Our qualified professionals have the experience, knowledge and ability to offer a full range of high-quality accounting services from the maintenance of accounting books, records and systems to the preparation of periodic management accounts, consolidated accounts and financial reports for different purposes.
Our accounting department staff can assist you with matters including:
• Maintenance and implementation of accounting books, records and systems.
• Preparation of budgeting for management of performance purposes.
• Preparation of annual and periodic accounts and financial reports.
However if your business maintains its accounting records, you need to summarise its transactions at various annual intervals so as to assess the business performance and to construct business decisions. GFOS and its strategic partners can prepare financial statements with a variety of schedules: monthly, quarterly, semi-annually, or annually and creates solid foundations upon which sound business decisions can be made by the Management.
For reviewed financial statements, we apply analytical procedures and ratios, and utilise the latest accounting standards and guidelines specific to the type of industry. While the review process is not as extensive as an audit, we perform a more thorough scrutiny of the company's financial situation than with a compilation.
Taxes / International Tax Planning Services
• GFOS will be able to advise you on compliant corporate double tax treaty planning. With international tax legislation becoming more complex by the year, international business owners face a much greater challenge in structuring their business assets tax efficiently. Cross border, tax-efficient and tax-compliant corporate structuring is very important for wealthy families in particular, because they often own internationally active businesses.
• Double-tax treaty planning for family-owned companies and real estate. A double taxation agreement (also called a tax treaty) is a treaty between two countries (bilateral) in which it is agreed what kind of and how much tax each of the two countries is allowed to levy on income generated in the case of cross-border investments and activities. Income which is, for example, distributed to a holding company in a foreign country is, depending on what has been agreed in the double taxation agreement, not taxed twice but rather only taxed in one of the two countries involved. The same concept applies to interest, royalties and capital gains realised and remitted across a border (this also covers other types of income such as wages and pensions).
• Local tax advice
• Fiscal company migration
• Preparation of tax returns (incl. country of residence)
• Country specific tax advice
Well-known jurisdictions used for double tax treaty planning in an international context are Austria, Cyprus, Hong Kong, Hungary, Luxembourg, Malta, the Netherlands, Singapore, Sweden, Switzerland and, the United Kingdom. These countries have signed many double tax treaties, most of which are above average beneficial. Additionally, local tax rules in these countries enable wealthy families to structure their assets in a tax-compliant and tax-efficient way. Many of the countries mentioned above are also used to establish family holdings. Should a multi-family office have an in-house tax lawyer, they will, as part of their service, regularly review the family's existing corporate structure(s).
Sophisticated and compliant double tax treaty planning is key to optimising the profitability of the business and is often combined with asset protection structuring. In many cases you will find a trust or family foundation on top of the international corporate holding structure. However, double-tax-treaty planning is very complicated and will become even more complex in the coming years. If an international corporate structure is not set up correctly, it could have serious consequences.