the intangibles all direct expenses associat-
Marios Eliades
ed with the production of this income
The rate of capital allowances on such
intangibles is 20% of the cost of acquisition
Proit from the disposal of such intangibles will also beneit from the 80%
exemption
Interest deductibility
No interest expense restriction will apply in cases where shares are acquired
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GGI COMMON INTEREST
directly or indirectly in a wholly owned
subsidiary provided that this subsidiary does not own any assets which
are not used in the business
In cases where the subsidiary owns
assets that are not utilised in the business, the restriction of interestwill
only correspond to the percentage of
assets not used in the business
the tax years 2012, 2013 and 2014 has
been set at 20%, unless the rate of
capital allowances on such assets is
higher
For industrial and hotel buildings purchased in the tax years 2012, 2013 and
2014, the capital allowances rate will
be increased from 4% to 7%
towards promoting Cyprus, a full member of the EU and EMU as one of the
most attractive international inancial
centres. This regime coupled with the
other numerous tax incentives provided
under Cyprus legislation provides very
attractive opportunities for structuring
the ownership / development of IP assets through Cyprus.
GGI member firm
M. Eliades & Partners LLC
Tax Consulting, Law Firm, International
Trust & Estate Planning
Nicosia, Cyprus
T: +357 22667730
W: www.eliades.eu
Provident Funds
Group relief provisions
Under the current provisions of group
relief a company is considered to belong to the same group for group relief purposes if it is part of that group
for a whole tax year
With the amended legislation, in cases where a company has been incorporated by its parent company during the tax year, this company will be
deemed to be a member of this group
for group relief purposes for that tax
year
Related party transactions
The transfer pricing provisions of section 33 will not apply for transactions
between parent and wholly owned
subsidiary companies for which the
group relief provisions of section 13
apply
For the purposes of the Income Tax
Law, approved Provident Funds and
Pension Funds are those which have
been approved by the Commissioner
of Income Tax
Special Contribution
for the Defence Law
In calculating the proits subject to
deemed distribution under this law
a deduction will be given for the acquisition of any plant and machinery
purchased in tax years 2012, 2013 and
2014
The deinition of plant and machinery
is the same as the one provided on
the Income Tax Law. This deinition
excludes any saloon cars purchased
for private use.
This provision will apply for the profits earned in the tax years 2012, 2013
and 2014
Capital Allowances
Concluding remarks
The rate of capital allowances for any
plant and machinery purchased in
CONTENT
The new IP tax regime is a major step
GET PDF
International Taxation Practice Group (ITPG)
Relevant aspects of
the new Law against
Money Laundering
By Sergio Guerrero Rosas
In October 2012, President Felipe
Calderón of Mexico announced the Federal Law for the Prevention and Identiication
of Operations with Resources of Unlawful
Origin, better known as the Law Against
Money Laundering, in the Oicial Publication of the Federation.
Despite the early decision in the President’s administration to confront the criminality which had become the major threat
to the peace and integrity of the state – and
to do so with all its available resources, in
its irst years, the government’s strategy
to bring down and arrest dozens of drug
traicking capos failed to place the same
level of importance on the inances of the
cartels.
Yet, while it may appear strange to see
Mexico struggling in its ight against the
kind of inancial irregularities posed by the
cartel practices, it should be remembered
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that only two years ago, it successfully
implemented requirements for and limits
on the use of the U.S. cash dollar; measures which, according to oicial calculations, reduced circulation of the dollar in
Mexico by 70%.
Meanwhile, the new law has been designed to continue detecting and investigating potentially illegal resources by focusing on those commercial operations
considered most susceptible to being utilised for laundering purposes. Limits have
therefore been established on the use of
cash in operations related to the acquisition of goods and capital that exceed certain quantities. Among the “vulnerable
activities” are gambling, betting and rafles; the marketing of department store
prepayment cards; the approval of loans
and pawnshop credit; construction and
development projects and the buying and
selling of real estate; dealings in art work
and precious stones; and the acquisition
of vehicles, planes and yachts.
Furthermore, non-inancial intermediaries of economic transactions are now
obliged to verify the identity of their clients,
providing information on their activities
and occupations or sources of income;
documentation of which must be retained
and conserved for a period of ive years. In
addition, new obligations have also been
placed on inancial institutions. Banks and
bureaux de change must establish measures and procedures to prevent and detect suspicious activities. Among others,
such precautions include formal, regular
reports on vulnerable activities to be preCONTENT
Artwork = USD 23,000
Cars above 400,000 and armour =
USD 23,000
Attorney services = USD 38,500
Donations = USD 15,000 1
with this new Law Against Money Laundering and prevent any problem or contingencies relating to our independent professional services.
1
Sergio Guerrero Rosas
sented to the Secretary of the Treasury and
Public Credit (SHCP).
As a result, in order to verify that activities of intermediaries and inancial institutions are in accordance with the new
law, another stipulation is that a unit specialising in inancial analysis be created,
focused on the investigation of suspicious
operations. Moreover, the SHCP has been
granted the facility to carry out inspections,
with the right to apply sanctions of up to
100% of the value of operations of those
groups failing to follow these practices.
Limits which the new law considers to
be vulnerable activities and therefore have
to be reported to SHCP include:
Gambling, betting and rales =
USD 3,000
Marketing of prepayment cards =
USD 3,800 or above
Marketing of precious metals =
USD 7,600
GET PDF
One of the most important elements
in relation to our ield of work takes into
account the fact that the provision of independent professional services, speciically
where duties and actions are performed on
behalf of a third party in the area of trusts
and the buying or selling of businesses,
has also been identiied as a vulnerable activity, and is therefore fully subject to the
requirements of President Felipe Calderon’s Law Against Money Laundering. 2
As a result, we have to be aware of new
regulations being issued in accordance
Amount subject to change, depending on
the Mexican Peso-USD exchange rate.
2
The new regulations are expected to come
into full efect as of next summer.
GGI member firm
Guerrero y Santana, S.C.
Corporate Finance, Law Firm
Tijuana, Baja California, Mexico
Sergio Guerrero
W: www.guerrerosantana.com.mx
M&A
M&A Practice Group
launched own website
By Tim van der Meer
The GGI M&A Practice Group (GGI
M&A) has recently launched the irst
specialised Practice Group website.
Due to the dynamic M&A landscape
and worldwide demand for reliable
M&A advisory services, the GGI M&A
board recognised the potential of using
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such a website as an efective marketing tool. The new website, which you
can access via www.ggimanda.com and
www.ggimergers.com, has been designed
by GGI’s web development partner InnoTix. GGI’s head oice will carry out the
website’s maintenance, but M&A members are encouraged to contribute to the
content to ensure interesting and up-todate information.
M&A dealmakers, but also a large number of inancial, legal and tax specialists
that provide M&A-related services. The
GGI M&A website is an external marketing tool to attract new clients for our
members as well as irms that are looking to join an international M&A network.
The website will also serve as a platform
for knowledge sharing, business referrals
and investment opportunities.
Goal of the website
Knowledge
GGI currently has 115 M&A Practice
Group members worldwide: not only
The website ofers an interactive map
similar to that on the main GGI website,
GGI M&A Practice Group (GGI M&A) has recently launched the irst specialised
Practice Group website
which visitors can use to look up members worldwide based on both location
and expertise. GGI M&A members are
able to present themselves and their experience in M&A on the website. The latest
developments in deal making, business
valuation, deal investigation and legal
matters will be reported and discussed
on the website, ensuring that all members stay up-to-date on important global
M&A trends. Over the course of the next
couple of months, GGI M&A also plans to
include more general M&A information.
Business referrals
Networking is one of the most impor-
Member proile of Tim van der Meer
CONTENT
GET PDF
tant aspects of GGI and is therefore also
an important objective of the M&A website. GGI M&A believes that all disciplines
come together in M&A and all GGI members can beneit from exchanging information and leads.
M&A specialists (dealmakers), as well
as inancial and legal specialists, can identify the initial demand for M&A. However,
in order to successfully complete an M&A
transaction, all three areas of expertise are
required. An online platform will provide
members with the opportunity to link different parties to certain business opportunities, making optimal use of their international network while increasing their
own deal low.
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50
Investment opportunities
The M&A industry ofers only limited transparency to the outside world.
Acquiring parties and selling mandates
can be diicult to locate and do not easily disclose information. By ofering an
internal online platform on which both
buy-side and sell-side mandates worldwide (anonymously) are made visible,
GGI M&A members are able to create
unique value for their clients. As well as
interesting mandates, all (local) transaction-related services are also ofered on-
line, providing clients with a “complete
package”.
Contribute
In order to fully exploit the new website
as a marketing and knowledge-sharing tool,
GGI members’ input is requested. All GGI
members interested in contributing to the
new GGI M&A website, by presenting their
company and submitting relevant M&A
experience or sample cases, are invited to
contact the M&A Global Chairman, Tim
van der Meer.
Private Equity and International Wealth Management
Illustration (UK): U.S. Taxable persons
Our EU Retirement
(U.S. Qualified) Plan
solution...
The UK tax beneits of saving for retirement through UK registered pension
schemes are well understood by most U.S.
citizens living and working in the UK – as a
means to utilise surplus foreign tax credits.
CONTENT
However, UK registered pension
schemes are not recognised as qualifying plans for the purposes of U.S. federal income tax as it applies to persons
who have a U.S. iling requirement but
GET PDF
are not resident in the USA. This means
that UK tax relieved contributions made
to a registered pension scheme, together with investment growth within the
scheme, are potentially subject to U.S.
federal income tax with the corresponding liability to income tax capable of being reduced; subject to the availability
of foreign tax credits.
The question is therefore to what
extent are U.S. citizens and green card
holders subject to U.S. and UK income
taxes when drawing retirement beneits
from a UK registered pension scheme?
Also, to what extent are income and
gains subject to U.S. federal income tax
when the plan member is not resident
in the USA?
These are potentially diicult questions to answer and will require specialist advice to determine the tax liabilities
in both countries depending on facts
unique to each individual, such as the
type of pension arrangement in question and whether any relief had previously been claimed under the double
tax treaty between the UK and USA.
Maltese Beneits
Established in Malta and registered
as a pension scheme with the Malta Financial Services Authority (MFSA), this
EU Retirement (U.S. Qualiied) Plan allows U.S. citizens to beneit from the
generous pension tax reliefs agreed between Malta and USA, which were put
into force under the recent double tax
Prof. Robert Anthony
treaty between the two countries.
Under the treaty, the U.S. recognises a Maltese QROPS as a “qualifying
pension” and unlike UK registered pension schemes which do not qualify for
US treaty purposes, this EU Retirement
(U.S. Qualiied) Plan freezes U.S. federal income tax exposure existing in a
registered pension scheme for U.S. citizens, green card holders and individuals who are resident in the USA.
Key considerations
By utilising foreign tax credits to ofset against taxable income arising on
the transfer to the Plan, a U.S. citizen
will therefore step up in basis (i.e. enhance the non taxable capital element)
while being able to:
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52
Shelter all future investment growth
accumulating within the Plan from
US federal income tax.
Draw an initial lump sum of up to
30% of the fund from the age of 50
years to be paid totally free of U.S.
federal income taxes.
Draw additional tax free lump sum
beneits – the Malta/U.S. tax treaty
allows for additional lump sums to
be paid that will not be subject to
U.S. income tax.
Escape taxation on investment
growth on distributions – as income
and gains within the Plan are franked against lump sum and additional
lump sum payments irst, income
and gains within the Plan may escape U.S. income tax altogether.
Provide lump sum death beneits to
be distributed to beneiciaries without a charge to U.S. federal income
tax.
Key beneits
For non-U.S. residents, U.S. citizens
and green card holders, the key beneits
of our EU Retirement (U.S. Qualiied)
Plan are:
Potential U.S. income tax liabilities are frozen at the point of transfer from a UK registered pension
scheme to a QROPS and provide a
step up in basis.
Subsequent growth and distributions may be structured to be free of
U.S. federal income tax.
CONTENT
Investment returns derived from direct investment in U.S. domiciled
assets are not subject to U.S. withholding taxes.
Additional lump sums may be paid
without being subject to U.S. tax.
Treaty protected tax free lump sums
are regarded as being paid out of untaxed income irst, allowing income
and gains within the Plan potentially
to escape U.S. federal income tax altogether.
Removing subsequent investment
growth from the UK Lifetime Allowance (to be reduced to GBP 1.5m
from 6 April 2012).
Enabling pension income to be paid
outside the scope of UK income tax.
Providing lump sum beneits to be
made on death without a 55% UK
income tax charge (subject to the
member being resident outside the
UK at the time of death and for the
ive tax years immediately preceding).
GGI member firm
Anthony & Cie
International Trust & Estate Planning,
Tax Consulting
Sophia Antipolis, France
Prof. Robert Anthony
W: www.antco.com
GET PDF
REAL ESTATE
GGI Practice Group
Meeting Real Estate
in Rome
By Dr. Reinhard Nacke
The GGI World Conference took place
in Rome from 18 – 21 October 2012.
The event saw 261 participants from
approximately 35 countries meet at the
Parco dei Principi Grand Hotel & Spa,
close to the Villa Borghese.
During the conference, the Practice
Group Real Estate also held a meeting.
Its 18 participants dealt with the following three main topics:
The irst was a challenge put up for
discussion by Hans Klaasen from the
Netherlands about helping lessors who,
in the midst of the inancial crisis, cannot
uphold their previous rent for business
premises. They wish to avoid a devaluation of real estate in their books in order,
principally, to negate problems with their
inancing bank.
After this, Marco Walser from Switzerland gave an interesting speech about attractive investment opportunities in real
estate projects in Brazil. He was able to
provide personal insights due to the extensive experiences he has had with his
own housing projects there.
Finally, the author of this article reported on the development of real estate
prices in Germany. It became clear that
this development difers essentially from
those in most other countries. Prices increase rapidly, especially in large cities,
because people are looking for a safe haven for their money during the inancial
crisis.
The meeting was rounded of with a
lively exchange of views, as well as a discussion of methods and laws practiced in
the various countries.
GGI member firm
FPS Rechtsanwälte & Notare
Law Firm
Dusseldorf, Frankfurt, Berlin, Hamburg
Germany
Dr. Reinhard Nacke
W: www.fps-law.de
53
CONTENT
GET PDF
Oliver Muñoz
of Quijano & Associates,
Panama
Regional Chairperson
WORLDWIDE
Sergio Guerrero Rosas
of Guerrero Santana Tax,
Audit & Consulting, Mexico
Global Vice Chairperson
Camilla Wallace
of Wedlake Bell LLP,
United Kingdom
ASIANPACIFIC
REGION
Emma Loveday
of Wedlake Bell LLP,
United Kingdom
Global Vice Chairperson
Steven L. Cantor
of Cantor & Webb P.A.,
United States
Global Chairperson
WORLDWIDE
Dennis Nerland of Calgary, Canada can be
found out on GGI’s website, internal section, Practice Group Trust & Estate Planning, Downloads. In the upcoming months
the Practice Group will be establishing several long-term projects which include the
scheduling of regular Skype-in conference
calls and contributions of trust and estate
related articles for publication in the GGI
Insider.
Given the cross-border, cross-practice
and cross-disciplinary approach of the Practice Group, and in an efort to increase attractiveness to members outside of the European region, the Practice Group counts
with the leadership of a highly diverse and
qualiied group of
professionals. As
pictured in the accompanying graph,
the leadership team
includes Steven L.
Cantor of Cantor &
Dennis Nerland
Webb P.A. the Globof Shea Nerland Calnan LLP,
al Chairperson with
Calgary, Canada
Emma Loveday of
Wedlake Bell LLP
2013 World Conference in Cancun, Mexico
where the next two Practice Group meetings will be held. Should you wish to become a member of the Practice Group and
participate in our meetings, please email us
at [email protected].
EUROPEAN
REGION
The recently founded GGI Trust and
Estate Planning Practice Group (TEPPG)
held its inaugural meeting at the GGI World
Conference in Rome. The Practice Group
objectives are: 1) to provide a focus for GGI
members from the legal, accountancy and
business advisory professions whose occupation includes a signiicant involvement
with any of the planning, creation, management of and accounting for, trusts and
estates, executorship administration and
related taxes; 2) to promote discussion
of aspects of tax, accounting, administration statute and case law that are of general
concern to trust and estate practice group
members; and 3) to advance training and
learning and to promote the practical aspects of cross border trust and estate planning and administration.
The agenda for the irst meeting focused
on the latest developments in cross border
estate planning from several onshore and
ofshore jurisdictions. The minutes from
the meeting which include the substance of
presentations made by Robert Christensen
of Jersey, Channel Islands, Guy Wiltcher of
the Isle of Man, Georges Troy of Paris and
WORLDWIDE
The structure of the
TEPPG Leadership Team
and Sergio Guerrero Rosas of Guerrero Santana Tax, Audit & Consulting acting as Global Vice Chairpersons. The Regional Chairpersons include Camilla Wallace of Wedlake
Bell LLP representing the European Region,
Oliver Muñoz of Quijano & Associates representing the Latin American Region, Dennis Nerland of Shea Nerland Calnan LLP representing the North American Region, and
Darren Shone of Lawler Partners Chartered
Accountants as Chairperson representing
the Asian-Paciic Region .
Steven L. Cantor and various members
of the Trust & Estate Planning Practice
Group will be attending the 2013 GGI European Conference in Lisbon as well as the
LATIN
AMERICAN
REGION
Trust & Estate Planning Practice Group (TEPPG)
NORTH
AMERICAN
REGION
54
Darren Shone
of Lawler Partners Chartered
Accountants, Australia
55
56
GGI BUSINESS TRAVEL TIP
Bangkok, the
Kingdom of Thailand
By Ady Nordman
Ady Nordman
The GGI Asian Regional Conference in
Bangkok is just few
weeks away, so let’s
take a glance at the city
Bangkok is the Thai
capital and is believed
to have originally been
a small trading post
during the 15th Century.
Bangkok has unlimited
food and fun to ofer
and no one page can
encompasses the cu-
linary delights of this vibrant city. From
street food and loating markets, where
you can eat great food for just a few baht,
to rooftop and chef patron restaurants –
Bangkok has it all. Below is a small list of
recommendations.
Vertigo and Moon Bar – (Tel: 66 (0)
2679
1200) – www.banyantree.com.
One of the most glamorous and greatest places to eat in Bangkok, located on
the 61st loor of the Banyan Tree Bangkok Hotel. The view, ambiance, food and
people are wonderful. Please note that
the strict dress code is smart casual and
while it is not a cheap restaurant, it is a
great venue in the
right weather.
Baan
Klang
Nam – 62/7 Bangkok Squar Jatujak
Market – Rama III
Rd. (Tel: 02-26827180) – This waterfront seafood restaurant boasts an
incredible variety
of seafood, which
you can enjoy
while you watch
the ships sail past.
Ofering excellent
value for money,
this place was Woman cooking food in bangkok loating market
brought to my attention by Bangkok residents, for whom Rd, Bangkok 10500 (Tel: 02-2370-8812).
it is the top choice for a good meal. That They serve authentic Indian food which
says it all really!
is not expensive and tastes great.
As part of Indochina, Bangkok also
has a great variety of Vietnamese food.
One of these splendid places is Le Dalat
– 47/1 Sukhumvit, Soi 23, opposite the
Indian Embassy, Sukhumvit, Bangkok,
10110 (Tel: 0-2661-7967-8). This restaurant is favoured by inhabitants of Bangkok for its fresh food, beautiful presentation and extremely good value.
I have a weakness for Indian restaurants and if you do too, I recommend
heading to The Indian Hut – www.indianhut-bangkok.com – 311/2-5 Surawongse
Bangkok – Vertigo and Moon Bar
CONTENT
GET PDF
In Bangkok, you do not say cheers but
rather “good luck”: choc tee ka, when
saying it to women and choc tee khap,
when saying it to men.
Bottoms up! Ady
GGI member firm
Soroker - Agmon Advocates
& Patent Attorneys
Law Firm
Herzliya, Israel
Ady Nordman
W: www.ip-law.co.il
57
58
BOOK REVIEW
FURTHER EVENTS
Speaking
as a Leader
Conferences and events
What: Managing Europe’s
Financial Crisis
Where: Brussels, Belgium
When: 06-07 December 2012
How to lead every time you speak
Whether it’s among colleagues at
lunch or an audience of a thousand, a
leader’s role is to move and inspire others. It’s not only the big occasions that
test a leader’s mettle, but the little ones
as well — in a casual conversation in the
elevator, in phone calls, or one of many
incidental, seemingly “insigniicant” interactions in everyday work life.
Written by one of the world’s leading
communications coaches, Speaking as a
Leader will show you how to inluence and
inspire others every time you speak. It provides a single, comprehensive approach
that will help you lead in every communication, from formal speeches and presentations, to phone calls, meetings, Q&A,
and elevator conversations.
Too often communications situations
represent lost opportunities to lead. Messages are confused, audiences are bored
or overwhelmed by a lood of information,
and the speaker fails to elicit action. When
people fail to communicate they fail to
lead.
Speaking as a Leader addresses this
problem and puts communication squarely at the center of leadership. In today’s
lattened organizations, leadership opportunities exist in every interaction and
CONTENT
for individuals at every level. For a leader,
the mike is always on.
This book will help readers meet the
enormous challenge of engaging, energizing, and motivating others day in and day
out. It will help you unlock your leadership
potential every time you communicate
and turn your listeners into followers and
believers. Its four-step model will show
you how to:
Think like a leader
Script yourself as a leader
Use the language of leadership
Achieve a leader’s presence.
“A leader’s role is to move others - engage them and inspire them to action.”
(Judith Humphrey)
Speaking as a Leader
How to lead every time you speak
By Judith Humphrey
Hardcover; 264 pages;
ISBN: 978-1118141014
GET PDF
Brief description: The conference will focus on the latest proposals of the European Commission on EU banking union
and EU banking supervision as well as
the bank recovery and resolution framework presented on 6 June 2012 and 12
September 2012, introducing new legal
instruments to prevent inancial melt-
What: Auditing e-Banking
Where: London, United Kingdom
Brief description:
Learn how to develop and apply an effective e-banking audit programme
Gain an insight into the today’s ebanking world
Understanding the diferent risks as
they relate to e-banking activities
Explore the international standards
for managing e-banking risk
Gain a clear understanding of the
many diferent aspects e-banking/e-payments
Rapid technological changes in recent
years have revolutionized the way bank-
down, a comprehensive bank resolution
regime and enhanced pan-European
banking supervision within the single
supervisory mechanism (SSM), which
should be in place as of 1 January 2013.
Leading experts and policymakers will
provide legal practitioners with a tailored analysis of the proposed European
legislative actions in the global inancial
context.
More information
ing services and products are delivered
to consumers, small businesses and corporate alike. We are all familiar with how
the Internet, the Mobile-phone, Smartcards have changed our lives. These new
innovations hold great promise for banking and bank operations in emerging
economies. To innovative, progressive,
go-ahead banks these changes, known
collectively as e-Banking hold great promise to change the way banking operations
are carried out. On the positive side these
changes present huge business opportunities for banks while on the lipside they
have dramatically modiied and in some
cases increased many of the traditional
risks associated with banking activities.
More information
59
60
FURTHER EVENTS
What: Social Media Risk Management
Where: New York, United States
What: The Ofshore Investment
Conference Singapore 2013
Where: Singapore, Singapore
When: 23-24 January 2013
Brief description: The Social Media Risk
Management conference will bring you
the latest regarding best practices for
online engagement, emphasizing ethics, legal responsibilities and mitigating
risk in a world of endless potential. This
new and unique event will provide participants with essential information for:
Developing clear and efective policies governing employee use of social
What: Advanced Derivates
Where: Paris, France
When: 21-25 January 2013
Brief description: The course consists
of in-depth presentation and discussion of how to:
Construct and price of a futures
strip, including the convexity efect.
Blend information from diferent
markets together eiciently.
Building multiple curves following
market practice since the recent banking crisis.
Pricing collateralised swaps of an
OIS curve.
Pricing and hedge a wide range of
non-generic swap structures.
CONTENT
media – both in and out of the workplace
Mitigating the risks and unintended
consequences of business-related social
media use
Overcoming the various legal risks
from IP, Employment Law and Privacy
Navigating the changing legal landscape for social media
Leveraging social media for efective
brand marketing in the face of various
challenges
Brief description: Presentations on:
Taxation, Exemptions and Incentives,
Company Structures, Trusts and the
Private Trust Company, Private Client
Wealth Planning, The Family Oice,
Private Banking, Bank Secrecy in Singapore, TIEAs and Double Tax Treaties,
International Regulation and External
Pressures, Insurance, E-commerce,
The Singapore Stock Exchange, The Alternative Investment Funds Industry,
Real Estate Investment Trusts, Investments in Business Trusts of Shipping,
Aviation and Infrastructure Assets,
Shipping, The Role of Singapore in International Financial Services Now and
in the Future.
More information
More information
Adjusting for the convexity of a
swap.
Transfer credit risk through the CDS
market.
Value foreign assets correctly.
Trading IR options.
Decompose structures with embedded options into their basic components.
Understand how to swap complex
structured products using numerical
models and Monte-Carlo simulations.
Apply modern risk management to
swap portfolios.
Estimating default and migration
Counterparty Credit Risk.
More information
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What: Drafting R&D Collaboration
and Joint Venture Agreements
Where: London, United Kingdom
When: 29 January 2013
Brief description: Beneits of attending:
Learn why it is important to structure your R&D agreement in the right
way
Review and discuss core policy and
drafting issues in R&D sponsorship
and collaboration agreements and joint
ventures
Understand the diferent perspectives of academic parties, commercial
parties and institutional funding bodies
Become familiar with some of the
legal issues afecting R&D agreements,
including competition law, choice of
law and jurisdiction, and intellectual
property ownership issues
Complete practical exercises on
drafting and case studies to consolidate learning
Compare experiences with attendees from across Europe
More information
61
62
CONTACT / DISCLAIMER
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SIDER
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[email protected]. Let us know what you
think about INSIDER. We welcome your
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Head ofice
Geneva Group International AG
Schafhauserstrasse 550
P.O. Box 286
8052 Zurich
Switzerland
T: +41 44 256 18 18
F: +41 44 256 18 11
W: www.ggi.com
W: www.ggiforum.com
CONTENT
Disclaimer
The information provided in this INSIDER came from reliable sources and
was prepared from data assumed to be
correct; however, we neither accept liability for nor are we able to guarantee the
content.
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63
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SIDER
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Insider No. 62

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