Glossary

Offshore

Operating from a location other than the one where you are resident, is considered as operating “off-shore.” So technically all other countries are off-shore to your country of residence.

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BPO

Business Process Outsourcing (BPO) involves contracting the operations and responsibilities of specific business functions or processes to a third-party service provider. In short BPO is about hiring another company to handle business activities for you.

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Business Process Outsourcing

Business Process Outsourcing (BPO) involves contracting the operations and responsibilities of specific business functions or processes to a third-party service provider. In short BPO is about hiring another company to handle business activities for you.

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Nominee

Nominees lend their names as an alternative to the names of others.  A nominee can be a person or company. A nominee name can be shown as the owner of an asset as an alternative to the actual owner. The nominee concept can be extended to some duties and capacities.

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Trusts

A trust is a legal arrangement where one or more ‘trustees’ are made legally responsible for holding assets – such as land, money, buildings, shares. Those assets are placed in trust for the benefit of one or more ‘beneficiaries’.

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Funds

“Fund” is a general term that often appears in a company name. How such a term is used can be a sensitive issue and in well regulated jurisdictions its use is strictly controlled. Essentially a fund is a company. It is a company with a distinct purpose and often clarity can be brought by simply adding key words in the company name. For example an “investment fund” or a “development fund” has a clear and declared purpose.

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Foundations

A foundation is an incorporated, self-owning, legal entity which, although having much in common with limited companies and trusts, possesses its own unique features.

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Agency

Agency is a widely used term when applied to organisations. Essentially an agent performs a service to a principal (the term given to another person or company) in return for fees or commissions.  The agent does not share in the profits from the business that he may support. We recommend that agencies are considered as an International Business Structure is developed. That can define how a new UK company is to be used.

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International Business Structure

Where a company is joined with others operating in different countries and jurisdictions, the emphasis changes to relationships that are external to a single company. The way operating responsibilities are defined can be influenced by many factors. The key nature of the business, operations across time zones and language changes, taxation and legal issues, can determine how operations are “structured”.

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International Corporate Structure

Where a company is joined with others operating in different countries and jurisdictions, the emphasis changes to relationships that are external to a single company. The way operating responsibilities are defined can be influenced by many factors. The key nature of the business, operations across time zones and language changes, taxation and legal issues, can determine how operations are “structured”.

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Compliance

Companies must conform to laws, rules and regulation in the country in which they operate. They need to register certain facts to record they exist, and they need to comply with requirements to report how they exist or operate.

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An English Face

Many would not expect a Chinese company to have directors with the name of “Smith”. Similarly an English company with a bank in Latvia might be considered unusual. These apparent contradictions can be easily revealed on enquiry. Having a structure to support an English face is often overlooked. More significantly the reasons for buying a company can be undermined by lack of attention to the face.

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A UK Face

A company registered in the UK can be perceived as English, British; and much more. However it is the values attributed to those perceptions that provide the “face”.  Companies registered in England could gain advantage through adopting the probity, accountability and respectability offered by operations from the UK as a long established and visibly regulated jurisdiction in Europe. For others international trading partners could be more confident in trading with a country considered safer with lower risk of political change or economic disruption.

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Money Laundering

Money laundering means the exchange of money or assets that were obtained criminally for money or other assets that are “clean”. The clean money or assets do not have an obvious link with any criminal activity. So the source and ownership of criminally derived wealth & property is changed to give it a perception of legitimacy. Businesses need to be aware.

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