11E-ReAct Representation offshore

17-ReAct FISCAL REPRESENTATION OFFSHORE companies.

In December 2001, the Portuguese Parliament enacted new tax measurements directed against Offshore Property Companies.
One of the requirements for “non-resident companies without permanent establishment” is to appoint a fiscal representative in Portugal.
For many of my clients who I have advised in the past I have complied with the obligation to register their company with the local tax department in which your property is located.

As your fiscal representative, my service includes:
o Resourcing accurate and current information in Portugal for Beneficial owners regarding offshore company obligations as well as relevant legislation.
o Most of the above-mentioned info will be made available to you on 2 specially dedicated web-sites www.realestate-algarve.info and www.realestate-activities.com
o Clarification of pertinent procedures and interpretations with Finançes
o Communications liaison between Finançes and the Offshore Property Company
o Reporting to  Beneficial Owners and to Directors regarding Company status in Portugal
o Acting as agent.

Please note that each owner may have individual requirements, therefore no 2 situations are identical.

Cost for fiscal representation  € 150, 00  p/y

However specific service needs may exist and vary on a case-to-case basis and are billed accordingly:
For “Finançes”
 Re-registration (Declaração 03/02) €   75,00
 Início de Actividade €   75,00
 IRC = Corporate Income Tax Declarations: 
1. Modelo 22 + Annex J 
2. Declaração Annual -  No rental income €   75,00
3. Declaração Annual – With rental income  €  150,00
4. Payment €   25,00
 Alteração de Actividade – Changes in company status € 75,00
 Cessação de Actividade – Cessation of company activity € 75,00

For “Directors”
 Keeping directors abreast of company status
 Providing Annual accounts for submission within offshore jurisdiction
 €   50, 00

For “Beneficial Owners”
 Keeping owners cognizant of compliance requirements, both in Portugal and in company jurisdiction
 Presenting and evaluating strategic options
 Arranging for specific compliance procedures, such as:

1. Dealing with tax books – Cadernetas
2. Habitation license
3. Modelo 1 IMI – declaring any new or any alterations in building size
4. Rental agreements
5. Translations
6. Sorting out problems.

Fees do not include IVA – VAT (Value Added