The Impact of FATCA on Companies not in the Financial Services Industry
First 15-20 minutes is for networking Light breakfast included
Hosted by the Taxation Committee and the Financial Services Committee
This Foreign Account Tax Compliance Act (FATCA) seminar focuses on how Hong Kong and international corporations with businesses that are not financial services related can, to their surprise, have some affiliates meet the 'foreign financial institution' FATCA trigger. We will discuss common ways this can come up. FATCA asks foreign financial institutions to perform due diligence and report to the US on US customers and certain other customers.
The second part of the seminar will address how FATCA language is increasingly appearing in loan, derivatives and other documentation that companies in all industries can encounter. We will discuss what to be aware of in this type of FATCA language.
Do you have affiliates in your group that act as trustee or nominee companies? Does your organization have an affiliate that aggregates funds from within your group for investment? Do you have retirement plans in different parts of the world? Are you entering into standard ISDA documentation that may not automatically work under FATCA? Are you starting to see FATCA language in loan documentation, other contracts you are asked to sign and securities offering prospectuses? Are you aware of the FATCA rule that says, regardless of whether you are a financial institution, you have to ask for FATCA documentation when you make US sourced payments?
The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong