IBCC case study: Our approach to setting up European company packages.
A client from Paris, France was selling steel in France and Russia. He wanted to expand his business to Eastern Europe and develop an export line. His plan was to set-up a subsidiary of his French company in a tax-friendly European jurisdiction. In addition, the client urgently needed a European company in order to finalize an upcoming contract with a Slovakian buyer and did not have time to visit IBCC’s offices before the deal.
- European company needed with a low corporate tax base
- Essential that the company and bank account could be set-up remotely and quickly
- EU VAT (value added tax) number required for trade with European partners.
Urgency was of primary importance. IBCC recommended the client acquire one of their ready-made Latvian companies with an active EU VAT number by purchasing the company shares. This company had no trading history and 100% paid up share capital. Latvia has one of Europe’s lowest corporate tax rates at only 15%.
Thanks to IBCC professionals’ extensive experience in the French market, the client was quickly informed of the required information from his French company. Once received, IBCC prepared that same day all share transfer documents in both Latvian and French languages. Once the client had signed the share transfer documents and sent them to IBCC’s office for submission to the Enterprises Registrar, it took only one business day to acquire 100% legal ownership of the Latvian limited liability company. The client successfully signed the trade contract with the Slovakian buyer within a matter of a week.
Bank Account Solution.
Simultaneously, IBCC was helping the client with the bank account application. IBCC’s bank specialist expertly guided the client through the bank’s extensive due diligence requirements to help set up a company profile for a successful bank account opening. IBCC arranged the bank account application to be rapidly reviewed and approved through the Latvian bank’s expedited service, thereby producing for the client an active bank account within ten business days.
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