Opening FBS Offices in The United Arab Emirates (Dubai)

CYPRUS BANKING AND FINANCIAL CRISIS – UPDATE TO CLIENTS AND ASSOCIATES AS AT 05/04/2013

Opening FBS offices in The United Arab Emirates (Dubai)

Click here for the Bloomberg Report on 4/4/2013 which proves that Malta is not at risk like Cyprus and is a substantially different financial centre

Announcement by the German Ministry of Finance (IBFD Report) stating that the Final Memorandum for Cyprus will be ready on Tuesday 9th April

IMPORTANT NOTE / RECCOMENDATION:
WE DO NOT RECOMMEND THAT YOU PROCEED NOW WITH ANY RUSHED DECISIONS/SOLUTIONS ON YOUR OWN WITHOUT THE PRIOR PROVISION OF OUR ADVICE NEXT WEEK, AS WE POSSESS THE FULL PICTURE AND UPDATES AND ARE IN A STRONG POSITION TO GUIDE YOU FULLY IN YOUR NEXT STEPS

Please show calmness and composure and

(1) expect our final update / recommendations soon

(2) study the recommended final solutions which we SHALL recommend to you next week, AND

(3) follow our advice

…DO NOT PROCEED WITH ANY ACTIONS / SOLUTIONS ON YOUR OWN BEFORE THE FINAL POSITION IN CYPRUS IS CLEAR

We are in the final stretch (4/5 days before the conclusion of an agreement) for the final and official agreement of the changes in Cyprus which concern:

1. Final Changes / Measures which affect the Cyprus Banking System as well as Measures of Control on the Movement of Funds and Currency put in place and are changing daily (these are detrimental changes / measures resulting in uncertainty / dangers in the next 6 – 12 months).
2. Final Changes / Measures which affect the Cyprus Tax System and especially the part which concerns foreign clients and mainly the Cyprus companies which belong to non residents of Cyprus (the only negligible consequence – change seems to be the increase of the corporate tax from 10% to 12.5% on trade profits and which affects only trading companies and not holding companies or other type of company). So the advantages of the Cyprus tax regime going forward seem to be maintained.

We will issue our final informatory report for the abovementioned in a few days (probably towards the end of next week) as it would be unprofessional to do this at this stage before the agreements between Troika and the Cyprus Government have been concluded. They are expected to be concluded in the next few days.

The Solutions / Alternative Options … in a few days

For quite some time now we have, as a firm, prepared (and in the last few weeks concluded) packages with alternative solutions / choices for every possible scenario / type of company. Partial feedback from some of these solutions has been communicated to you in previous communications and are available in a link at the end of this message (transfer of a company in Malta or opening of an account outside Cyprus and preferably outside the EU or – geographically – Europe in general).

In the final information pack every detail will be set out, comments, comparative analysis, ALL the solutions which are available WITH our recommendations.

Important Notes & Opening of an office for Focus Business Services in the United Arab Emirates for the implementation of new solutions, which will be locally (in Dubai) headed and coordinated personally by Mr. Kotsomitis (CEO of our Group)

1. We wish to express our sadness to clients / depositors who are affected negatively by the resolution of Laiki Bank and/or the major haircut of deposits in the Bank of Cyprus and state our undivided support. In case you wish to take legal action for claims for irregularities in the resolution process (an act undertaken by a large number of clients due to the large breach of formalities of the Constitution and European Treaty) then inform us to take legal action and find a suitable and capable lawyer for your case (as we do not undertake such work ourselves).

2. We wish to state our confidence as, following careful study, contacts and considerable experience in the sector, we have come up with the best solutions under the circumstances so that IMMEDIATELY your corporate structures (1) will function properly and continue to receive considerable tax advantages as they received in the past and (2) – perhaps most importantly let the “misfortune” be a “lesson” for all of us – to protect to the highest possible degree your deposits, property and available cash, and ideally:

• In safe, adequately capitalized and solid LOCAL banks (not connected to banks of the EU) with 100% government guarantees for the total value of the deposits and strict rules for anonymity / confidentiality
• In banks which give (1) the possibility of easy and non time consuming opening procedures and the option possibly of the client not being required to go to the country in person (2) the possibility of opening of a trading account / current account which allows frequent movements and not only investment accounts which are for limited movements
• In political and financially powerful and independent countries with no geopolitical risk which can effectively withstand EU type attacks, which are preferably outside Europe and which are not connected, dependent or in the same geographic region with Europe or America
• In countries which have not signed exchange of information treaties with any nation and especially the European Union (only Dubai)
• In countries with no currency control restrictions or limitations in the movement of capital and / or possibly without / little restrictions in cash withdrawal (Dubai)
• In countries which are reasonably geographically accessible (near the EU with good air connections like Dubai)
• In countries which are not considered tax heavens or privileged tax regimes and do not appear on any “black list” of the OECD or the EU

3. THE FUTURE (… WHICH IS APPROACHING FASTER THAN WE ALL THINK): EFFECTIVE SOLUTIONS OUTSIDE THE EU AND EUROPE

We announce officially today the opening of our offices in the United Arab Emirates for the implementation of the proposed Solutions with the use of entities and banks outside the EU.

The office will form the largest and most important investment of our Group in the last years and will operate (for our Group) as the international “Centre for Planning, Implementation and Management of Solutions for the Protection of Property, Anonymity / Confidentiality and International Tax Planning”. The office, which shall be outside the EU, will operate under strict procedures for the protection of the confidentiality / anonymity of clients, procedures which are very necessary these days, under the personal supervision of the CEO of the Group.

(By way of information, Mr. Kotsomitis owns accommodation in Dubai and shall head the office and in order to respond fully to his obligations will travel with the purpose of spending 40%-45% of the year in Dubai).

It should be noted thatthe United Arab Emirates satisfy fully ALL the criteria set out in point (2) above AND furthermore, no other combination of banking system – country does NOT satisfy completely ALL the abovementioned criteria. In other words ONLY the UAE (which are on the OECD “white list” and FATF and of Greece) at this moment fulfill the abovementioned criteria and fully guarantee the anonymity and security of your available cash.

Our Group has already incorporated all requisite legal entities and has found an office manager and is now in the process of being granted special licensing (to practice the business of corporate services provider in the UAE) which is expected to be completed in a few days from today.

Mr. Kotsomitis will go to Dubai next week to conclude the procedures and commence the business.

{In the meantime we are in a position NOW to accept orders for the formation of companies / bank accounts in Dubai. For the next week / next days, until our license is issued, we will operate under the license of another associates’ office which we have been collaborating with for years}

CLICK here for the latest update AND the IMMEDIATE solutions we recommend (MALTA COMPANIES OR – TEMPORARILY – BANK ACCOUNTS OF A CYPRUS COMPANY IN MALTA OR ANOTHER JURISDICTION)

CLICK here for the official statement of the governor of the Central Bank of Malta regarding the Maltese banking system and – the important – differences from the Cyprus one … which finds us in agreement and forms the basis of our firm’s investment in Malta

Click here for the Bloomberg Report on 4/4/2013 which proves that Malta is not at risk like Cyprus and is a substantially different financial centre

CLICK HERE FOR OUR MALTA OFFICE WEBSITE

CLICK HERE FOR OUR CYPRUS OFFICE WEBSITE

Contact one of our officers to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com