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© Copyright Puritan Faust, LLC All Rights Reserved Bermuda Law & Practice Boston College Fall Semester 2002 MBA-MJ60001 Comparison of “Safe Haven” Countries: Legal & Business Factors of Establishing a Maritime Shipping Company Bermuda, Cayman Islands, Isle of Man, & Jersey by Frank Maniscalco Counselors at Law
© Copyright Puritan Faust, LLC All Rights Reserved Summary of Discussion Definitions: Tax Avoidance vs. Tax Evasion Primary Concerns of Shipping Companies Country Legal & Business Overviews –B–Bermuda –C–Cayman Islands –I–Isle of Man –J–Jersey Special Factors of Bermuda Special Factors of The Cayman Islands Special Factors of The Isle of Man Special Factors of Jersey
© Copyright Puritan Faust, LLC All Rights Reserved Tax Avoidance vs. Tax Evasion Tax Avoidance: Developing a Corporation’s Structure to Mitigate the Impact of Taxation on the Operation of the Business. Fiduciary Responsibility of the Executives to Maximize Shareholder Value. Tax Evasion: Criminal Intent to Conceal (i) the true ownership of funds; (ii) origins of funds; (iii) maintain control over the funds; and/or (iv) change the form of the funds (e.g. Money Laundering) Watch Dogs of Tax Evasion: –World-Wide, (OECD) Organization for Economic Cooperation & Development –United States, USA Patriot Act (USAPA) Title III ( ) –Europe, European Union Tax Harmonization Initiatives
© Copyright Puritan Faust, LLC All Rights Reserved Primary Concerns of Shipping Companies Establishing a Shipping Company & Registering the Ships –Tax on Profits –Tax on Tonnage –Yearly Fees –International Treaties –Trade Regulations & Restrictions –Economic Stability of Country of Origin –World-View of Country of Origin –Protection of Assets –Corporate Support Infrastructure –Legal Support –Manpower –Geographic Location
© Copyright Puritan Faust, LLC All Rights Reserved Country Legal & Business Overviews: Bermuda Tax on Profits: No Taxes For “Special Purpose Entities” Tax on Tonnage: $ 3,000 to 5,000 +/- per Year Yearly Fees: $ 1,780 to 27,825 plus Tonnage Annually International Treaties: 6 Major Maritime Conventions/ No Int’l Arbitration Trade Regulations & Restrictions: UK Restrictions Economic Stability of Country of Origin: Deficit $166 M March 2001 World-View of Country of Origin: Neutral Protection of Assets: Red Ensign (British Navy) Corporate Support Infrastructure: Extremely Strong 10,000+ Int’l Companies Legal Support: Common Law Court System Manpower: 37,472 people low Geographic Location: Ideal for Transatlantic
© Copyright Puritan Faust, LLC All Rights Reserved Country Legal & Business Overviews: Cayman Islands Tax on Profits: No Taxes For “Special Purpose Entities” Tax on Tonnage: Yes, ??? Match UK Yearly Fees: Yes, ??? Match UK International Treaties: 6 Treaties & 1 Tax Info Exchange w/ US Trade Regulations & Restrictions: Independent Economic Stability of Country of Origin: Surplus $ 100,000 World-View of Country of Origin: “uncooperative” by OECD Protection of Assets: Independent; Special Securities Protection Corporate Support Infrastructure: Normal, 66,000+ Offshore Co. Legal Support: Common Law Court System; Special Security of Assets Manpower: 26,849 people very low Geographic Location: Fair for Transatlantic
© Copyright Puritan Faust, LLC All Rights Reserved Country Legal & Business Overviews: Isle of Man Tax on Profits: None Tax on Tonnage: None Yearly Fees: Annual Fee £ 400 +/- International Treaties: Non-EU member w/ 50+ Treaties Trade Regulations & Restrictions: None Economic Stability of Country of Origin: OECD “Harmful” World-View of Country of Origin: Negative Protection of Assets: Red Ensign (British Navy) Corporate Support Infrastructure: Strong: Proximity to UK Legal Support: English Common Law Manpower: 39,685 + Ireland & UK Strong Geographic Location: Ideal for Europe
© Copyright Puritan Faust, LLC All Rights Reserved Country Legal & Business Overviews: Jersey Tax on Profits: 0.5% to 2% of Profits Tax on Tonnage: ??? Yearly Fees: ??? International Treaties: Non-EU member; Few Treaties Trade Regulations & Restrictions: UK Restrictions Economic Stability of Country of Origin: Deficit £7 Mil World-View of Country of Origin: OECD“ harmful” Fighting Protection of Assets: Red Ensign (British Navy) Corporate Support Infrastructure: Strong: Proximity to Europe Legal Support: English Common Law Manpower: 87,186 + UK & Europe; Strong Geographic Location: Ideal for Europe
© Copyright Puritan Faust, LLC All Rights Reserved Special Factors of Bermuda Electronic Transaction Act of 1999: Allows for Agreements to be entered into online. Skilled Mariners within Work Force Mid-Atlantic Location Recent Bad Press: Re: Tyco and other Companies
© Copyright Puritan Faust, LLC All Rights Reserved Special Factors of The Cayman Islands Secured Assets of Lender w/ Self Help thru “Golden Shares” Issued by a “Star Trust”. Creditor Friendly Arrangement LenderBorrower Cayman Co. # 1 Cayman Co. #2 STAR Trust Valuable Subs Golden Shares
© Copyright Puritan Faust, LLC All Rights Reserved Special Factors of The Isle of Man By entering into over 50+ Trade Treaties Isle of Man Companies obtain preferential regulatory status for import/exports. Required adherence to more formal regulations for day-to-day operations due to number of treaties. Can Draw on Highly Qualified Mariners from Ireland and UK.
© Copyright Puritan Faust, LLC All Rights Reserved Special Factors of Jersey Activity pursuing “Cooperative” status with the OECD & the EU Tax Harmonization Initiative. Can Draw on Highly Qualified Mariners from Ireland and UK.
© Copyright Puritan Faust, LLC All Rights Reserved The End Counselors at Law Contact Information: Frank Maniscalco URL: Mobile: Address: 14 Park Avenue; 1 st Floor Winchester, Massachusetts United States
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