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 1 2 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 GET PDF 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” GGI INSIDER No. 62 – November | 2012 3 4 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 GET PDF 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, ...next page GGI INSIDER No. 62 – November | 2012 5 6 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 GET PDF GGI INSIDER No. 62 – November | 2012 7 8 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 GET PDF 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: crowson@ggi.com Jane Raphanella E: raphanella@ggi.com GGI INSIDER No. 62 – November | 2012 9 10 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 GET PDF 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 ...next page GGI INSIDER No. 62 – November | 2012 11 12 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, GET PDF 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 ...next page GGI INSIDER No. 62 – November | 2012 13 14 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 GET PDF GGI INSIDER No. 62 – November | 2012 15 16 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 GET PDF 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. GGI INSIDER No. 62 – November | 2012 17 18 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 stuttgart@diempartner.com www.diempartner.com Further ofices in: Istanbul (Turkey), Lyon (France). Company languages: German, English, French, Turkish. Contact person: Frank E.R. Diem, fdiem@diempartner.de. 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 info@ghattour.com 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 tshields@shieldsco.com 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 GET PDF Thomas J. Shields GGI iPhone App GGI Android App We wish to extend a very warm welcome to our new distinguished members. GGI INSIDER No. 62 – November | 2012 19 20 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. GET PDF 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. GGI INSIDER No. 62 – November | 2012 21 22 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 GET PDF 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, ...next page GGI INSIDER No. 62 – November | 2012 23 24 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. GGI INSIDER No. 62 – November | 2012 25 26 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 E: crowson@ggi.com Jane Raphanella E: raphanella@ggi.com 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 E: raghu.m@rnm.in W: www.rnm.in GGI INSIDER No. 62 – November | 2012 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, Tax Consulting, Management Consulting, 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 E: davidm@nolandsadvisorype.co.za 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, ...next page GGI INSIDER No. 62 – November | 2012 29 30 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, Tax Consulting, Management Consulting, Corporate Finance, International Trust & Estate Planning) Sydney, Melbourne, Brisbane, Newcastle, Rockhampton, Perth Australia Terry Lawler E: tlawler@lawlerpartners.com.au 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. ...next page GGI INSIDER No. 62 – November | 2012 31 32 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 E: info@eliades.eu W: www.eliades.eu GGI INSIDER No. 62 – November | 2012 33 34 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. ...next page GGI INSIDER No. 62 – November | 2012 35 36 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 E: Dumoulin@fps-law.de 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 ...next page GGI INSIDER No. 62 – November | 2012 37 38 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 Financial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance Ahmedabad, Vododara, Mumbai, Kalol, India Vijesh Zinzuwadia E: vijesh@zinzuwadiaco.com 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). ...next page GGI INSIDER No. 62 – November | 2012 39 40 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 GET PDF 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”. ...next page GGI INSIDER No. 62 – November | 2012 41 42 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 Financial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance 55 offices in all major towns and cities throughout the United Kingdom Gareth Winstone E: GWinstone@hwca.com 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 ...next page GGI INSIDER No. 62 – November | 2012 43 44 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 GGI PRACTICE GROUP PAGES 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 Financial Audit & Accountancy Services, Tax Consulting, Law Firm, International Trust & Estate Planning Nicosia, Cyprus T: +357 22667730 E: info@eliades.eu 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 ...next page GGI INSIDER No. 62 – November | 2012 45 46 GGI PRACTICE GROUP PAGES 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. Financial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance, Law Firm Tijuana, Baja California, Mexico Sergio Guerrero E: sguerrero@guerrerosantana.com.mx 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 ...next page GGI INSIDER No. 62 – November | 2012 47 48 GGI PRACTICE GROUP PAGES 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. ...next page GGI INSIDER No. 62 – November | 2012 49 50 GGI PRACTICE GROUP PAGES 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: ...next page GGI INSIDER No. 62 – November | 2012 51 52 GGI PRACTICE GROUP PAGES 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 E: robert@antco.com 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 E: Nacke@fps-law.de W: www.fps-law.de GGI INSIDER No. 62 – November | 2012 53 GGI PRACTICE GROUP PAGES 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 Regional Chairperson 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 Regional Chairperson 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 lowry@cantorwebb.com. 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 Regional Chairperson GGI INSIDER No. 62 – November | 2012 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 E: nordman@ip-law.co.il W: www.ip-law.co.il GGI INSIDER No. 62 – November | 2012 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 When: 12-14 December 2012 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 GGI INSIDER No. 62 – November | 2012 59 60 FURTHER EVENTS Conferences and events Conferences and events What: Social Media Risk Management Where: New York, United States When: 13-14 December 2012 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 GET PDF 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 GGI INSIDER No. 62 – November | 2012 61 62 CONTACT / DISCLAIMER PDF-ile download GGI SIDER Please click the button! Contact If you wish to be removed from the mailing list, send an email to info@ggi.com. Let us know what you think about INSIDER. We welcome your feedback. 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 E: info@ggi.com 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. GET PDF GGI INSIDER No. 62 – November | 2012 63 64 GGI SIDER www.ggi.com www.ggiforum.com CONTENT GET PDF