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 FOREIGN
SALES CORPORATION (FSC) MANAGEMENT AND TERMINATION SERVICESEXPORT ASSIST WILL HELP TO KEEP YOUR REGULAR
AND LONG-TERM LEASE FSC IN GOOD STANDING FOR TAX AND COMPLIANCE PURPOSES
AND TO TERMINATE YOUR FSC ONCE THESE PURPOSES HAVE BEEN FULFILLED.
As of December 31, 2001, FSC status expired,
leaving the offshore corporate entity, in most cases, as a non-controlled
foreign corporation. Export Assist continues its foreign sales corporation
management services to keep your FSC active and in good standing,
thereby allowing you and your tax advisor to facilitate future dividend
declarations, tax refunds, tax amendments, redeterminations and outstanding
audits or to maintain FSC-related activities for long-term lease
FSCs. Once these purposes have been fulfilled, Export Assist will
terminate or dissolve your FSC.
You can benefit from our independent (third-party) FSC management
services by transferring your FSC to us at any time.
In
addition, when you have Export Assist provide these FSC management
and transition services, you could reduce
your Sarbanes-Oxley
Act (SOX) of 2002 exposure. SOX requires publicly-traded corporations
in the U.S. to examine their portfolio of foreign affiliates
for potential conflicts of interest that would occur when an auditor,
legal or other professional advisor to the company also provides
ancillary services. Export Assist has no other professional relationship
with a public company that would compromise its fiduciary integrity.
FSC Management Transfer
to Export Assist
Transferring the management of your FSC to Export Assist is easy.
Simply complete the FSC
Transfer Letter, provide it to your current
FSC management company, and fax us a copy at 888-894-8366.
We will contact you upon receipt. In order to keep you in compliance,
we
will arrange to physically obtain your files from your former
FSC management firm and to store them at our location. We will
also
audit your account to ensure that it is in good standing.
Termination and Dissolution
Once you have determined that tax audits and
amendments are no longer a concern, Export Assist will help you
terminate or dissolve your U.S. Virgin Islands, Barbados or Bermuda
FSC. The method chosen is dependent upon the jurisdiction of your
FSC and your corporate objective. For a complete description of
the termination and dissolution process, including instructions
on how to proceed, applicable fees and required forms, please click
on one of the following:
For more information, please contact Ms. Tamara
Crews, Vice President - Professional Markets, at 800-894-8366 or
tcrews@exportassist.com.
NOTE: This site provides legal and tax professionals convenient access
to compliance information and forms needed to help in the management,
transfer and termination of their clients’ FSCs. Export Assist
does not provide tax advice and it is highly recommended that you
review your particular situation with a qualified tax advisor.
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