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Trust Business in The Netherlands

Trust Business in The Netherlands

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  • 1. Trust Business in The Netherlands Mr. René van den Outenaar
  • 2. Agenda
    • A. Introduction: The Netherlands
    • B. Compliance Authority: Dutch Central Bank
    • C. Molade Trust Management B.V. (MTM)
    • D. Provision of Services
    • E. Questions
  • 3. A. Introduction
  • 4. Introduction: The Netherlands Key Benefits of locating a business in The Netherlands
    • The Netherlands has an excellent treaty network, reducing withholding taxes on dividend, interest and royalty receipts (over 75 treaties in force);
    • Participation Exemption applies for Dutch companies under certain conditions meaning that all benefits relating to a qualifying shareholding (including cash dividends, dividends-in-kind, bonus shares, hidden profit distributions and capital gains), are exempt from Dutch corporate income tax;
    • No capital tax levy on the contribution of capital to a company and any later expansion of share capital or net wealth, security turnover or similar taxes;
  • 5. Introduction: The Netherlands Key Benefits of locating a business in The Netherlands
    • The Netherlands is “Tried and Tested" as holding company location;
    • The Netherlands is centrally located within the EU;
    • Access to EU directives;
    • World renowned sea and airport centre;
    • Over 90 Investments protection agreements;
    • The Netherlands does not levy withholding tax on outgoing interest and royalties;
  • 6. Introduction: The Netherlands Key Benefits of locating a business in The Netherlands
    • Competitive corporate tax rate is well below the EU-average (20 % over the first EUR 250.000 and 25.5 % for more than EUR 250.000);
    • Dutch ruling practice, as a result of which certainty in advance can be obtained on future transactions, investments or corporate structures;
    • Double taxation relief via the Royal Decree for the Avoidance of Double Taxation;
    • The Patent Box: an effective tax rate of 10% for income related to patent obtained in respect of self-developed intangible assets (certain conditions apply);
  • 7. Introduction: The Netherlands Key Benefits of locating a business in The Netherlands
    • The 30% ruling for expats: tax-free reimbursement of 30% of an employee’s salary, provided that the employee has been recruited or assigned from abroad and has specific expertise which is scarce in the present Dutch labour market;
    • Enhanced Supervision. If a company established and paying tax in The Netherlands can indicate, in accordance with clearly defined format, how it weighs and estimates the various fiscal risks and how it plans to deal with them, Dutch tax inspectors have the freedom to offer it certainty about its future tax treatments.
  • 8. B. Compliance : Dutch Central Bank
  • 9. Compliance Dutch Central Bank MTM is a licensed provider of trust, fiduciary, accounting and other services in The Netherlands. Together with all similar businesses, MTM is subject to the provisions of the law "Wet toezicht trustkantoren" (unofficial English translation: Act on the Supervision of Trust Offices) as introduced in 2004. Under this law all existing trust offices in The Netherlands, including MTM, are placed under the supervision of the Dutch Central Bank and are required to obtain a licence to provide trust and fiduciary service to clients.
  • 10. C. Molade Trust Management B.V.
  • 11. MTM: Why a Trust Company?
    • Molade Trust Management B.V. is a Dutch service company specializing in practical help and assistance to foreign businesses setting up in The Netherlands and which in the early stages require a registered address, a director or other officer, company secretarial, bookkeeping, financial reporting, payroll and otherwise general administrative services to get the legal entity or structure off the ground and keep it running for as long as is necessary or until own personnel is taken on to perform such functions.
    • The advantages of using a trust company:
      • The costs remain low compared with the expense of renting own office space and employing own personnel;
      • MTM is able to provide a complete services including all administrative and management activities;
  • 12. MTM: Why a Trust Company?
      • Good contacts with bank, notaries and lawyers and tax advisors ensure a prompt service;
      • All staff are bilingual, English- and Dutch speaking. A sound knowledge of other European languages are also available. This ensures good communications both with the client and with the Dutch authorities.
      • MTM has close links with international auditors and tax advisers to ensure that a regular check is kept on tax consequence of any new activity or of any change in tax law, that tax returns are filed promptly and that an audit can be carried out properly. Through these links MTM has access to expert international advice, should a client's activities be extended to a county where the client does not already have a professional adviser on tax and financial affairs.
  • 13. Molade Trust Management B.V.
    • MTM was established in 1998 by René van den Outenaar
    • 10 fte’s: owner with 2 directors, 4 account managers, 3 accountants,1 secretary
    • Independent
    • Fully licensed under the Dutch Central Bank
    • Long-term relationships with professional lawyers, tax advisors and accountants
    • Clients: from midsized companies to multinationals
    • USP: excellent price-service ratio with ‘personal’ touch for our clients
    • Goal: 20 fte’s
    • Member of International Practice Group since 2007
  • 14. MTM Big clients automatically tend to choose big organisations as service providers. We are able to provide a more personal & direct approach and the turnaround time and decision lines are shorter giving a better and more satisfactory service to our clients.
  • 15. D. Provision of Services
  • 16. Services Management & Domiciliation Services
    • Management and domiciliation services provide the substance to qualify for tax advantages as described before. MTM provides the following services in this respect:
    • Provision of shelf companies;
    • Provision of registered office address for the company;
    • Provision of professional directors for the company;
    • If required, fully furnished office space and telephone/fax facilities;
    • Open and administer accounts with banks and other financial institutions;
    • Comply wit reporting and registration requirements set by the Dutch Central Bank and any other supervisory bodies;
  • 17. Services Accounting and Reporting Services
    • Most of our staff are qualified accountants with relevant professional experience. Our services include:
    • Maintenance of proper books and records;
    • Management reporting services tailor made to your individual requirements;
    • Preparation of monthly or quarterly management accounts or reports;
    • Preparation of annual financial statements;
    • Preparation, processing of sales and purchase invoices.
  • 18. Services Corporate Legal Services
    • MTM will ensure that all legal and statutory requirements for your structure are met. We provide the following services in this respect:
    • Convening, holding and taking the minutes of shareholders and board meetings;
    • Filing annual accounts with the Chamber of Commerce and other maintenance necessary;
    • Maintaining, keeping all statutory corporate books & records;
    • Assistance with the incorporation and establishment of legal entities;
    • Assistance with the transfer, issue and/or merger of shares in the capital or amending the article of association or management;
    • Drafting, executing and legalizing various other corporate documents and agreements;
    • Assistance with dissolution and liquidations.
  • 19. Services Tax Services
    • MTM are not a tax advisory firm and we therefore can only provide assistance based on our years of experience within the industry. We advise all clients to appoint a tax advisory firm responsible for the tax compliance of the structure and entity. In our role as service provider we will liaise and ensure that all tax requirements are in compliance with the provisions of Dutch law. The services we provide are:
    • Liaise and prepare documentation necessary for the tax advisor to prepare and to submit annual corporate income tax returns;
    • Registration with the Dutch tax authorities of entities for VAT and CIT;
    • Preparing and submitting VAT returns;
    • Obtain certificates of residence;
  • 20.
    • Questions
  • 21. Thank you for your attention Contact details: Rene van den Outenaar Molade Trust Management B.V. Dr. Willem Dreesweg 2 1185 VB Amstelveen The Netherlands Tel: +31.(0)20.640.2803 Fax: +31.(0)20.640.1272 Mobile: +31.(0)6.55813011 Email: [email_address] www:molade.nl