Compliance cost saving for international company after restructure
Case Study17th Nov 2021
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Our Client
A small but internationally focused company providing specialised drilling services to the oil and gas sector. The corporate structure was no longer serving the intended purpose, leaving the group exposed to increased compliance costs. The corporate structure had entities incorporated in three different countries, with branches in a further two countries.
Our Approach
- Prepared and presented a proposal to the client to restructure the group, removing one layer of the corporate structure and minimising the exposure in that country
- The limited in-house financial expertise meant AAB provided full project management, all financial accounting input, and UK tax advice
- Utilising the AAB international network we had experts in accounting, legal and tax advice in Cyprus, the Netherlands and Norway, dealing directly with those firms on behalf of the client
The Outcome
- Significant reduction in annual compliance requirements, with associated saving in compliance costs in the region of $40,000 per year
- Reduced administrative burden, freeing up finance staff to do more valuable activities
- A more appropriate structure with reduced tax exposure across the group
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