Should ‘Offshore’ Service Providers be Job-Hunting?

Possibly.

If you are an ‘offshore’ service provider on the corporate or private wealth side your fortunes are inextricably linked to that of the Offshore Financial Centre where you are based.

The calibre of your ‘home’ country’s response to the global business environment is just as important – if not more so – as your newly minted five year strategic plan or the unfinished one over which you and your staff are still labouring.

For any economic sector public-private sector partnerships are crucial. The ‘offshore’ sector is no exception as brand advocacy and defence; client-attraction and retention; and the design and implementation of international best practices cannot be executed by either side in insolation.

Some activities, however, fall entirely within the purview of the ‘home’ State whose action is a sine qua non for the continued viability of the ‘offshore’ sector and the business that service it.

If the strategic business plans of service providers aligned to the sector are to yield dividends ‘home’ States must take a proactive stance in relation to the following three key issues:

1. OECD Global Forum Phase II Assessment: For a number of small island ‘offshore’ centres who were unable or uninterested in pursuing a Combined Assessment at the start of the OECD’s Peer Review process in 2007, their Phase II Assessments begin later this year or early next year.

As was the case with Phase I, an unsatisfactory outcome will lead to another round of G-20-sponsored ‘blacklists’ and attendant sanction which might prove harder to dislodge especially for countries whose initial Phase I Assessment was  sub-standard.

2. Increasing Aggression in the ‘West’ against International Tax Planning: The limits of ‘home’ State control over the legislative activity of other Sovereigns like the US FATCA; the second incarnation of the EU Savings Directive; and Recommendation 25 of the FATF are obvious. However, within the power of the ‘home’ State is access to good and reliable intelligence; effective and sustained lobbying; and prompt engagement with key governments, international agencies and the media.

This will be particularly important in the run-up to the U.S Presidential election since already some have characterised the provision of ‘offshore’ services as ‘financial terrorism’ to which the appropriate response is invasion by the US military!

3. Global Shift in Wealth Generation: ‘Home’ States ought to initiate the crafting of national strategies for the sector which take into account the fundamental shift in new wealth from the ‘West’ to the BRIC+ countries of Brazil, Russia, India, China, Africa and the Middle East. These strategies should provide for the speedy acquisition of new skills and tools the country must have to leverage the opportunities for investment from these countries. The traditional ‘home’ State toolkit must therefore be augmented to include laws and structures designed to meet the needs of the increasingly ‘globalised’ non-Western entrepreneur. The ‘portfolio mix’ of these investors will also demand strategies that deliberately facilitate and encourage the forging of onshore/offshore ‘twinning’ at the national and enterprise levels to adequately service these clients.

It is not an exaggeration to suggest that the failure of the ‘home’ State to take decisive, timely and concerted action with respect to these three key issues will ultimately determine how many ‘offshore’ service providers end up on the breadline.

Advertisements

30 thoughts on “Should ‘Offshore’ Service Providers be Job-Hunting?

  1. These factors you mention are most important. Netherlands is a tax haven and so is the UK but these countries are not perceived as such. To be able to survive in international business Barbados is going to have to adopt a sophisticated approach. We need to consider a change to our tax system and use some of the Dutch features for instance. How long are we going to be able to maintain a ring fenced regime? Is this increasingly able to be promoted or are we going to have to remove this regime at some point? A ring fenced regime front and centre is not subtle. at some point the OECD and others are going to target those that look most like tax havens and draw fire that way. The Netherlands and the UK are tax havens but they do not appear to be,. One would need a pHD in tax law to be able to really explain why the UK is a tax haven. Listen to the defence that Luxembourg puts up to being labelled a tax haven. We have to market and promote the right perception so we are perceived by potential clients as a robust long term part of the international wealth management infrastructure.

    Like

  2. Thank you for creating this type of great publish that is actually very well written.
    will end up being mentioning a lot of pals concerning this.
    Keep blogging and site-building.

    Like

  3. Superb blog you have here but I was wanting to
    know if you knew of any discussion boards
    that cover the same topics discussed here? I’d really like
    to be a part of community where I can get opinions
    from other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Thank you!

    Like

  4. Mi piacciono le preziose informazioni fornite nei tuoi articoli .
    Io bookmark tuo weblog e controllare di nuovo qui regolarmente .
    Sono abbastanza sicuro che imparerò un sacco di nuove cose proprio qui !
    In bocca al lupo per il prossimo !

    Like

  5. I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored material stylish.

    nonetheless, you command get bought an impatience over that you
    wish be delivering tthe following. unwell unquestionably clme more formerly again aas exactly the ame nearly very often
    inside case you shield this hike.

    Like

  6. Please let me know if you’re looking for a writer for your blog.
    You have some really good posts and I feel I would be a good asset.
    If you ever want to take some of the load off, I’d really like to
    write some content for your blog in exchange for a link back to mine.
    Please blast me an email if interested. Many thanks!

    Like

  7. Thanks for this glorious article. One other
    thing is that a lot of digital cameras can come equipped with any zoom lens that allows
    more or less of a scene for being included by ‘zooming’ in and out.
    All these changes in concentration length are generally reflected inside the viewfinder
    and on huge display screen at the back of the exact camera.

    Like

  8. Hi there i am kavin, its my first occasion to commenting anywhere, when i read this article i thought i could also create comment due to this sensible piece of writing.

    Like

  9. Overall, the quality of work is an important factor that
    you should take into consideration before cost. When it comes to emergency services,
    Locksmith Baltimore MD is always there to help you out.
    No, it is not a piece of beef jerky or a skinny rock star.

    Like

  10. Private Label Rights (PLR) With private label resell rights, you may
    not only resell the product but you may also edit
    the content or product and claim it as your own work (meaning, you become its author).
    Comprehension the 3 kinds of article writing services can assist you make an informed choice about who to do business with.
    When an article is submitted to A1 Articles, it is
    placed within a locked queue until it reaches our editors.

    Like

  11. Greetings, There’s no doubt that your website might be having internet browser compatibility issues.
    Whenever I look at your site in Safari, it looks fine however when opening in I.E., it’s got some overlapping issues.

    I merely wanted to provide you with a quick heads up! Besides that, fantastic blog!

    Like

  12. Or take advantage of some of the already existing online
    marketplaces for arts and crafts, and instantly reach huge audiences
    by selling your art there. They have over 100,000 online products available for you to
    buy or to promote. With rising gas prices, the cost of commuting has surged.

    Like

  13. I absolutely love your blog and find nearly all
    of your post’s to be precisely what I’m looking for. Do you offer guest writers to write content for
    you? I wouldn’t mind publishing a post or elaborating on a few
    of the subjects you write in relation to here. Again, awesome web site!

    Like

  14. It is a safe product that is widely used in lotions and other cosmetic products to
    color and hydrate the skin. What DHA does when applied to your skin is creates a reaction with the
    amino acids in your skin’s surface which cause it to change color.

    I’m sure the less amount of clothes you have on, the better – so
    why not go naked for a couple of hours once your get in your house or apartment
    – just don’t sit on a white couch or anything. Hence tanning salons have been invented to feed the ever insatiable preference to maintain bronzed
    skin kept in mind however tight schedules. Self-confidence can either do one of two things with fake
    tan; rise because it looks great and you feel great because of it or your self-confidence can go down the drain because it looks horrible and you and everyone else knows it.
    A robust and glossy wound can be one of your body’s
    finest features. The first thing is the knowledge that
    the owner operator Dawn Schenck has. You can easily apply
    them at your home as per your convenience. This will help assure that you are not allergic to the product or that your skin is not sensitive to the product.
    The problem is that if a spray tan technician is not properly trained or qualified then they will
    not understand how to apply the spray tan in the correct way.

    Like

  15. ” Katherine talks about the fun challenge of pursuing a dual degree at CRU. I don’t want to give out too much of his character. Today the focus is on the lesser known risk factors of heart disease which are ones negative emotions.

    Like

  16. Pretty part of content. I just stumbled upon your website
    and in accession capital to claim that I acquire in fact loved account your blog posts.
    Any way I will be subscribing to your feeds or even I success you
    get entry to constantly quickly.

    Like

  17. You actually make it appear really easy with your presentation but I in finding this
    matter to be actually something which I believe I would never understand.
    It kind of feels too complex and extremely vast for me.
    I am looking forward on your subsequent submit, I will attempt to get the
    grasp of it!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s