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RESOLUCION 7953/2008 - REGISTRO UNICO DE OPERADORES DE LA CADENA COMERCIAL AGROPECUARIA ALIMENTARIA

Eduardo Bravo Losada

Chairman & CDO, Bravo & Bravo Losada / IGAF Worldwide Member Firm

Ha sido publicada en el B.O. del 04.12.2008 la RESOLUCIÓN (Oficina Nac. Control Comercial Agropecuario) 7953/2008.

Se crea en el ámbito de la Oficina Nacional de Control Comercial Agropecuario, el “Registro Único de Operadores de la Cadena Comercial Agropecuaria Alimentaria”, en el que deberán inscribirse las personas físicas o jurídicas que intervengan en el comercio, industrialización y/u otras actividades de las cadenas comerciales agropecuarias y alimentarias de los mercados de lácteos, granos, ganados y carnes, y avícola.

A tal efecto, se establecen los requisitos y condiciones que deberán cumplir los sujetos obligados, a fin de obtener y/o renovar su inscripción en el citado registro.

Por su parte, se establece que los operadores que se encuentren con matrícula vigente para actuar en las categorías establecidas por la presente resolución, serán considerados automáticamente inscriptos en el presente registro, y sus inscripciones seguirán vigentes conforme los plazos que les fueron otorgados oportunamente. Las inscripciones y/o renovaciones solicitadas hasta la entrada en vigencia de la presente resolución, seguirán tramitando de acuerdo con lo establecido por la normativa vigente al momento de la solicitud.

Las presentes disposiciones resultan de aplicación a partir del 02.01.2009.

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THE USE OF A SWISS COMPANY AS TRUSTEE AND MANAGED TRUST COMPANIES IN SWITZERLAND

Eduardo Bravo Losada

Chairman & CDO, Bravo & Bravo Losada / IGAF Worldwide Member Firm

Trusts have been recognised for many years in countries with a legal system based on Anglo-Saxon, common law principles. Various Hague Conventions during the 1980s generally increased interest in Trusts, not only in civil law countries but also in Muslim countries.

Amendments to Swiss legislation during 2007 improved the environment for the management of Trusts and have increased the appeal of Switzerland as a location for the provision of trust services.

Trusts and Legal Identity

Trusts have their own separate legal identity.

Trusts are governed by the Trust Law stated within each individual Trust Instrument. A Trust Instrument, which is sometimes called a Trust Deed (or Deed of Trust), is a document in writing, executed by the Settlor, who settles assets into a trust for the benefit of Beneficiaries. The Trust Instrument sets out the provisions of the Trust.

The Law used can be that of any jurisdiction that allows for the formation of a Trust, typically these are all common law jurisdictions.

 

Trusts and Legal Status in Switzerland

Switzerland is a civil law jurisdiction, and as such, there is no facility for forming a Trust under Swiss Law.

Switzerland does, however, recognise the existence of Trusts and it is possible to have a Swiss company as Trustee of a Trust formed under the Law of another jurisdiction.

 

Advantages of Having a Swiss Company as a Trustee

There are a number of advantages in terms of having a Swiss company as Trustee:

• The trust documentation and records which are held by the Trustee can benefit from the Swiss tradition of confidentiality.
• At the same time, the Trust itself can operate under a known set of Trust Laws (as specified in the Trust Instrument).
• The Trust is not subject to taxation in Switzerland (provided that it has a non-Swiss Settlor and non-Swiss Beneficiaries).

 

Dixcart Trustees (Switzerland) SA

Dixcart (Bravo & Bravo Losada AO) has established the Trust Company, Dixcart Trustees (Switzerland) SA, in Switzerland. This company administers Trusts in Switzerland.

 

Managed Trust Companies in Switzerland

Dixcart (Bravo & Bravo Losada AO) can also assist in creating Managed Trust Companies in Switzerland.

The firm wishing to establish a Managed Trust Company would incorporate a subsidiary company in Switzerland to act as a Trust Company. Under Swiss regulations the management of such a managed trust operation must take place in Switzerland. A professional service firm such as Dixcart (Bravo & Bravo Losada AO), would administer the Managed Trust Company on behalf of the parent, using qualified professional staff.

 

Summary

Switzerland offers a number of opportunities in terms of Swiss Trustees and Managed Trust Companies. From our office in Geneva, Dixcart (Bravo & Bravo Losada AO) can assist in the professional management and administration of Trusts in Switzerland.

 

Additional Information

If you require additional information on the use of Swiss Trustees or Managed Trust Companies in Switzerland, please contact Eduardo Bravo Losada in our Buenos Aires office.

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WHY USE A TRUST? - POTENTIAL KEY BENEFITS

Why use a Trust and what are the Potential Key Benefits?

Eduardo Bravo Losada

Chairman & CDO, Bravo & Bravo Losada / IGAF Worldwide Member Firm

This is the first in a series of Bravo & Bravo Losada Information Notes on the topic of Trusts.

Trusts have long been recognised as flexible vehicles for the holding of many types of assets. This note summarises the main reasons for using a Trust and the potential benefits that should be considered by clients and their advisers.

The note is not intended to be comprehensive in scope and it is recommended that clients seek proper advice on any proposed transaction prior to taking steps to implement it.

What is a Trust?

A Trust is a legally binding arrangement whereby a person (the Settlor) transfers assets to another person (the Trustee) who takes legal title to the trust assets. The Trustee holds the trust assets for the benefit of other persons (the Beneficiaries, which may include the Settlor) or for a specified purpose.

There are many forms of Trust that have been developed over time, some of the most common forms are:

• Accumulation and Maintenance Trust
• Charitable Purpose Trust
• Discretionary Trust
• Fixed Interest in Possession Trust
• Non-charitable Purpose Trust
• Revocable Trust

 

Uses of a Trust

Trusts are used for a variety of reasons due to their flexible and confidential nature:

Preservation of wealth

The vesting of the legal title of the assets in the Trustee prevents the ownership of the assets being diluted by successive generations, whilst allowing individuals to continue to benefit from the assets, such as a family business. As the legal title to the assets remains with the Trustee, this prevents the dilution of ownership that would occur if the assets were distributed from the original owner to second and third generations.

Circumvention of forced heirship laws

By divesting assets during the lifetime of the Settlor, the Trust will not form part of his estate upon his death, avoiding forced heirship rules which may apply under laws in the Settlor’s country of residence.

Succession planning

As the Settlor no longer owns the assets, the need to obtain probate or similar formalities on his death can be avoided. A Trust is therefore an efficient vehicle for transferring the benefits of property through generations, providing a useful tool for Settlors in tax and financial planning.

In addition, as the interests of a Beneficiary under a Discretionary Trust, do not constitute a separate asset under Guernsey Law, a trust structure may assist to minimise any inheritance tax or stamp duty which would otherwise be payable on the death of the Beneficiary. A Trust can also protect Beneficiaries who are financially naive and/or imprudent.

Asset protection

Guernsey, Isle of Man and Nevis each offer a secure and stable political environment in which to hold assets and protect them from strategic risk. In addition a Trust can offer protection from creditors or other parties in the country of domicile or residence of the Settlor.

Confidentiality

On the settlement of assets into a Trust, those assets cease to form part of the estate of the Settlor. The legal title passes to the Trustee, whilst the rights to future enjoyment are passed to the Beneficiaries. Trusts formed under the Laws of Guernsey, the Isle of Man or Nevis, are not required to file accounts with any public body, and there is also no requirement for the accounts to be audited.

Commercial trusts

In many international centres there has recently been a growth in the use of Trusts for commercial purposes. Uses include: Employee Incentive Schemes, Unit Trusts and the issue of a number of debt instruments.

Non-charitable Purpose Trusts are also being used for commercial purposes. These types of Trust do not have Beneficiaries. The assets (the capital) and the income derived from these, are instead used by the Trustee to fulfil one or more (non-charitable) purposes, as specified in the Trust Deed. As a Purpose Trust has no beneficiaries to enforce the Trust, an Enforcer is appointed to ensure that the Trustee carries out its duties.

Dixcart as Trustees

Dixcart (Bravo & Bravo Losada AO) has provided Trustee and related trust services for over thirty five years and has extensive experience in the formation and administration of Trusts. Through our offices in Guernsey, the Isle of Man and Nevis we are licensed to act as Trustee by the regulatory bodies in these respective jurisdictions.

Additional Information

If you would like additional information on Trusts please speak to Eduardo Bravo Losada at the Bravo & Bravo Losada office in Buenos Aires.

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BRITISH VIRGIN ISLANDS SIGNS A TAX AGREEMENT WITH THE UK

Eduardo Bravo Losada

Chairman & CDO, Bravo & Bravo Losada / IGAF Worldwide Member Firm

The British Virgin Islands (BVI) has signed a Tax and Information Agreement (TIEA) and a double taxation avoidance agreement with the UK.

The TIEA was signed in London on 29 October. It provides for an exchange of information on requests which relate either to a specific criminal or to a civil tax matter and which are under investigation.

In addition the BVI and the UK have negotiated a declaration of intent for non-discriminatory tax treatment and a double taxation agreement covering taxes on income for pensioners, students and government employees.

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LEY 2875/2008 - CIUDAD AUT. DE BUENOS AIRES - REGISTRO PUBLICO DE COMERCIO - CONTRALOR DE PERSONAS JURIDICAS

Eduardo Bravo Losada

Chairman and CDO, Bravo & Bravo Losada, a Member Firm of IGAF Worldwide

CIUDAD AUTONOMA DE BUENOS AIRES

REGISTRO PUBLICO DE COMERCIO Y CONTRALOR DE PERSONAS JURIDICAS

Por medio de la Ley 2875/2008, se crea el Organismo del Registro Público de Comercio y contralor de Personas Jurídicas de la Ciudad Autónoma de Buenos Aires. El mismo tendrá a su cargo: El Registro Público de Comercio, conforme las funciones y alcances que la legislación le otorga, la fiscalización de las sociedades comerciales, de las asociaciones civiles y de las fundaciones, cuando tengan domicilio legal en la ciudad, y de las sociedades constituidas en el extranjero que realicen actos comprendidos en su objeto social, establezcan sucursales, asiento o cualquier otra especie de representación permanente en la Ciudad Autónoma de Buenos Aires.

 

Boletín Oficial del 11 de noviembre de 2008 - Ver página 6

 

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Steve Jobs - Stanford University - Part I

Eduardo Bravo Losada

Chairman and CDO, Bravo & Bravo Losada

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LEY (SAN LUIS) 637 - INDUSTRIA DE CALL CENTER - EXENCIÓN.

San Luis. Ingresos brutos. Sellos. Industria de Call Center. Exención

Se establece que estarán exentas del impuesto sobre los ingresos brutos y sellos aquellas empresas que instalen y operen un Call Center en la provincia de San Luis.

A tal efecto, se fija el siguiente cronograma de exención:

- Hasta el 100%, los primeros 5 años

- Hasta el 50%, los 5 años siguientes

- Hasta el 25%, entre el año 10 y 15

Los citados beneficios impositivos comenzarán a operar desde la efectiva instalación del Call Center.

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ASOCIACION INTERAMERICANA DE CONTABILIDAD - FEDERACION DE COLEGIOS DE CONTADORES PUBLICOS DE VENEZUELA

Deseo agradecer muy sinceramente al Sr. Presidente Lic. Rafael Rodríguez Ramos y al Sr. Secretario de Estudios e Investigaciones, Lic. Rafael J. Dugarte Rivas, de la Federación de Colegios de Contadores Públicos de Venezuela, la invitación que me han cursado para brindar una conferencia sobre:

 

Control de Calidad de las Firmas Auditoras

en oportunidad de celebrarse el Seminario Interamericano sobre la Estandarización de la Información Financiera, en Isla Margarita, Estado de Nueva Esparta, organizado por la Asociación Interamericana de Contabilidad (AIC) y la precitada Federacíón.

 

Información sobre la AIC

La Asociación Interamericana de Contabilidad (AIC) se constituyó en 1949 con el objetivo principal de unir a los Contadores Públicos del continente americano, asumir el compromiso de su representación en el hemisferio y promover la elevación constante de su calidad profesional, de sus conocimientos y de sus deberes sociales. Se incorporó en 1974 bajo las leyes del estado Libre Asociado de Puerto Rico. Desde 1949 hasta esa fecha, la AIC existió con el nombre de Conferencia Interamericana de Contabilidad.

En el transcurso de su medio siglo de trabajo institucional, la AIC ha contribuido a fortalecer las organizaciones profesionales de Contadores Públicos en los países americanos que la patrocinan y participan activamente en desenvolvimiento armónico de sus conceptualizaciones y de su práctica.

A la fecha ha cumplido con su misión de ser la  entidad de carácter  profesional que une a  los Contadores Públicos del continente americano, representados en cada país por organismos profesionales de libre agremiación.

La  profesión contable debe sentirse orgullosa por haber logrado organizarse a nivel internacional y trabajado a un nivel de efectividad que es igualado por muy pocas organizaciones profesionales.

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NEW GUERNSEY COMPANY LAW

Key Features of the New Guernsey Company Law and the New Guernsey Registry

The new Companies (Guernsey) Law came into force on 1st July 2008.

 
The revised legislation is intended to ensure that the attractiveness of Guernsey as an international centre for business is preserved. The Law consolidates existing company legislation and offers increased flexibility for organisations wishing to incorporate in Guernsey. At the same time it reflects Guernsey’s continued commitment to enhanced corporate governance.

 

Guernsey Registrar of Companies

The new Law establishes an administrative Companies Registry (previously a judicial process) run by the independent Registrar of Companies. Since the start of July 2008, companies can be incorporated in less than 24 hours, with 2 hour incorporations being possible. From October 2008, 15 minute incorporations will be available for certain types of company. The fee for a standard company incorporation, within 24 hours, is £100.

Additional features of the Guernsey Registry include:

• On-line searches and on-line submissions
• Company profiles, scans of physical documents and other Registry certificates available on-line
• Directors are issued with electronic signatures and automatically notified of all events at the Registry that affect their company
• Annual validation (companies simply validate the information held once a year)
• Companies can be pre-incorporated to start on a certain date
• Company names can be reserved for up to three months
• Voluntary strike-offs are possible (dormant companies can be removed by the Directors at no cost)

 

Intellectual Property

 

The Bailiwick of Guernsey Intellectual Property Office administers all Guernsey registered Trade Marks and Designs and provides information on the Intellectual Property Laws enacted in this jurisdiction. The Intellectual Property office is based at the Registry and will be integrated into the Registry systems by the end of 2008.

 

Key Features of the New Company Law

Corporate Service Providers and Beneficial Ownership

 

Previously companies could only be incorporated by advocates. Companies can now be incorporated by Corporate Service Providers (CSPs), who must be licensed and regulated by the Guernsey Financial Services Commission.

All Guernsey companies (with very few exceptions) must have a Resident Agent in Guernsey, who can either be a CSP or a locally resident Director. It is the ongoing duty of the Registered Agent to determine the beneficial ownership and to ensure that all information regarding beneficial ownership is up to date. The Register of Beneficial Interests is not available for public inspection.

 

Choice of Corporate Vehicle

 

Options are available under the new Companies Law to convert, amalgamate and migrate companies. Structures can therefore be managed effectively in a dynamic and changing international environment. Companies can be converted quickly from one type of company to another in a single process.

 

The Solvency Test

Solvency has historically been subject to an expensive and restrictive capital maintenance test. The revised solvency test requires the Directors to ensure that:

• The company can pay its debts as and when they fall due
• The value of the company assets is greater than the value of its liabilities

 

Corporate Governance and Directors’ Liability

Appointment of a Company Secretary is optional and a sole Director can also be a Company Secretary.

Companies under the new law cannot exempt from liability or indemnify any of their Directors in respect of any liability for negligence, default, breach of duty or breach of trust. Companies can continue to purchase insurance for their Directors in relation to such liability.

 

Waiver of the Requirement to Hold an Annual General Meeting

 

The new Law retains the requirement for all companies to hold an Annual General Meeting each year. Additional flexibility is, however, provided by introducing the right for members to waive this requirement, either for specific years or for an indefinite period. To be effective a waiver must be approved by a majority of not less than 90% of the voting rights (total or represented at a meeting).

Voluntary Company Strike-Offs

 

Company strike-offs are available on-line and are free. It is not acceptable for a company not to file an annual validation and to then expect to be struck off by the Registrar without further sanction.

 

Summary

The new Guernsey Companies Law and the new Registry are practical evidence of Guernsey’s determination to maintain its status as a high quality offshore jurisdiction, with an excellent international reputation. Greater flexibility has been introduced for companies while at the same time real responsibility and accountability is placed on company Directors. The new Law and Registry reflect an innovative approach while retaining or increasing the high standards of protection and corporate governance.

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Doing Business in Latin America & Caribbean

Click images to enlarge.

Please visit IGAF Latin America & Caribbean Weblog

Information in English, updated daily.

Technorati Tags: Doing Business in Latin America & Caribbean, IGAF, IGAFLA, Eduardo Bravo Losada, Bravo & Bravo Losada, Accountants, CPAs, Accounting Firms, Consultants, Consulting, MAS, Contadores Publicos

This image is in the public domain because it is a screenshot from NASA's globe software World Wind using Blue Marble, Landsat or USGS layer, each of which is in public domain.

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Written at: Palermo Park, Buenos Aires, Argentina.

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