08.04.21, Bosco Online Workshop “Banking, Taxes, Company Set up, Asset Management”: short review

Bosco Online Workshop “Banking, Taxes, Company Set up, Asset Management” was held On April 8,  where  international experts and more than 200 listeners from 40 countries have participated.

The following topics were discussed at the conference:

5 Things to Consider when selecting an Offshore Wealth Manager. - Jamie Vrijhof-Droese, Managing Partner, WHVP Ltd.;

Inherited business. How to avoid problems. - Natalia Patseva, Managing Partner, FTL Advisers Ltd.;

Banking - friend or foe? How to optimise your relationship with your payment providers. - Viktoria Soltesz, Founder, PSP Angels.

Jamie Vrijhof-Droese, Managing Partner at WHVP Ltd., explained how to choose a wealth manager. Jamie advises to ask yourself 5 questions that will help you more accurately find a manager.

1. Your specific situation:

Where are you located, and what do you need?

- A family;

- Wealth;

- Career.

2. Regulations and specialization:

Which specialist do you need?

- regulator of the securities market;

- cross-border business;

- tax implications.

3. Financial jurisdiction:

Where do you want to invest your money?

- economic and political stability;

- fiscal policy;

- experience and reputation.

4. Security and liquidity of the deposit bank:

Which financial partner is best for you?

- deposit protection scheme;

- ratings;

- liquidity ratios.

5. Your personal values ​​and intuition:

- time horizon;

- personal preferences;

- ethical considerations.

Natalia Patseva, Managing Partner at FTL Advisers Ltd., spoke about the nuances of inherited business. Natalia started with the typical mistakes that are made when planning a succession:

- “forgotten” assets;

- the regime of the spouses' property is not taken into account;

- obligatory heirs are not taken into account;

- the use of "surrogates" of the will: powers of attorney, blank transfer orders;

- the norms of foreign law are not taken into account.

Compulsory share in inheritance: who is entitled to the compulsory share?

- minor children;

- disabled: children, spouse, parents;

- disabled dependent relatives;

- disabled cohabiting dependents.

The size of the compulsory share: not less than 1/2 of the share that would have been due in case of inheritance by law.

Inheritance of shares / shares of companies:

- shares of foreign companies may not be included in the inheritance mass;

- the admission of heirs as members of the company may be prohibited or limited;

- the risk of unfair change in the structure of asset ownership;

- the risk of "immobilization" of the company.

Recommendations for organizing succession:

- inventory of assets;

- verification of corporate documents of the business and the introduction of the necessary documents;

- verification of tax and administrative risks;

- assessment of the risk of bringing heirs to subsidiary liability, other collection of inherited property;

- involvement of lawyers in the preparation of the will;

- the appointment of a “proxy” who has all the information regarding the assets and regularly updates this information.

Viktoria Soltesz, Founder of PSP Angels, talked about how to optimize your relationship with your payment service provider. Victoria gave an example of a situation that can happen to absolutely everyone:

Tomorrow you try to log into your corporate account, but find that the account is frozen. It was a bank error, but it takes 2 weeks to fix the error.

How much will this affect your work?

In order to avoid or minimize losses in such a situation, planning is necessary.

Checking the status of cash flow:

- how do your customers like to pay?

- where do your funds come from?

- in what currency?

- how often?

- where do you send funds?

- how many accounts do you have?

- tax implications;

- banking expenses;

- expected future cash flows.

Objectives:

- increase the transmission speed;

- improve the overall cash flow;

- reduce risks and costs to create backup plans.

Victoria summed up the results:

- it is necessary to think ahead;

- you need to hope for the best, but prepare for the worst;

- time is key in importance;

- you need someone “solvent” with deep industry experience and network.

More detailed information about the event is available by the link:

https://bosco-conference.com/en/archive-2021/bosco-online-workshop-08-april-2021

Video recordings of the conference and other events are available on our YouTube channel:

https://www.youtube.com/channel/UC5rGKWFFr7HXqFRrKS-7CKA

Register for our next events and stay tuned!