The design and regulations of International Business Companies Sample Clauses

The design and regulations of International Business Companies. In addition to the secrecy legislations, most tax xxxxxx have implemented rules giving international business companies and their owners possibilities not offered in the majority of states recognized as non-xxxxxx. These possibilities are classified as exemptions and freedoms by NOU (2009:19) and will be described in the following. First, a description of what constitutes an International Business Company will be given. International Business Companies (IBC): In order to be identified as an International Business Company, and thus enjoy the freedoms and exemptions granted by tax xxxxxx, a company must intend to operate in jurisdictions other than the tax haven. Companies identified as IBC usually lack activities related to their core business in the country in which they are registered (NOU, 2009:19). Thus the activities related to the core value creation of a company take place outside the tax haven. The implication is that the activities in the country of registration are related to financial dispositions. In the following, the exemptions and freedoms granted IBCs will be described. Exemption from the obligation to prepare accounts: NOU (2009:19) points out that in most countries, limited liability companies are obligated to maintain accounting records. Since owners of limited liability companies are protected against the company’s creditors, accounts is an important tool to make sure that owners do not abuse this protection. In addition, accounts provide other stakeholders (i.e. actors in securities markets, tax authorities, the company’s employees and shareholders) with important information. Companies registered in tax xxxxxx are usually not obligated to prepare accounts. It can be claimed that in general, the laws in tax xxxxxx are designed in a manner that leaves it up for the managers of the businesses to decide whether they would like to keep accounts or not. Accordingly, guidelines on what constitutes adequate bookkeeping probably fail to exist (NOU, 2009:19). Exemption from the obligation to preserve accounts: Most states keep companies responsible for preserving its prepared accounts. The reasoning is simply that the validity of the accounts can be questioned and investigated if this is found necessary at some point. In jurisdictions not obligating companies to prepare accounts, there is no obligation to preserve accounts either (NOU, 2009:19). This is the case for most tax xxxxxx. Exemption from the obligation to audit: Since the majority of t...
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