Descriptive Notes And Contents List

The first part of the report is a review of 12 world-wide locations for headquarters offices - we look at their comparative merits under a series of headings: tax, cost, accessibility, and operational effectivess. The best HQ would be one that allowed a highly-effective use of offshore and onshore tax structures, while still delivering cost-effective services.

The Corporate Treasury section of the report analyses how to get an optimal blend of tax-efficiency and profits from central corporate functions through judicious use of offshore and onshore techniques. We show how the sometimes dull corporate treasury can be turned into a source of extra, low-tax revenue.

The final two sections of the report study feature how two types of international business can use onshore low-tax regimes in parallel with offshore jurisdictions to make up highly tax-efficient corporate structures.

Locating The Corporate HQ

The candidate cities or countries		The Lowtax HQ Rating
	Vienna (Austria)	?/10
	Brussels (Belgium)	?/10
	Copenhagen (Denmark)	?/10
	Berlin (Germany)	?/10
	Frankfurt (Germany)	?/10
	London (UK)	?/10
	Dubai (UAE)	?/10
	New York (USA)	?/10
	Amsterdam (Netherlands)	?/10
	Eindhoven (Netherlands)	?/10
	Hong Kong (China)	?/10
	Singapore	?/10

Locating The Corporate Treasury

Defining The Corporate Treasury

The Corporate Treasury Offshore

The Corporate Treasury Onshore

Conclusions

Case Studies

Alpha-Pharma (not its real name) was formed by the merger of two large pharmaceutical multinationals and we don't think it is very tax-efficient. Maybe that's because they haven't had time to sort things out after the merger - but we offer some other possible explanations.

Tronomark (not its real name) was started by Sir Michael Thornton in a garage in 1967 - now it has a turnover of £300m, and it hardly pays any tax. How is it done? It's just the difference between a public company which dare not put a hair out of line, and a private company, which can perfectly legally play the options to maximise after-tax earnings.

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