1. SOLUTIONS TO INCREASING TRANSPARENCY
Presented by Phani Schiza Antoniou
of Globalserve Consultants ltd
at ‘Changing Fiscal and Banking International Environment’ Seminar
Moscow October 2017

2. How can confidentiality be maintained in the new environment ?
IT CANNOT
One by one all countries comply to the new transparent environment as they do not have much of a choice
To use other names for owners is dangerous, risky and at the end banks can reject them

3. What is the solution for international business?
BUT international business still need foreign companies for the requirements of their worldwide operations, for banking access, for access to international capital markets and foreign investors, to have access to a reliable and recognizable legal system, for asset protection, etc
In such a case the solution is :
To be able to prove that the management and control of the company is done in the chosen jurisdiction of the company and that the company is not a paper company
For the beneficial owner to choose an appropriate tax residency for himself

4. Management and control
OECD definition: The minimum requirement is the place where decisions are taken and the BOD meets
But additionally more requirements have to be met to protect the place of effective management from challenges by foreign jurisdictions ( The requirements will depend on the volume of activity of the company and the nature of its business)

5. Management and control
Composition and experience of BOD to be connected to the company’s activities
At least one of BOD members to have executive position
Existence of office
Employees
Where operational management is
Where the company documents and records are maintained
Where the important contracts and agreements are signed
Documents to be executed by directors from the company jurisdiction
Bank account and residency of person who manages the account
No general power of attorneys
Place of approval of financial statements
Location of seal

6. for your attention! Questions ????
Thank you
for your attention! Questions ????
Phani Schiza Antoniou