Canadian multinational (Canco) in the oil and gas business with subsidiaries throughout North and South America, Europe and the Far East.

Irish Co. The parent company set up a wholly owned subsidiary in Ireland to look after the treasury requirements of the group as a whole. The Irish company engaged in lending, borrowing, cash pooling, foreign exchange and other treasury products.

ICO was involved with the incorporation of Irish Co, helping with the business plan, providing office accommodation and staff, opening and managing bank accounts, arranging FX and derivative deals, book-keeping and accounting. We also provided an ICO senior employee to be a Director of Irish Co who also involved himself in the on-going business of Irish Co. A qualified Company Secretary was also proviced with responsibility for all regulatory and compliance matters. We arranged and attended all board meetings in Ireland.

In summary, we provided a high quality, yet cost effective solution for Canco. In a short space of time Canco were able to open a fully fledged Irish operation, managed and controlled in Ireland with the benefit of local expertise. With group compatible IT systems, Canco was, of course, able to keep in close touch with its Irish subsidiary but its day-to-day management was entirely in Ireland.

Tax. The corporate tax rate applicable and paid by the company was 12.5%. There is a double-tax treaty between Ireland and Canada.

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