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1 30 May 2012 Russia, Moscow Blagoveshchensky lane 5 Tel , Skype/Twitter: IFFLA_RU

2 THANK YOU, PARTNERS:

3 Fides Services Tailored Corporate and Private Solutions for the European Expansion May 30, 2012

4 Welcome to Malta 2

5 Location Malta Funds Banks Aviation igaming Shipping Freeport Forex Residency 3

6 Advantages of Malta Business Ranked as 5th most tax friendly country in the world No structured transfer pricing rules 100% participation exemption on dividends Low registration and annual fees Presence of all major audit firms Political Malta is a part of the European Union Full implemented all Money Laundering Directives Strong, reputable yet flexible banking system Malta is on the OECD white list Adopted Euro in January 2008 Lifestyle Mediterranean climate, 330+ sunny days per year Third best country to live in (International Living Magazine, 2011) Status as a Schengen member state Two official languages: English and Maltese One of the safest places in the world very low crime rate Convenient central European time zone 4

7 Tax System 5

8 Tax System Overview Maltese tax system is based on: UK law Full imputation system Remittance basis of taxation Standard corporate tax rate of 35% Maltese tax attractive features: Tax refunds to shareholders of Maltese companies Exemptions for holding activities 0% of withholding tax in payments of dividends, interests and royalties Advantageous tax relief on foreign income, which has or has not been subject to tax abroad More than 50 double tax treaties currently in force Onward Supply Relief: Onward Supply Relief (OSR) is an exemption from VAT on the importation of goods into Malta from a country outside the EU by a taxable person registered for VAT in Malta VAT will be accounted for in the other member state where the taxable purchaser is registered, usually under the Reverse Charge mechanism 6

9 Tax Principles The word No has never sounded sweeter: No withholding on Dividends, Interests, Royalties, Liquidation proceeds: - To companies or any entity whether resident - To individuals whether resident - To trusts No Thin Capitalisation No Transfer Pricing No Controlled Foreign Company No Capital Taxes No Wealth Tax No Stamp duty on share increases and transfers No Exit Taxes re-domiciliation No Capital Gains for non-residents 7

10 Tax Refunds System Available tax refunds: Foreign Company 6/7ths - international trading income 5/7ths - passive income and royalties 2/3rds - passive income and certain active income 100% - participating holding 3 Three step process to benefit from tax refund system: 1. Payment of Advanced Corporate Income tax 35% 2 Dividends 3. Refund Tax refund within days 2 Malta Holding Company 1 Tax Authorities Malta OpCo 8

11 Tax Refunds Summary Type of Income taxed at 35% Maltese Tax Account (MTA) Trading MTA Income: Finance and treasury, buying and selling, provision of services, leasing, etc Passive interest and royalties Foreign Income Account (FIA) Income or gains from Participating Holding Option Part. Exemption 6/7 Refund 5/7 Refund 0-5% 10% 0% Passive interest and royalties No Double Taxation Relief Other FIA Income: Banks, branch profits, other interest/royalties Double Taxation Relief No Double Taxation Relief 100% Refund 5/7 Refund 2/3 Refund 6/7 Refund 10% % 5% 9

12 Malta s Treaty Network Albania Denmark Ireland Montenegro Singapore Australia Egypt Italy Morocco Slovakia Austria Estonia Jersey Netherlands Slovenia Bahrain1 Finland Jordan Norway South Africa Barbados France Rep. Of Korea Pakistan Spain Belgium Georgia Kuwait Poland Sweden Bulgaria Germany Latvia Portugal Switzerland1 Canada Greece Lebanon Qatar Syria China Hungary Libya Romania Tunisia Croatia Iceland Lithuania Russia1 UAE Cyprus India Luxembourg San Marino UK Czech Rep. Isle of Man Malaysia Serbia USA 1 Treaties signed but not yet in force: Bahrain (12 April 2010), Russia (15 December 2000) and Switzerland (18 December 2008) 10

13 Set up in Malta 11

14 Present in Malta Caversham Insurance 12

15 Present in Malta 13

16 Present in Malta 14

17 Fides Services 15

18 About Us Fides Services was set up in 2011 as a joined venture between Fides Corporate Services Ltd and SPB Services AB Fides Corporate Services Ltd (FCS) is a Maltese boutique firm set up in 2009 by Cefai & Associates, one of Malta s leading law firms which has been assisting and advising international clients on Maltese Law since 1976 with a particular attention to ship registration and tax planning. FCS provides a full range of specialised services to assist its international clients set up their business in Malta and to better comprehend the tax and regulatory benefits of using Malta SPB Services AB group originated in 1970 as a Stockholm based back-office service provider. In 2010 the group has incorporated law expertise of an international team, which has operated in Hong Kong and Switzerland from The group has been providing corporate structuring and management services for clients from Russia and Eastern Europe since 1992 Fides Services focus on customized approach to client s needs, structure formation, tax planning advice, always taking into account business growth and confidentiality protection of our clients 16

19 Special Purpose Vehicles Holding Company Funds Very easy to incorporate and set-up Can be fully owned by non-resident shareholders No Maltese investors needed Shareholding can be held via fiduciary shareholders or via trust Allows dividends to be transferred/ routed from on jurisdiction to another via Malta tax free Allows the investor to dispose of his investment free of tax Highly reputable financial services center Single regulator for banking, securities and Insurance- highly accessible and pro-business Malta has all the advantages of an EU jurisdiction with a comparatively low cost base PIFs are exempt from Maltese capital gains and income taxes No value added tax on fund management, fund administration as well as custody services Trading Company Gaming Company May carry out invoicing/ re-invoicing of goods and services, as well as receive the trading commissions May employ expatriate stuff, who benefit from DTT provisions Favourable location for trading activities Exemption from stamp duty on the transfer of securities held in the Maltese Company Tax refunds of 6/7 of the Malta Tax paid by the company after the dividend distribution Efficient and relatively inexpensive licensing process Low Malta gaming tax Established and well regulated financial services industry Attractive fiscal incentives to benefit companies operating from the island All the advantages inherent to a gaming licence in an EU Member State A highly skilled workforce at lower operational 17 costs than comparable jurisdictions

20 Marine and Aviation Yachts Low company formation, ship registration and tonnage tax costs Complete tax exemption to owners, charterers and financiers of Maltese ships over 1000 net tons No trading restrictions No restrictions on the sale and mortgaging of Maltese ships Preferential treatment to Maltese ships in certain ports Offshore companies operating ships can enjoy all exemptions and benefits provided for by the offshore legislation Malta is an international maritime center providing the whole range of maritime services Aviation International aviation services are exempt from VAT as well as acquisition of the aircraft Possibility of a refund of 6/7th upon distribution of dividends A Maltese Air Operator Certificate (AOC) is an internationally recognised AOC of the highest standard in the industry A Maltese registered aircraft has freedom of movement within the EU countries The Maltese Register and Civil Aviation authority ensure efficiency and a quick reaction time to all aircraft registration and AOC applications 18

21 Residence and Real Estate Residence Permit There are two main residence schemes for EU/EEA/Swiss nationals and non-eu/non-eea/non-swiss nationals in Malta. Non-EU/non-EEA/non-Swiss nationals have extra qualifying requirements. Malta Ordinary Residence scheme Sufficient resources: minimum capital of 23,500 or a weekly income of for single persons and capital of at least 28,500 or a weekly income of for married couples Local source income and foreign source income remitted to Malta is taxed at progressive rates up to 35% Optimal for receiving work permit and conducting business activity Malta High Net Worth Individual scheme Foreign source income remitted to Malta is taxed at 15% (but not less for EU/EEA/Swiss nationals and for non-eu/non-eea/non-swiss nationals) Individual must purchase (not less ) or lease (not less per annum) immovable property Individual must reside in Malta for a minimum of 90 days per year Permanent residence status in Malta Real Estate Acquisition and Maintenance Fides Services provides buying and renting advice for property search in Malta. The clients are accompanied during all stages of real estate acquisition process: from detailed needs analysis and real estate search to settlement and maintenance of the building. During the acquisition process Fides Services provides full range of legal and tax advising support and co-ordinate its clients with agents, bankers, building inspectors and other professional advisers 19

22 Fides Services offers online currency trading and payment platform FXFides services: Full range of phone based and online services to buy/sell currencies Guidance on strategies to hedge currency risk Online platform: 160 currency pairs, same day FX, SPOT and currency forwards Selling in multiple currencies using the real-time FX API s International payments services Invoicing your international clients in local currency FXFides benefits: Access to the market rates Fixed, consistent and transparent pricing Effective market timing guidance saves more money than spread added to the inter-bank price Selling at better rates then other merchants service providers Online trading and online payment 24 hours a day, 5 days a week, all in under 30 seconds High secured online platform 20

23 Contact Network Contacts Ein Stadalninkas Managing Partner Irina Kadachigova Business Development Manager Head Quarters Malta 5/1, Merchants Street, Valletta, VLT 1171 Tel: Fax: Representative Offices Sweden Grev Turegatan 14, floor 3½, Stockholm S Russia Nab.Martinova 4, Saint-Petersburg Hong Kong Marina House, #1707, 68 Hing Man Street, Shaukeiwan 21

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