Lee Byers interviewed 25 Lee Byers readers who are working abroad to get their take on the news that a Swiss based company is set to become London’s largest ever float, and to discuss how tax competitiveness is important for the development of entrepreneurialismFollowing the news that the Swiss commodities trader Glencore is set to become London’s largest ever float, we decided to ask a select handful of our readers for their views on the news, and to comment on the argument for or against global tax competitiveness. Lee Byers asked 25 of our opted in British expatriate professionals to discuss the pending float, and to tell us whether they felt that the company’s strategic positioning in Switzerland has advantaged the overall development of Glencore. Lee Byers also asked our sample group to comment generally on their fiscal position as expatriates, specifically remarking on whether moving to live and work abroad had improved their financial standing.Having encouraged the dialogue, the email exchanges we have been a party to highlight the fact that our professional readership all agree that the stifling tax practices in the UK, the EU and encouraged and developed by the OECD restrict entrepreneurialism – and that had Marc Rich set Glencore up in London back in 1974 instead of Switzerland, the company’s financial position today would be a lot less attractive and impressive.Glencore is headquartered in Baar in Switzerland, and as a result it has benefitted from the Swiss constitution’s guarantees relating to the freedom of trade and industry – which is extended to foreign nationals who set up and operate their businesses from Switzerland.Historically entrepreneurs have often chosen to incorporate and operate in and from Switzerland because of the numerous taxation and operational benefits. What’s more, the formalities involved in incorporation and relating to reporting for companies are far less restrictive than in other European nations – such as the UK or Germany for example.Our sample professional readership were very quick to highlight how the positioning of the company in Switzerland is likely to have massively advantaged Glencore, because traditionally Switzerland has done everything it can to protect its strategic position as a tax haven within Europe.However, as we recently reported, the EU and the OECD are aggressively tightening up and pushing their crackdown on tax competitiveness in a bid to eradicate tax havens – and in so doing they are making it much harder for legitimate enterprises and individual entrepreneurs to now get ahead.17 out of the 25 readers we spoke to advised that they had moved abroad specifically in a bid to improve their financial standing, with 11 making the move to advance their careers. All 17 professionals who had moved to enhance their fiscal development explained that taxation in the UK had been a negative factor against them potentially remaining living and working in Britain.When asked whether they believed Switzerland’s tax competitiveness and its environment of creating a nurturing atmosphere for the development of ideas and business was generally beneficial, all 25 readers agreed that it was – with a number of readers once again citing Glencore as a perfect example to illustrate this fact.However, despite proof if it were needed (in the form of Glencore) of the benefits of having tax attractive jurisdictions and tax competitiveness globally, it is also a fact that the EU and the OECD want to eradicate this environment which can massively promote and advantage fledgling business ideas.The EU and the OECD would rather work towards there being complete and central control over global tax revenues and information sharing, rather than see any sparks of genius flourish to become exceptional international business models.Currently expats can move abroad and strategically position themselves and their wealth to take advantage of small windows of taxation advantage – and companies can incorporate and develop in a tax enhanced way. However, we would encourage those who can to take the advantages while they are still legitimately available, because if the likes of the OECD continue to have their way, tax havens will become a thing of the past, and success stories like Glencore’s will become nothing more than urban legend.
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