GGI INSIDER No. 62 – November | 2012 1News and Information for Members and Friends of Geneva Group International

Welcometo BangkokJoin the GGI Asian Regional Conference

GGI

SIDER

62No.Nov. | 2012

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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-Pacific Regional Confer-ence is coming up, and promises to fasci-nate those taking part with its varied pro-gramme and charismatic keynote speaker.

Find out more about the topics dis-cussed and key highlights of past GGI events. September saw around 80 guests attend the launch of the Boston office, to interact with like-minded people in the stunning atmosphere and to look around the new GGI offices.

The first North American EasyMeet (which will be known in future as the De-veloping Leaders Conference) was a re-sounding success. The splendid hosts had put together a very interesting programme and acquainted all the guests with their

home country, culture and customs over the course of a memorable evening. This year’s World Conference took place in Oc-tober 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 genera-tion of GGI member company staff also convened recently in Prague at the Euro-pean 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 on-line at www.ggi.com (Shop).

GGI will again be offering its support in the form of grants to five junior execu-tives from GGI member companies, for the Global Village on the Move (GvotM) programme. Those who receive the grant

Editorial Diarywill travel to Shanghai, where the pro-gramme is held.

GGI member company RN Marwah wishes to share two of its success sto-ries with our readership. As of now, Adam Crowson has been appointed to the post of Regional Manager for the North Ameri-can market. We can now provide more information on office 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 Busi-ness Opportunities in the United King-dom and Dr. Karl Friedrich Dumoulin, GGI member firm FPS Rechtsanwälte und Notare, informs on recent changes in Ger-man insolvency law.

Practice Groups have once again contributed some very interesting ar-ticles 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 office 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”

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At the forthcoming GGI Asian-Pacific 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 long-term structural problems with “short-run fixes” and superimposing “new bubbles”

In his presentation, he will cover top-ics such as challenges associated with expansionary monetary and fiscal poli-cies; causes and consequences of the

ongoing shift in the balance of economic and political power from the most devel-oped countries to emerging economies, rising social and political tensions in the Middle East and Central Asia, and territo-rial disputes in the South China Sea, as well as investment strategy in a rapidly changing and highly volatile economic, political and financial environment. On pages 31 f you can read his outlook on the global markets.

In addition to the keynote speech, ...next page

GGI Asian-Pacific Regional Conference in Bangkok

13-16 December 2012

Bangkok – City View

CONTENTS

UPCOMING GGI EVENTS➜GGI Asian-Pacific Regional Conference in Bangkok ..............................................05

REVIEw GGI EVENTS➜GGI Boston office 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

UPCOMING GGI EVENTS

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lished by active GGI members and are open to all GGI members throughout the different disciplines. During the Prac-tice Group meetings, information will be exchanged to find better approaches and solutions for clients’ issues. Prac-tice Group members stay connected to international information and issues rel-evant to areas of their practice. Meeting participants pool knowledge and cross-pollinate ideas and professional learning from one firm 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

H.E. Christine Schraner Burgener, Swiss Ambassador to the Kingdom of

Thailand, has confirmed her attendance for the morning session. She will offi-cially open the conference.

GGI member firms S.A.T. Associates Legal & Tax Co. Ltd and M.R. Associates Co. Ltd. will host this year’s Asian Re-gional Conference and look forward to welcoming many GGI members in Bang-kok, Thailand, at the Shangri-La Spa & Resorts. Some carefully selected fringe events will round off the conference as participants will have the opportunity to discover Thai cuisine, visit some Bud-dhist temples and enjoy a city tour.

To prepare for your journey to Bang-kok, read Ady Nordman’s travel tips on Bangkok on pages 56 f.

GGI members who have not yet reg-istered, 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.

UPCOMING GGI EVENTS

many further interesting lectures, work-shops 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 expe-rience 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 par-ticipants and perhaps find a collective so-lution to the problems. Some other issues covered in this workshop will be recruit-ing and retaining qualified staff, succes-sion planning and partner compensation,

growing the practice, dealing with com-plex personal issues, reducing legal liabil-ity exposure, improving billing and collec-tion procedures and keeping pace with technological changes.

Ricky Wong from Hong Kong will lead an interactive workshop session: “What you need to know when perform-ing financial due diligence, especially in China?”. Allan Farrar and Iain Spittal will offer a workshop on “Structuring invest-ment into Australia” and Dipankar Chat-terji will elaborate with his workshop par-ticipants “The new emerging nations – is BRICs passé?”

As usual some Practice Group meet-ings 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

Shangri-La Hotel Bangkok, Lake view

Dr. Marc Faber, Keynote Speaker at the GGI Asian-Pacific Regional Conference

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looking the Boston Harbor and the various historical communities Boston has come to be known for. The entire atmosphere and en-ergy 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 ad-mire and look forward to about attending and expe-riencing these events with fellow GGI members.

This fantastic opening has set in stone GGI’s ever growing presence in North America, which proves to be an important target market. Over the last three years GGI’s presence in the Unit-ed States and Canada grew from 14 to 72 office locations, highlighting the great success which GGI has had in this crucial market. Having an office and lo-cal presence there will truly bolster the future development of GGI.

GGI believes the simple fact that so many chose to spend an evening with each other as not only business partners, but in many cases as friends, speaks vol-umes as to the type of organization GGI has become and will continue to strive to be.

Our deepest appreciation to all of our members,

GGI North America Services Corp.100 State Street3rd floorBoston, MA 02109United States

T: +1 857 300 51 00F: +1 857 300 51 11Adam CrowsonE: crowson@ggi.comJane RaphanellaE: raphanella@ggi.com

REVIEW GGI EVENTS

First and foremost, Geneva Group In-ternational would like to thank all those who attended and especially those who traveled to attend GGI’s North Ameri-can Regional Office 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 trav-eled from outside of the New England area. Nearly a dozen members traveled from abroad to join in on GGI’s celebra-tory event.

The event began with a champagne toast at the re-cently completed and reno-vated GGI office space in the heart of Boston’s downtown financial district. This gave a chance for participants to not only get a feel for the new GGI offices, 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 presti-gious State Room, which of-fers panoramic views over-

GGI North American Regional OfficeOpening Success

26 September 2012

The GGI North American Regional Office is situated in the heart of Boston’s downtown financial district Conference Room

Reception area at the GGI North American Regional Office

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The first 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 firms Brooks, Pierce, McLen-don, 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 an-other and also to meet many represen-

tatives of the host firms in attendance. The formal part of the conference began on the following morning. The venue for the event was the North Carolina Mu-seum of Natural Sciences, which kindly allowed the delegates to use the confer-ence room named after one of the Part-ners of Brooks Pierce – William G. Ross.

The opening address was delivered by Claudio G. Cocca (Founder and Chair-man of GGI), Walter Tippett (Partner, Brooks Pierce) and Scott Hensley (Part-ner, Stancil & Company). Adam Crowson and Amiran Kavkasidze from GGI gave a brief introduction to the various opportu-nities available for member firms to en-gage in GGI, such as the Practice Groups,

REVIEW GGI EVENTS

Group work at the EasyMeet

GGI EasyMeet Raleigh

different conferences worldwide, the In-ternational Staff Exchange Programme and more. The keynote speech was deliv-ered by Robert T. Geolas, Chief Executive Officer of the Research Triangle Founda-tion. Mr. Geolas explained the origin and history of the Research Triangle Park (the area comprises the cities of Raleigh, Dur-ham and Chapel Hill). His speech was particularly motivating and inspirational for the younger generation delegates at the conference.

Richard E. Mastrocola (GGI member firm Tonneson + Co, Certified Public Ac-countants and Consultants) gave a talk on “Shaping Client Trust” where he em-phasised the importance for advisors to understand the needs and expectations of clients. Mr. Mastrocola highlighted the ne-cessity of having access to clients, contacts and resources in order to serve clients bet-ter. 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 con-ference 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 Ser-vices”. The talk explained how expecta-tions from clients and the roles of advi-sors 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, finding the most efficient ways to work and man-aging 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 par-ticipants a true taste of North Carolina ...next page Keynote speaker Robert T. GeolasWilliam G. Ross, Of Counsel of Brooks Pierce

28-30 September 2012

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REVIEW GGI EVENTS

hospitality, with a traditional hog roast, BBQ chicken and banana pudding. A live Bluegrass band also played beautiful mu-sic throughout the evening.

Sandra Limoyo, from the GGI mem-ber firm Haines Watts in the United King-dom, shares her overall impressions of the conference:

“The opportunity to meet and to talk to people from GGI member firms from across the USA and Canada was unques-tionably 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 pool-ing-together of what is a plethora of ex-perience, skills, perspectives and profes-sional knowledge from firms across the globe.”

Overall, it can be said that the first North American EasyMeet (which will be known in future as the Developing Lead-ers Conference) was a huge success, and GGI looks forward to organizing many more of these conferences in the near fu-ture.

The GGI World conference took place in the magnificent city of Rome, Italy from 18 to 21 October 2012. The event was host-ed by the local GGI member firms Refidata srl and BCG Associati. This was the larg-est conference ever hosted by GGI, with more than 300 participants from member firms all around the world.

The International Taxation Practice Group held a very well attended meeting in the afternoon of Thursday, 18 Octo-ber covering diverse and very interesting

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 firms who were attending a GGI conference for the first time.

On Friday, 19 October, the full day programme started with a brief and pithy welcome speech delivered by GGI Found-er and Chairman of the Board of Direc-tors, Claudio Cocca. Dr. Ugo Girardi,

GGI World Conferencein Rome, Italy

partner at Refidata srl and representative for the host firms, took to the floor to express his greetings to GGI and all the member firms.

The day schedule provided an ex-ceptional keynote speaker: EU Ambas-sador John Bruton. He was Prime Min-ister of Ireland from 1994 to 1997 and previously held a number of top posts in Irish government, including Min-ister for Finance and Minister for In-dustry, 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 estab-lished without proper consideration of the political steps that would have to be taken in the event of a crisis of confi-dence in the strength of Europe’s banks

or the creditworthiness of govern-ments. The possibility of a contagious ...next page

Audience at the GGI World Conference in Rome

Keynote speaker John Bruton

18-21 October 2012

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Good mood at the gala dinner

loss of confidence affecting both was not contemplated, nor was the effect of a re-sultant contraction in the availability of credit to otherwise entirely viable busi-nesses. These issues are now, belatedly, being tackled but this has to be done against a background of a newly nation-alistic and resentful public opinion that is almost totally unprepared for the mea-sures that will have to be undertaken. Resolving this problem is in his view the biggest challenge of creative statesman-ship and leadership Europe has faced since World War Two.

After Mr. Bruton’s speech, Prof. Teo-doro Cocca offered 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 scientific view.The first half of the day concluded with

the Management Report delivered by Mi-chael Reiss von Filski. After providing a view of structure and governance charac-terising GGI and a report of the compa-ny’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-Pacific) talked about the current sit-uation 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 first meeting. Please refer to pages 54 f

Conversations during coffee break

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 en-joyed several interactive workshop ses-sions. During the second half of the day, delegates and accompanying persons

could enjoy a variety of sightseeing pro-grammes 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 lo-cated 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 fantas-tic black tie event enjoyed themselves as the conference came to a successful end.

Networking

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REVIEW GGI EVENTS

The 2012 GGI Autumn EasyMeet was held in Prague between 16 and 18 Novem-ber and was kindly hosted by GGI mem-ber firm Konečná & Zacha, s.r.o. GGI had the pleasure of sharing this remarkable ex-perience with 47 delegates from member firms who attended this inspiring meeting and took the opportunity to network with the staff of fellow members, share experi-ences 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 offices of Konečná & Zacha s.r.o. in the old town of Prague, a beautiful loca-tion surrounded by the gothic architecture of the city. The meeting was followed by a cocktail reception in the office, where the firm 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 appreci-ated the oriental atmosphere of the venue.

Saturday fea-tured a full day of captivating presen-tations and inter-active workshops. The day started with a speed network-ing session where the attendants had the chance to briefly meet and in-troduce each other.

GGI EasyMeet in Prague, Czech Republic

This was followed by the contribution of Adrian Achimescu from Konečná & Zacha s.r.o., who delivered an interesting speech about business opportunities in Roma-nia, considering the perspective of energy from renewable sources. Second speaker of the morning was Melina Karaolia from Eliades & Partners. Her session about ar-bitration and mediation in the new era of dispute resolution closed the first half of the conference.

The afternoon session featured three more contributions. First, Vesela Ka-batliyska from Dinova Rusev & Partners gave an interesting overview of dispute resolution. Following on, Michiel Teek-ens, from TeekensKarstens advocaten notarissen, delivered a handy lesson re-garding GGI awareness, the global vil-lage GGI relation, and internationalisa-tion. Last but not least, speaker of the day was Graham Busch from Lawrence Grant Chartered Accountants. During his session, several issues such as net-working 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 cul-ture 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 sam-ple 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.

Audience at the EasyMeet in Prague

Melina Karaolia from M. Eliades & Partners LLCAdrian Achimescu from Konečná & Zacha s.r.o.

16-18 November 2012

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NEW MEMBER FIRMS

we wish to extend a very warm welcome to our new distinguished members.

Ahmed Ghattour & Co.Certified Public Accountants and AuditorsDar almansora BuildingJumhoria StreetP.O Box 6026TripoliLibya

T: +218 21 444 44 68F: +218 21 333 48 14E: info@ghattour.com W: www.ghattour.com

Company languages: Arabic, English. Con-tact person: Ahmed Ghattour, aghattour@ghattour.com. Service: Financial Audit & Accountancy Services, Tax Consulting, Man-agement Consulting, Corporate Finance, In-ternational Trust & Estate Planning.

AhmedGhattour

DIEM & PARTNER RechtsanwälteHölderlinplatz 570193 StuttgartGermany

T: +49 711 228 54 50F: +49 711 226 55 70E: stuttgart@diempartner.com W: www.diempartner.com Further offices in: Istanbul (Turkey), Lyon (France). Company languages: German, English, French, Turkish. Contact person: Frank E.R. Diem, fdiem@diempartner.de. Services: Law Firm.

Frank E.R.Diem

Germany Libya

we wish to extend a very warm welcome to our new distinguished members.

Shields & Company, Inc.890 Winter Street Suite 160Waltham, Boston, MA 02451United States

T: +1 781 890 70 33F: +1 781 890 70 34E: tshields@shieldsco.com W: www.shieldsco.com Company language: English. Contact person: Thomas J. Shields, tshields@ shieldsco.com. Service: Management Con-sulting, Corporate Finance.

Thomas J.Shields

UnitedStates

www.ggi.com

Search forindependent members

of GGI at

GGI iPhone AppGGI Android App

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GGI Android appnow available inGoogle 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 offers 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 di-rectly 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 infor-mation 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 in-formation (e.g. addresses, telephone numbers & email addresses) is displayed under “Contacts” and is arranged by re-gion.

You can download the GGI app clicking here or searching “Geneva Group Interna-tional” in the search bar of the Google Play Store from your Android Smartphone or Tablet.

GGI INTERNAL NEWS

GGI MembershipDirectory 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 firms, including the addresses, contact person details and information on areas of expertise of individual prac-tices.

The directory is a brilliant tool to demonstrate your firm’s inter-national strength and global reach. The directory can be obtained from the GGI online shop via www.ggi.com. If you purchase the GGI mem-bership directory online you will re-ceive 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 on-line shop or directly from GGI Head office.

10% discount on all online purchases

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GGI INTERNAL NEWS

Ready for the Global Village on the Move in Shanghai

Global Village onthe Move in Shanghai

17 to 26 September 2013

GGI is cooperating with the Iacocca Institute, Office of International Affairs at Lehigh University Pennsylvania, USA (www.lehigh.edu), to send participants to their co-organised leadership pro-gramme – Global Village on the Move (GVotM) Shanghai 2013. The theme of the event will be “Building business alli-ances in Asia”.

Global Village on the Move pro-grammes are designed to be profession-al development, training and immersion experiences that explore business climate and culture in the host country around a specific theme. The programmes are

focused on business and industry know-ledge, leadership and entrepreneurship skills and the development of a global network.

Global Village on the Move pro-grammes focus on unique business and cultural environments by taking partici-pants to dynamic locations throughout the world and providing focused learn-ing 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 essen-tial for today’s most suc-cessful young profession-als.

This year’s pro-gramme 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, pan-ellists and everyone who was involved. Two partici-pants of the programme

shared their impressions with us: Paulina Reveles, GGI member firm

Integroup, Guadalajara, Mexico, sum-marized her experience: “Through this amazing experience I believe I have learned a lot about myself, entrepreneur-ship and the business world around me. One of the hightlights of the programme was being able to meet so many interest-ing people coming from opposite back-grounds and different 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 count-less number of other professionals”.

Dagoberto Mendoza, GGI member firm DRDA PLLC, Houston, TX, USA, said

“It was a huge opportunity for growth and experience personally and professionally. The courses and exercises were very in-teresting 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 five young professionals from its member firms 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 GVotM 2013 will take place in Shanghai

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GGI INTERNAL NEWS

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 finalises a spectacular property at the world centre for financial 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 firm which could

providing a useful cross-border profes-sional 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 man-agers and young professionals aged be-tween 22 and 35 that possess specific personal values, ethics, motivation and skills. Applicants should also have an idea of the benefit they hope to derive by attending and contributing to the pro-gramme. To promote the diversity of par-

ticipants, one candidate will be picked from each of GGI’s five regions.

GGI professionals will join 40 to 50 other professionals from China and throughout the world for this Global Vil-lage, experiencing a stimulating and chal-lenging multicultural environment.

The application form required to ap-ply to Global Village on the Move Shang-hai 2013 will be sent to all GGI member firms in November. We cordially invite all young professionals to apply for this opportunity to join this successful cross-border experience.

run property searches, negotiations, structuring and deal closure by under-standing the needs of the LaLit Brand in its quest to offer guests an exception-al experience, but not at an exorbitant price. A unique location was soon iden-tified, 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, Lon-don. Following this, the market was as-sessed and the financial feasibility of the proposed 4 star boutique hotel was pro-jected. The hotel site is highly visible and the LaLit brand will benefit from being part of the wider Berkley Homes devel-opment, which, once complete, will pro-vide a mix of high-quality residential and leisure developments. In addition to ma-jor attractions and local venues, the wid-er 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 oppor-tunity for the hotel to establish itself in the local and wider London hotel mar-ket as a high-quality Indian hotel brand with international exposure. The acquisi-tion of a guide price of GBP 15 million was conceded in June 2012 by RNM & Associates, an investment banking firm with successful track record of complet-ing strategic investment and merger and acquisition transactions. RNM & Associ-ates is part of the RNM Group with GGI member firm R.N. Marwah & Company, chartered accountants rendering profes-sional 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 ex-pected at the end of 2014.Raghu Marwah

Looking for a prestigious London property – RNM successfully closed a GBP 15 million acquisition

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 27

Adam Crowson joined GGI in April 2011 to help grow GGI throughout North America. He is based in the GGI office in Boston, but frequently travelling to meet GGI member firms as well as pros-pects to strengthen the network.

He demonstrates a finely-honed in-stinct for selecting suitable candidates and successfully developed the North American market for Geneva Group In-ternational 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 firms 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 Fi-nance. 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 field.

Adam has always had a passion for food and wine and is actually a Certified Sommelier.

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 pres-ence throughout the region by provid-ing support in operations across North America and as a resource for GGI’s growing membership.

GGI INTERNAL NEWS

Event with leadingreal estate developer

Marketing by RNM in New Delhi

Adam Crowsonappointed as Regional Manager North America

GGI member firmR.N. Marwah & CompanyFinancial Audit & Accountancy, Tax Consulting, Management Consulting, Corporate FinanceNew Delhi, BangaloreIndiaRaghu Marwah, FCAE: raghu.m@rnm.inW: www.rnm.in

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 cap-ital’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 lever-aged 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, in-cluding the leading business daily, The Economic Times.

GGI North America Services Corp.100 State Street3rd floorBoston, MA 02109United States

T: +1 857 300 51 00F: +1 857 300 51 11Adam CrowsonE: crowson@ggi.comJane RaphanellaE: raphanella@ggi.com

Adam Crowson

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 29

GGI INTERNAL NEWS

New office in PortElizabeth, South Africa

Port Elizabeth is the most recent ad-dition 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 finance professional in the region.

Nolands prides itself on being “not or-dinary” and for the first time the Eastern Cape business community will be able to benefit from the brand’s particular style of

energy and professionalism that is grow-ing 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 fill this important gap.

The office will also have a capability across the advisory spectrum, from com-mercial to technical and tax. For special-ised input, the Port Elizabeth office will be able to draw on the national Nolands net-work.

GGI member firm Nolands SA GGI member firm Lawler Expands to Western Australia

Australian GGI repre-sentatives Lawler Chartered Accountants (Lawler) an-nounced on 1 November that leading Western Aus-tralian accounting practice McGillivrays would join the independent group of firms.

Perth-based McGilli-vrays joins other Lawler firms with offices across Australia in Sydney, Mel-bourne, Brisbane, New-castle, Rockhampton, Tamworth and Walcha bol-stering numbers to almost 400 directors/partners and staff across the group.

McGillivrays Managing Director, Wayne Healy, said the Lawler Alliance was an enormous step in the devel-opment of the firm and that the critical factor in discus-sions had been to ensure the culture of each firm is aligned.

Mr. Healy said “We have been in the Perth local market for over 28 years,

our clients and team have expanding horizons and the opportunity for our ...next page

GGI member firmNolands SAFinancial Audit & Accountancy Services, Tax Consulting, Management Consulting, Coprorate Finance, International Trust& Estate PlanningPort Elizabeth, Cape Town, Umhlanga Rocks, Bloemfontein, Johannesburg,Mthatha (Eastern Cape)South AfricaDavid MastertonT: +27 81 271 0585E: davidm@nolandsadvisorype.co.zaW: www.nolandsadvisorype.co.za

Nolands SA opens new office in Port Elizabeth, South Africa

Terry Lawler (left) with Wayne Healy from Lawler McGillivray

Phot

o: N

grun

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 31

business to grow with like-minded busi-nesses both nationally and internation-ally is exciting.”

“As a professional services firm our focus is on helping our clients achieve their goals and objectives. Lawler pro-vides 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 independently-owned and managed business”, Mr. Healy said.

Lawler Chairman, Terry Lawler, said this represented an important milestone in the alliance’s dedication to offer each firm’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 firms we operate sepa-rately and independently in our markets, we leverage our knowledge and exper-tise as a group to strengthen our value to clients.

We already have a strong presence on the eastern seaboard and are delight-ed to now have representation in West-ern Australia which is currently Austra-lia’s strongest performing economy”, Mr. Lawler said.

About Lawler

Lawler Alliance is a group of special-ist independent firms offering a range of consistent services designed to add

value to a client’s business and financial affairs, including:

Audit and Assurance Business Advisory Taxation Business Recovery & Insolvency Corporate Advisory Wealth Management Forensic accounting Franchise Hospitality Superannuation.

GGI INTERNAL NEWS

GGI member firmLawler Partners chartered accountants(Financial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance, International Trust& Estate Planning)Sydney, Melbourne, Brisbane, Newcastle, Rockhampton, PerthAustraliaTerry LawlerE: tlawler@lawlerpartners.com.au W: www.lawlerpartners.com.au

GGI COMMON INTEREST

Investor MarcFaber anticipatesmajor crash

Stock market guru Marc Faber, who will be keynote speaker at GGI’s upcom-ing Asian-Pacific Regional Conference in Bangkok, warns that the stock markets will crash. The global economy is losing momentum, global financial 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 im-minent on the stock markets. After peak-ing 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 fiscal cliff in the USA.

...next page

Stock market guru Marc Faber

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 33

GGI COMMON INTEREST

The latter can be overcome with a little work on all sides from the Congress. Re-publicans and Democrats are likely to be in agreement about raising a number of taxes in five 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 profits com-ing 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 dif-ficulties in the LTCM hedge fund in the USA, fears of wildfire 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 Cen-ter on 11 September triggered panic on the financial 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%. Addition-ally, there was uncertainty about the re-opening of Wall Street on the following Monday, 17 September. In the wake of a four-day break in trading, the Dow Jones

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 differ. In many Asian countries, the issue is overcapacity, for example in the real

estate sector. The vast mountains of debt in the Western world in-cluding Japan are curb-ing growth. Faber is quite certain that the entire global financial system will one day hit zero. It is not the cen-tral banks, but implod-ing 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 pain-ful the shakeout process will be. Central banks and politicians in Western democ-racies are risking a complete collapse of society, warns Faber.

In the eurozone, the contours of Fa-ber’s bleak forecast are already recogni-sable 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.

The Ministry of Finance of the Rus-sian Federation has announced the re-moval of Cyprus from its “Black List” with effect from 1 January 2013. This will have a positive impact on both in-bound investment to Russia from Cy-prus and outbound investment from Russia to Cyprus and globally.

This is importantly:

With effect from 1 January 2013, dividends paid from Cyprus com-panies to Russian companies will be exempt from taxation in Rus-sia (subject to the normal holding conditions), benefiting from the Russian participation exemption that does not apply to dividends from countries on the Black List.

The transactions of Russian com-panies with Cyprus companies will not be subject to the onerous transfer pricing provisions intro-duced with effect from 1 January 2013 for countries on the Black List. The standard transfer pricing

regulations will continue to apply. Other possible Russian provisions

being introduced with restrictive implications in respect of pay-ments to companies in jurisdic-tions on the Black List will not apply to transactions with Cyprus companies.

Russian Federation:Removal of Cyprus from its “Black List”

GGI member firmM. Eliades & Partners LLCFinancial Audit & AccountancyServices, Tax Consulting, Law Firm, International Trust & Estate PlanningNicosia, CyprusT: +357 22667730E: info@eliades.euW: www.eliades.eu

Marc Faber

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 35

of the debtor in insolvency has already been shut down (cf. Section 22a (3) of the Insolvency Act), if (ii) it is economi-cally unreasonable to set up a prelimi-nary creditor committee in view of the existing assets of the debtor in insolven-cy or if (iii) the delay – due to setting up a preliminary creditor committee – will economically be detrimental to the finan-cial situation of the debtor in insolvency.

Through the preliminary creditor committee, the creditors can influence the appointment of both the preliminary insolvency administrator in the opening proceedings and later of the (final) in-solvency administrator after commence-ment 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 ac-count the interests of all kinds of credi-tors concerned, the preliminary creditor committee shall be made up of creditors with preferential rights as well as credi-tors with the highest amounts of claims against the insolvency debtor and those with only minor claims and an employ-ee’s representative (cf. Section 67 (2) of the Insolvency Act). In detail, the follow-ing rules apply:

2.1 Definition of a profile for the (preliminary) insolvency administrator

In accordance with Section 56a (1)

of the Insolvency Act, the court has to hear the preliminary creditor commit-tee before appointing a (preliminary) insolvency administrator. The prelimi-nary creditor committee shall comment on the requirements which the (prelimi-nary) insolvency administrator has to meet and on the person of the admin-istrator unless – again – there is a risk that such a hearing may be detrimental to the economic situation of the debtor in insolvency. Consequently, the prelimi-nary creditor committee can determine a profile of the (preliminary) insolvency administrator by a resolution of the ma-jority (for further details, cf. Section 72 of the Insolvency Act) and therefore partici-pate in the selection of the (preliminary) insolvency administrator.

...next page

GGI COMMON INTEREST

With effect from 1 March 2012, new pro-visions were implemented in German in-solvency 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 follow-ing options to influence the appointment of the insolvency administrator:

1. Options of individual creditors

Individual creditors may propose to the insolvency court a suitable (prelimi-nary) insolvency administrator (cf. Sec-tion 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

(vorläufiger Gläubigerausschuss) in the opening proceedings if the debtor in in-solvency met at least two of the follow-ing three conditions in the preceding financial year: (i) at least EUR 4.84 mil-lion balance sheet total after deduction of a deficit on the assets side within the meaning of Section 268 (3) of the Ger-man Commercial Code, (ii) at least EUR 9.68 million turnover in the 12 months before the final 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 ad-ministrator or the debtor in insolvency can make such an application.

However, even if the threshold pursu-ant to Section 22a (1) of the Insolvency Act is met or if an application is made according to Section 22a (2) of the Insol-vency Act, a preliminary creditor commit-tee may not be set up if (i) the business

Dr. Karl Friedrich Dumoulin

Position of creditors in preliminary proceedings strengthened

Recent changes in German insolvency law

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 37

2.2 Proposal of a specific person as (preliminary) insolvency administrator

The court may only deviate from a unanimous proposal of the preliminary creditor committee if the proposed per-son 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 commit-tee.

As mentioned above, in urgent cases (risk of detrimental change in the financial situation of the debtor in insolvency), the court may refrain from hearing the pre-liminary creditor committee. However, in such cases, the preliminary creditor com-mittee in its first meeting may – by unani-mous resolution – replace the (prelimi-nary) insolvency administrator appointed by the court with its own candidate (Sec-tion 56a (3) of the Insolvency Act).

3. Participation after opening of the insolvency proceedings

After the opening of the insolvency proceedings and appointment of an in-solvency administrator, the creditors may replace the insolvency administra-tor with their own candidate in their first meeting after the appointment of the ad-ministrator (Section 57 of the Insolvency Act). In this respect, the law has not been changed.

SummaryThe 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 in-stalled due to the threshold of the busi-ness size provided for in Section 22a (1) of the Insolvency Act.

However, the introduction of the pre-liminary creditor committee and its early and extensive participation rights in in-solvency proceedings are very positive steps towards ensuring the creditors’ in-fluence in insolvency proceedings. The filing for insolvency should, therefore, be properly prepared as it should contain all necessary information which the court will require. In the event that the appli-cant carefully selects suitable persons for the preliminary creditor committee, it can avoid a delay in the appointment of the committee.

GGI COMMON INTEREST

Gujarat, the economic powerhouse and growth engine of India, has inher-ent strategic strength due to its location and is considered one of the preferred re-gions from a logistics perspective. Given the excellent infra-structure and sta-ble political gover-nance, Gujarat has emerged as a glob-al business hub at the Vibrant Investors’ Summits, which are organised every two years.

Vibrant Gujarat is a biennial, high level, multi stakeholder gathering, ac-knowledged globally as the premium

platform for decision-making and action on emerging opportunities in Gujarat, India and beyond. Vibrant Gujarat Inves-tors’ Summit is South Asia’s premier in-vestment event. It is the most dynamic

initiative by the state of Gujarat, which has been or-ganised 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 five ...next page

Vibrant Gujarat Summit – the biggest business summit of India

Vibrant GujaratSummit 2013

GGI member firmFPS Rechtsanwälte & NotareLaw FirmDusseldorf, Frankfurt, Berlin, HamburgGermanyDr. Karl Friedrich DumoulinE: Dumoulin@fps-law.de W: www.fps-law.de

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 39

GGI members who would like to par-ticipate in this event can be sent formal invitations directly from the State Gov-ernment 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 firmZinzuwadia & Co., Chartered AccountantsFinancial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate FinanceAhmedabad, Vododara, Mumbai, Kalol, IndiaVijesh ZinzuwadiaE: vijesh@zinzuwadiaco.comW: www.zinzuwadiaco.com

GGI COMMON INTEREST

global summits held so far have been a resounding success, having attracted in-vestment 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 un-rivalled platform for exploring business opportunities, sharing best practice and interacting with influential people. Fur-thermore, this year’s focus on educa-tion, 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 inves-tors’ summit.

Why Gujarat?

Although it only has 5% of India’s population, Gujarat has 16% of the in-dustrial production. The state has been witnessing double-digit growth rates over the last five 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

Land bank availability for industrial use

Robust physical, social and industrial infrastructure

The right work-life balance Proactive governance Transparent, business friendly poli-

cies Home to many of India’s ambitious

projects

Leaders and heads of state, decision and policy makers, corporate leaders and CEOs, multinational corporations, Indi-an corporations and SMEs, national and international chambers of commerce, academics, financial experts, media and opinion makers, international business and finance, sophisticated investors, en-trepreneurs and the global Indian dias-pora 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 Accoun-tants, are a GGI member firm in Ahmed-abad City, the third fastest growing city in the world.

Vijesh Zinzuwadia, partner at GGI member firm Zinzuwadia & Co., Char-tered 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 be-low.

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 headquar-ters in the UK because of the well estab-lished 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 establish-ment of a non-UK resident company or as a standalone company (including a sub-sidiary of an overseas company).

...next page

United Kingdom – Open for Business

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 41

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 noti-fied for corporation tax, payroll tax and VAT.

Corporation Tax

Companies are subject to tax on their worldwide profits and gains, permanent establishments are only subject to tax on the UK profits and gains related to the permanent establishment.

The current rate of tax in the UK is: 24% for profits above £1,500,000 (ex-

pected to decrease to 23% and 22% over the next few years).

20% for profits below £300,000 25% on profits between £300,000 and

£1,500,000

Where there are active associated com-panies, including overseas companies, all these limits are reduced, in effect spread-ing 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 in-stalments, two in the accounting period and two after.

Deductions

Qualifying capital assets purchased for use in the trade can be written off against

profit. The deduction is called capital al-lowance and takes the place of commer-cial depreciation charged in accounts. The first £25,000 of assets purchased in a year get 100% deduction, the excess expendi-ture 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 pric-ing rules, Interest paid to money lenders both third party and other group compa-nies is deductible against profits but may be subject to a withholding tax. The UK does have worldwide debt cap rules which can also restrict the deduction for inter-est if it exceeds the worldwide interest ex-pense of the group.

Extraction of funds

The UK does not withhold tax on the payment of dividends, therefore after tax profits of the UK company can be paid as a dividend to the parent company without suffering tax.

If the UK company is used as a holding company, the receipt of dividends from subsidiaries is generally exempt from cor-poration tax, subject to certain rules de-signed to limit abuse..

The payment of interest from the UK company to an overseas company on a

loan will have withholding tax at 20%, but double tax agreements can be used to re-duce or eliminate this tax.

In a similar vein, royalties paid to over-seas intellectual property rights holders will also suffer 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 com-pany due to the substantial shareholding exemption. This requires the sharehold-ing in the subsidiary to be at least 10% and have been held for at least 12 months. The company being sold and the compa-ny making the sale must be trading both before and after the disposal.

If the business is a UK permanent es-tablishment then upon disposal of UK as-sets used in the UK trade taxable gains may arise which are charged to corpora-tion 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 ben-efits 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 sufficient records in line with OECD rec-ommendations to justify pricing between group members both within the UK and internationally.

Personal TaxationResidence and domicile

An individual will definitely 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 com-plicated. 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 do-miciled 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”.

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GGI COMMON INTEREST

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 deductibilityc. Group relief andd. Deemed distribution of dividends.

The new legislation became effective 1st January 2012

Intellectual property rights

The meaning of patent rights and in-tellectual property (IP) rights has been amended to coincide with the defini-tion 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 avoid-ing any uncertainty

The new law provides for an 80% ex-emption on the net profit from the ex-ploitation of such intangibles

The net profit is calculated after de-ducting from the licensing of the in-tangibles all direct expenses associat-

ed with the production of this income The rate of capital allowances on such

intangibles is 20% of the cost of ac-quisition

Profit from the disposal of such intan-gibles will also benefit from the 80% exemption

Interest deductibility

No interest expense restriction will ap-ply in cases where shares are acquired ...next page

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 depend-ing 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 cred-it 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.

Rates

Residents of the UK and some non-residents 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 first £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.

Arriving in the UK

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 find out more about investing in the UK, download the Haines Watts guide at www.hwca.com/investinguk

GGI member firmHaines WattsFinancial Audit & Accountancy Services, Tax Consulting, Management Consulting, Corporate Finance55 offices in all major towns and cities throughout the United KingdomGareth Winstone E: GWinstone@hwca.comW: www.hwca.com

New Tax Regime inthe Republic of Cyprus

Intellectual Property and other Tax issues

Marios Eliades

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 45

GGI COMMON INTEREST

directly or indirectly in a wholly owned subsidiary provided that this subsid-iary 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 busi-ness, the restriction of interestwill only correspond to the percentage of assets not used in the business

Group relief provisions

Under the current provisions of group relief a company is considered to be-long to the same group for group re-lief purposes if it is part of that group for a whole tax year

With the amended legislation, in cas-es where a company has been incor-porated by its parent company dur-ing 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 sec-tion 33 will not apply for transactions between parent and wholly owned subsidiary companies for which the group relief provisions of section 13 apply

Capital Allowances

The rate of capital allowances for any plant and machinery purchased in

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 pur-chased in the tax years 2012, 2013 and 2014, the capital allowances rate will be increased from 4% to 7%

Provident Funds

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 Contributionfor the Defence Law

In calculating the profits subject to deemed distribution under this law a deduction will be given for the ac-quisition of any plant and machinery purchased in tax years 2012, 2013 and 2014

The definition of plant and machinery is the same as the one provided on the Income Tax Law. This definition excludes any saloon cars purchased for private use.

This provision will apply for the prof-its earned in the tax years 2012, 2013 and 2014

Concluding remarks

The new IP tax regime is a major step

GGI member firmM. Eliades & Partners LLCFinancial Audit & Accountancy Services, Tax Consulting, Law Firm, International Trust & Estate PlanningNicosia, CyprusT: +357 22667730E: info@eliades.euW: www.eliades.eu

towards promoting Cyprus, a full mem-ber of the EU and EMU as one of the most attractive international financial 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 as-sets through Cyprus.

Relevant aspects of the new Law against Money Laundering

International Taxation Practice Group (ITPG)

By Sergio Guerrero Rosas

In October 2012, President Felipe Calderón of Mexico announced the Feder-al Law for the Prevention and Identification of Operations with Resources of Unlawful Origin, better known as the Law Against Money Laundering, in the Official Publica-tion of the Federation.

Despite the early decision in the Presi-dent’s administration to confront the crim-inality 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 first years, the government’s strategy to bring down and arrest dozens of drug trafficking capos failed to place the same level of importance on the finances of the cartels.

Yet, while it may appear strange to see Mexico struggling in its fight against the kind of financial irregularities posed by the cartel practices, it should be remembered ...next page

GGI PRACTICE GROUP PAGES

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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; mea-sures which, according to official calcula-tions, reduced circulation of the dollar in Mexico by 70%.

Meanwhile, the new law has been de-signed to continue detecting and investi-gating potentially illegal resources by fo-cusing on those commercial operations considered most susceptible to being uti-lised for laundering purposes. Limits have therefore been established on the use of cash in operations related to the acquisi-tion of goods and capital that exceed cer-tain quantities. Among the “vulnerable activities” are gambling, betting and raf-fles; 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-financial intermedi-aries 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 five years. In addition, new obligations have also been placed on financial institutions. Banks and bureaux de change must establish mea-sures and procedures to prevent and de-tect suspicious activities. Among others, such precautions include formal, regular reports on vulnerable activities to be pre-

sented to the Secretary of the Treasury and Public Credit (SHCP).

As a result, in order to verify that ac-tivities of intermediaries and financial in-stitutions are in accordance with the new law, another stipulation is that a unit spe-cialising in financial 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 raffles =

USD 3,000 Marketing of prepayment cards =

USD 3,800 or above Marketing of precious metals =

USD 7,600

Sergio Guerrero Rosas

Artwork = USD 23,000 Cars above 400,000 and armour =

USD 23,000 Attorney services = USD 38,500 Donations = USD 15,000 1

One of the most important elements in relation to our field of work takes into account the fact that the provision of inde-pendent professional services, specifically 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 identified as a vulnerable ac-tivity, and is therefore fully subject to the requirements of President Felipe Calde-ron’s Law Against Money Laundering. 2

As a result, we have to be aware of new regulations being issued in accordance

with this new Law Against Money Laun-dering and prevent any problem or contin-gencies relating to our independent pro-fessional services.

1 Amount subject to change, depending on the Mexican Peso-USD exchange rate.2 The new regulations are expected to come into full effect as of next summer.

GGI member firmGuerrero y Santana, S.C.Financial Audit & Accountancy Services,Tax Consulting, Management Consulting,Corporate Finance, Law FirmTijuana, Baja California, MexicoSergio GuerreroE: sguerrero@guerrerosantana.com.mxW: www.guerrerosantana.com.mx

M&A Practice Group launched own website

M & A

By Tim van der Meer

The GGI M&A Practice Group (GGI M&A) has recently launched the first 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

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GGI PRACTICE GROUP PAGES

such a website as an effective market-ing 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 In-noTix. GGI’s head office will carry out the website’s maintenance, but M&A mem-bers are encouraged to contribute to the content to ensure interesting and up-to-date information.

Goal of the website

GGI currently has 115 M&A Practice Group members worldwide: not only

M&A dealmakers, but also a large num-ber of financial, legal and tax specialists that provide M&A-related services. The GGI M&A website is an external mar-keting tool to attract new clients for our members as well as firms that are look-ing to join an international M&A network. The website will also serve as a platform for knowledge sharing, business referrals and investment opportunities.

Knowledge

The website offers an interactive map similar to that on the main GGI website,

which visitors can use to look up mem-bers worldwide based on both location and expertise. GGI M&A members are able to present themselves and their expe-rience 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 mem-bers 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-

tant aspects of GGI and is therefore also an important objective of the M&A web-site. GGI M&A believes that all disciplines come together in M&A and all GGI mem-bers can benefit from exchanging infor-mation and leads.

M&A specialists (dealmakers), as well as financial and legal specialists, can iden-tify 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 dif-ferent parties to certain business oppor-tunities, making optimal use of their in-ternational network while increasing their own deal flow. ...next page

GGI M&A Practice Group (GGI M&A) has recently launched the first specialised Practice Group website

Member profile of Tim van der Meer

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GGI PRACTICE GROUP PAGES

Private Equity and International Wealth Management

Our EU Retirement (U.S. Qualified) Plan solution...

are not resident in the USA. This means that UK tax relieved contributions made to a registered pension scheme, togeth-er with investment growth within the scheme, are potentially subject to U.S. federal income tax with the correspond-ing liability to income tax capable of be-ing 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 benefits 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 difficult ques-tions to answer and will require special-ist advice to determine the tax liabilities in both countries depending on facts unique to each individual, such as the type of pension arrangement in ques-tion and whether any relief had previ-ously been claimed under the double tax treaty between the UK and USA.

Maltese Benefits

Established in Malta and registered as a pension scheme with the Malta Fi-nancial Services Authority (MFSA), this EU Retirement (U.S. Qualified) Plan al-lows U.S. citizens to benefit from the generous pension tax reliefs agreed be-tween Malta and USA, which were put into force under the recent double tax

treaty between the two countries.Under the treaty, the U.S. recognis-

es a Maltese QROPS as a “qualifying pension” and unlike UK registered pen-sion schemes which do not qualify for US treaty purposes, this EU Retirement (U.S. Qualified) Plan freezes U.S. fed-eral income tax exposure existing in a registered pension scheme for U.S. citi-zens, green card holders and individu-als who are resident in the USA.

Key considerations

By utilising foreign tax credits to off-set against taxable income arising on the transfer to the Plan, a U.S. citizen will therefore step up in basis (i.e. en-hance the non taxable capital element) while being able to: ...next page

Illustration (UK): U.S. Taxable persons

The UK tax benefits of saving for re-tirement 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.

However, UK registered pension schemes are not recognised as qualify-ing plans for the purposes of U.S. fed-eral income tax as it applies to persons who have a U.S. filing requirement but

Investment opportunities

The M&A industry offers only lim-ited transparency to the outside world. Acquiring parties and selling mandates can be difficult to locate and do not eas-ily disclose information. By offering an internal online platform on which both buy-side and sell-side mandates world-wide (anonymously) are made visible, GGI M&A members are able to create unique value for their clients. As well as interesting mandates, all (local) transac-tion-related services are also offered 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.

Prof. Robert Anthony

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 53

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 benefits – 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 frank-ed against lump sum and additional lump sum payments first, income and gains within the Plan may es-cape U.S. income tax altogether.

Provide lump sum death benefits to be distributed to beneficiaries with-out a charge to U.S. federal income tax.

Key benefits

For non-U.S. residents, U.S. citizens and green card holders, the key benefits of our EU Retirement (U.S. Qualified) Plan are: Potential U.S. income tax liabili-

ties are frozen at the point of trans-fer from a UK registered pension scheme to a QROPS and provide a step up in basis.

Subsequent growth and distribu-tions may be structured to be free of U.S. federal income tax.

Investment returns derived from di-rect investment in U.S. domiciled assets are not subject to U.S. with-holding 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 un-taxed income first, allowing income and gains within the Plan potentially to escape U.S. federal income tax al-together.

Removing subsequent investment growth from the UK Lifetime Allow-ance (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 benefits 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 five tax years immediately preced-ing).

GGI PRACTICE GROUP PAGES

REAL ESTATE

GGI Practice Group Meeting Real Estatein 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 follow-ing three main topics:

The first was a challenge put up for discussion by Hans Klaasen from the Netherlands about helping lessors who, in the midst of the financial crisis, cannot uphold their previous rent for business premises. They wish to avoid a devalua-tion of real estate in their books in order, principally, to negate problems with their financing bank.

After this, Marco Walser from Switzer-land gave an interesting speech about at-tractive investment opportunities in real estate projects in Brazil. He was able to

provide personal insights due to the ex-tensive experiences he has had with his own housing projects there.

Finally, the author of this article re-ported on the development of real estate prices in Germany. It became clear that this development differs essentially from those in most other countries. Prices in-crease rapidly, especially in large cities, because people are looking for a safe ha-ven for their money during the financial crisis.

The meeting was rounded off with a lively exchange of views, as well as a dis-cussion of methods and laws practiced in the various countries.

GGI member firmFPS Rechtsanwälte & NotareLaw FirmDusseldorf, Frankfurt, Berlin, HamburgGermanyDr. Reinhard NackeE: Nacke@fps-law.de W: www.fps-law.de

GGI member firmAnthony & CieInternational Trust & Estate Planning,Tax ConsultingSophia Antipolis, FranceProf. Robert AnthonyE: robert@antco.comW: www.antco.com

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GGI PRACTICE GROUP PAGES

and Sergio Guerrero Rosas of Guerrero San-tana Tax, Audit & Consulting acting as Glob-al Vice Chairpersons. The Regional Chair-persons include Camilla Wallace of Wedlake Bell LLP representing the European Region, Oliver Muñoz of Quijano & Associates rep-resenting the Latin American Region, Den-nis Nerland of Shea Nerland Calnan LLP rep-resenting the North American Region, and Darren Shone of Lawler Partners Chartered Accountants as Chairperson representing the Asian-Pacific Region .

Steven L. Cantor and various members of the Trust & Estate Planning Practice Group will be attending the 2013 GGI Eu-ropean Conference in Lisbon as well as the

2013 World Conference in Cancun, Mexico where the next two Practice Group meet-ings will be held. Should you wish to be-come a member of the Practice Group and participate in our meetings, please email us at lowry@cantorwebb.com.

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 oc-cupation includes a significant involvement with any of the planning, creation, man-agement of and accounting for, trusts and estates, executorship administration and related taxes; 2) to promote discussion of aspects of tax, accounting, administra-tion 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 as-pects of cross border trust and estate plan-ning and administration.

The agenda for the first meeting focused on the latest developments in cross border estate planning from several onshore and offshore 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

Dennis Nerland of Calgary, Canada can be found out on GGI’s website, internal sec-tion, Practice Group Trust & Estate Plan-ning, Downloads. In the upcoming months the Practice Group will be establishing sev-eral 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 Prac-tice Group, and in an effort to increase at-tractiveness to members outside of the Eu-ropean region, the Practice Group counts with the leadership of a highly diverse and qualified group of professionals. As pictured in the ac-companying graph, the leadership team includes Steven L. Cantor of Cantor & Webb P.A. the Glob-al Chairperson with Emma Loveday of Wedlake Bell LLP

Oliver Muñozof Quijano & Associates,

PanamaRegional Chairperson

LATI

NAM

ERIC

ANRE

GIO

N

Camilla Wallaceof Wedlake Bell LLP,

United KingdomRegional Chairperson

EURO

PEAN

REG

ION

Dennis Nerlandof Shea Nerland Calnan LLP,

Calgary, CanadaRegional Chairperson

NO

RTH

AMER

ICAN

REG

ION

Darren Shoneof Lawler Partners Chartered

Accountants, AustraliaRegional Chairperson

ASIA

N-

PACI

FIC

REG

ION

The structure of the TEPPG Leadership Team

Steven L. Cantorof Cantor & Webb P.A.,

United States Global Chairperson

WO

RLD

WID

E

Trust & Estate Planning Practice Group (TEPPG)

Sergio Guerrero Rosasof Guerrero Santana Tax,

Audit & Consulting, MexicoGlobal Vice Chairperson

WO

RLD

WID

E

Emma Lovedayof Wedlake Bell LLP,

United Kingdom Global Vice Chairperson

WO

RLD

WID

E

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GGI BUSINESS TRAVEL TIP

Bangkok, theKingdom of Thailand

By Ady Nordman

The GGI Asian Re-gional 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 offer and no one page can encompasses the cu-

linary delights of this vibrant city. From street food and floating 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 great-est places to eat in Bangkok, located on the 61st floor of the Banyan Tree Bang-kok 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 Bang-kok Squar Jatujak Market – Rama III Rd. (Tel: 02-2682-7180) – This water-front seafood res-taurant boasts an incredible variety of seafood, which you can enjoy while you watch the ships sail past. Offering excellent value for money, this place was brought to my at-tention by Bangkok residents, for whom it is the top choice for a good meal. That says it all really!

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 restau-rant is favoured by inhabitants of Bang-kok for its fresh food, beautiful presenta-tion and extremely good value.

I have a weakness for Indian restau-rants and if you do too, I recommend heading to The Indian hut – www.indian-hut-bangkok.com – 311/2-5 Surawongse

Rd, Bangkok 10500 (Tel: 02-2370-8812). They serve authentic Indian food which is not expensive and tastes great.

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

Ady Nordman

GGI member firmSoroker - Agmon Advocates& Patent AttorneysLaw FirmHerzliya, IsraelAdy NordmanE: nordman@ip-law.co.il W: www.ip-law.co.ilBangkok – Vertigo and Moon Bar

Woman cooking food in bangkok floating market

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BOOK REVIEW

Conferences and eventswhat: Managing Europe’s Financial Crisis where: Brussels, Belgium when: 06-07 December 2012

Brief description: The conference will fo-cus on the latest proposals of the Euro-pean Commission on EU banking union and EU banking supervision as well as the bank recovery and resolution frame-work presented on 6 June 2012 and 12 September 2012, introducing new legal instruments to prevent financial melt-

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 tai-lored analysis of the proposed European legislative actions in the global financial context.

More information

what: Auditing e-Banking where: London, United Kingdom when: 12-14 December 2012

Brief description: Learn how to develop and apply an ef-

fective e-banking audit programme Gain an insight into the today’s e-

banking world Understanding the different risks as

they relate to e-banking activities Explore the international standards

for managing e-banking risk Gain a clear understanding of the

many different aspects e-banking/e-pay-ments

Rapid technological changes in recent years have revolutionized the way bank-

ing services and products are delivered to consumers, small businesses and cor-porate alike. We are all familiar with how the Internet, the Mobile-phone, Smart-cards have changed our lives. These new innovations hold great promise for bank-ing and bank operations in emerging economies. To innovative, progressive, go-ahead banks these changes, known collectively as e-Banking hold great prom-ise to change the way banking operations are carried out. On the positive side these changes present huge business opportu-nities for banks while on the flipside they have dramatically modified and in some cases increased many of the traditional risks associated with banking activities.

More information

FURThER EVENTS

Whether it’s among colleagues at lunch or an audience of a thousand, a leader’s role is to move and inspire oth-ers. 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 “insignificant” inter-actions in everyday work life.

Written by one of the world’s leading communications coaches, Speaking as a Leader will show you how to influence and inspire others every time you speak. It pro-vides a single, comprehensive approach that will help you lead in every communi-cation, from formal speeches and presen-tations, to phone calls, meetings, Q&A, and elevator conversations.

Too often communications situations represent lost opportunities to lead. Mes-sages are confused, audiences are bored or overwhelmed by a flood 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 square-ly at the center of leadership. In today’s flattened organizations, leadership op-portunities exist in every interaction and

for individuals at every level. For a leader, the mike is always on.

This book will help readers meet the enormous challenge of engaging, energiz-ing, 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 - en-gage them and inspire them to action.” (Judith Humphrey)

Speaking as a Leaderhow to lead every time you speakBy Judith HumphreyHardcover; 264 pages;ISBN: 978-1118141014

Speakingas a Leaderhow to lead every time you speak

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 61

FURThER EVENTS

what: The Offshore Investment Conference Singapore 2013 where: Singapore, Singaporewhen: 23-24 January 2013

Brief description: Presentations on: Taxation, Exemptions and Incentives, Company Structures, Trusts and the Private Trust Company, Private Client Wealth Planning, The Family Office, Private Banking, Bank Secrecy in Sin-gapore, TIEAs and Double Tax Treaties, International Regulation and External

Pressures, Insurance, E-commerce, The Singapore Stock Exchange, The Al-ternative Investment Funds Industry, Real Estate Investment Trusts, Invest-ments in Business Trusts of Shipping, Aviation and Infrastructure Assets, Shipping, The Role of Singapore in In-ternational Financial Services Now and in the Future.

Conferences and events

More information

what: Drafting R&D Collaboration and Joint Venture Agreements where: London, United Kingdomwhen: 29 January 2013

Brief description: Benefits of attending: Learn why it is important to struc-

ture 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 different perspec-tives of academic parties, commercial parties and institutional funding bod-ies

Become familiar with some of the legal issues affecting 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 consoli-date learning

Compare experiences with attend-ees from across Europe

More information

what: Social Media Risk Management where: New York, United Stateswhen: 13-14 December 2012

Brief description: The Social Media Risk Management conference will bring you the latest regarding best practices for online engagement, emphasizing eth-ics, legal responsibilities and mitigating risk in a world of endless potential. This new and unique event will provide par-ticipants with essential information for:

Developing clear and effective poli-cies governing employee use of social

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 land-scape for social media

Leveraging social media for effective brand marketing in the face of various challenges

More information

what: Advanced Derivateswhere: Paris, Francewhen: 21-25 January 2013

Brief description: The course consists of in-depth presentation and discus-sion of how to:

Construct and price off a futures strip, including the convexity effect.

Blend information from different markets together efficiently.

Building multiple curves following market practice since the recent bank-ing crisis.

Pricing collateralised swaps off an OIS curve.

Pricing and hedge a wide range of non-generic swap structures.

Adjusting for the convexity of a swap.

Transfer credit risk through the CDS market.

Value foreign assets correctly. Trading IR options. Decompose structures with embed-

ded options into their basic compo-nents.

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

Conferences and events

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CONTENT GET PDF GGI INSIDER No. 62 – November | 2012 63

Geneva Group International AGSchaffhauserstrasse 550P.O. Box 2868052 ZurichSwitzerlandT: +41 44 256 18 18F: +41 44 256 18 11E: info@ggi.com W: www.ggi.comW: www.ggiforum.com

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.

The information provided in this IN-SIDER came from reliable sources and was prepared from data assumed to be correct; however, we neither accept liabil-ity for nor are we able to guarantee the content.

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