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Managing International IP Assets AIPLA March 12, 2004

Managing International IP Assets AIPLA March 12, 2004. Graham Wood Appleby Spurling & Kempe Bermuda.

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Managing International IP Assets AIPLA March 12, 2004

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  1. Managing International IP AssetsAIPLAMarch 12, 2004 Graham Wood Appleby Spurling & Kempe Bermuda

  2. “These [US] companies [that move to Bermuda,] enjoy America's many freedoms but don't want to pay their fair share to support schools, law enforcement, and homeland security. They desert the country for Bermuda's beaches, even as our young men and women are putting their lives on the line in Iraq's deserts." • Ms. Ariana Huffington, Author – ‘Pigs at the Trough’ and Founder of ‘The Bermuda Project’ 2003

  3. “Just by moving its address to Bermuda (Tyco) can take $400 million off the tax code in the United States and stick every single one of you with the bill. That’s unpatriotic, and we deserve a President who stands up and shuts those loopholes.” • John Kerry, October 11, 2003

  4. WARNING! • I’M NOT A TAX LAWYER

  5. Why must you think global? What are the benefits? Bermuda, Cayman or BVI?

  6. 1. Why must you think global? • Information Revolution • Global Companies • Problems for Governments • Tax • Internal licensing of IP • Duties of Directors • Sarbanes-Oxley

  7. 2. What are the benefits? Does everyone move from the US to Bermuda because the latter has no corporation tax?- Does moving IP to Bermuda usually mean that a company (operating internationally) will pay less tax? • - Does moving IP to Bermuda mean that a US company will pay less US tax? • So why move to Bermuda?- Alignment of operating income with use.- Transfer pricing

  8. Transfer Pricing

  9. Transfer Pricing Bermuda

  10. Does the US taxpayer lose out? • Can a company be taxed more than once on the same item? • Would you ever transfer IP to the US?

  11. Benefits of Using a Low Tax Jurisdiction: • They can assist a specific commercial purpose (joint ventures; cost sharing; etc) • They sometimes reduce tax liability in other jurisdictions • They can provide a fair balance on tax liabilities • Whatever transfer is made by a U.S. company, the net effect will be for tax deferral. There will be no tax reduction

  12. Bermuda / Cayman / BVI? • “Offshore” • Professional tax advice

  13. Conclusionwww: globewhitepage.com

  14. Managing International IP AssetsAIPLAMarch 12, 2004 • Graham Wood • Appleby Spurling & Kempe • Bermuda

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