#11 November 2012

In focus – Offshore & Onshore

In a situation of uncertain economic environment and lots of limitations in the regulation, structuring of corporate activity abroad via offshore/onshore zones, these jurisdictions are of greater significance than ever before. Such states specially design attractive benefits for businesses in terms of taxations, assets security, regulatory burden, etc

Expert Opinion

Cyprus as an Offshore Jurisdiction for Ukrainian Businesses

Oles A. Kvyat

The establishment and use of non-resident companies by medium and big sized businesses are among the essential and most important stages of their structuring and further development today. In such a case, no matter what tax authorities and certain progressive-minded politicians say, tax minimization and confidentiality on the part of owners are far from the only purposes, which are pursued by businessmen when establishing or purchasing companies in the so-called offshore jurisdictions...

In Re

Private Assistant

Lana A. Golian

Issues of confidentiality of beneficiaries in deals relating to both structuring and protection of business assets or tax planning transactions are becoming more and more topical today. Investigations by inquisitive journalists, a heightened interest from fiscal authorities and invalidation of transactions show that all beaten paths and hackneyed offshore schemes are closed now. To avoid such negative effects as additional accrued taxes, the owner shall consider not only recommendations of offshore advisers, but also specialists in tax planning and contract law...

Is Hong Kong a New Possible Destination?

Artem Y. Gryadushchyy

When someone says the word offshore, most automatically think of Cyprus, due to the historic business connection between Ukraine and Cyprus. However, going beyond that, people without a legal background will unlikely come up with anything other than the British Virgin or Cayman Islands. However, choosing an offshore (or onshore) jurisdiction is something that any entrepreneur will have to deal with in the modern economic world sooner or later...

Case Law

Berezovsky 0 v. Abramovich 2. Battle of the Oligarchs in Londons Courts

Stephen Ross

Londons Commercial Court is used to dealing with high value and complex pieces of litigation. It is estimated that around 60% of the Courts work relates to disputes between Russian/CIS/Ukrainian parties, even though it is often the case that the disputes have little to do with England

The most recent Commercial Court decision of note concerned Boris Berezovskys titanic USD 6.5 billion claim against Roman Abramovich, the result of which threw up some very interesting issues for international litigators...

Global Legal Update

Intellectual Property Rights: in the Global Spiderweb

Vira O. Vallee

The growth of international trade and technology development in the era of globalization requires implementation of the global IPRs protection regime. Intellectual asset owners interested in securing their IPRs abroad have regularly pressed for international harmonization of IP law. States around the globe are on the path of converging upon the same set of IP standards. They are shifting these rules to higher standards than those which previously prevailed in their domestic legislation: longer terms of protection, fewer exceptions to the scope of rights...


Lawyers discovering Dublin. 30 September 5 October International Bar Association held its Annual Conference in Dublin, Ireland

Olga A. Usenko

As the available evidence shows, it is a must have for legal practitioners to learn and understand key developments in foreign jurisdictions because of their relevance in a globalized world. That is why the popularity of the IBA annual conferences increases year on year.

Practitioners from all over the world came to Dublin to exchange the latest developments and thoughts about the latest legal business developments, legislative updates, lessons and opportunities derived from the current economic situation


M&A Market in Ukraine

Ivan Romashchenko

In 2012 the M&A market in Ukraine was seriously influenced by economic events in Europe and in the world in general. Considering the fact that companies have problems with payment, many of them were hesitant to merge or to buy other firms. The top managers of leading companies now prefer to wait for a better moment when the future is more predictable and stable

Alexey Kot

Undoubtedly the most significant change in competition regulation in 2012 was the new practice of the Antimonopoly Committee of Ukraine (AMCU) regarding the size of fines for violating legislation in this sphere. The size of fines increased 5-10 times compared to 2011. According to the AMCU statement posted on its website, from 1 July the Committee may apply a fine for concentration without AMCU permission in the maximum amount i.e. 5% of the companys turnover for the previous year

Oles Kvyat

The relatively new Joint Stock Companies Act of 2008 (the JSC Act) still remains among the most topical corporate and M&A enactments in Ukraine, which deeply influenced all types of corporate procedures in joint stock companies (the JSC(s), thus making the Ukrainian emissive securities market more attractive both to foreign and national investors

Leonid Gorshenin

The year 2012, similar to 2011, was marked by some stepping up in demand from clients for legal due diligence services. The services rendered in the said period had certain peculiarities.

A number of uncompleted construction and development projects, which had been earlier frozen because of a shortage of financing, were restored to life. The owners of such projects and prospective creditors or buyers needed legal due diligence to assess the current legal state of the standby projects and further prospects of their implementation

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