Specialization and upgrade

REAL ESTATE INVESTMENT VEHICLES

Everyone knows enough about the crisis in the real estate industry, in Spain and many other countries, developed, developing and emerging, in Europe, USA, Far East, etc., due to the global financial crisis that broke out in 2007, but also for abuses by all actors involved in it, from landowners to financial institutions, developers, Public Administration, etc.,.

After seven years of “wandering in the desert”, prospects now seem more favorable, especially in Spain, which in 2014 has become one of the main European destinations for real estate investments, overtaking even UK, due to the fall of yields in this market.

Stabilization of Spanish economy has played a key role in attracting investments to real estate, combining the necessary security (legal, institutional) with attractive prices presented property assets after all important falls that have suffered in recent years, generating sustainable yields directly and profitability expectations indirectly, in the medium term, measured risk.

This investor appetence is preferably expressed in the tertiary sector: offices, shopping centers and malls, hotels, retail and industrial-logistics too. But to get optimal performances requires not only discern the product, location, occupation and rental level, etc., and it is necessary to use appropiate investment vehicles that currently are varied, but perhaps not sufficiently known all investors.

We are referring to simple procedures such as Entities Rental Housing (EAV) as other much more complex, such as Collective Investment Institutions (IIC), Funds (FII) and Real Estate Investment Companies (SII), Listed Companies to Invest in Real Estate (SOCIMI), Funds Asset Bank (FAB, exclusive for SAREB), Specialized Funds Investment (SIF) and Risk Capital Companies (SCAR) Luxembourgers and the new regulations approved on 1st of March 2014, referring to modalities Entity Risk Capital (ECR) and Closed Collective Investment Entities (EICC).

Knowledge all of these modalities in depth before making investments is required and this course you will learn how to use them in the most appropriate way to your targets.

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Internacionalization activity

Business internationalization promotes and boosts economic growth while contributing to technology transfer, research and development and innovation products, and helps people improve their quality of life and level of confort, generalized and accelerate access to new products and services, often staples that otherwise would take a long time to become available at an affordable cost.

Of course, also promotes movement of capital from one country or región to another, generating investment flows from the more developed towards those who are still developing or an emerging stage. Internationalization of enterprises is manifested successively in three modalities, and almost always in the same order: first of all through foreign trade (export-import), then Foreign Direct Investment (FDI) opening branches, representative or commercial offices and, finally, establishing partnerships with local companies and institutions, as a prelude to the final implementation on the outside of its production, distribution and marketing, concluding with support, assistance customers and customer service.

Clearly, face this last step requires in addition to the corresponding internal decision, a depth knowledge of the environment in which the company will move into the chosen destination, an analysis of competitors and rules and practices governing these new markets, definition of resources (financial, material and human) needed to compete with guarantees of success choosing the most appropiate management and organizational structure, etc.,.
And do not forget we previously have analyzed the convenience of internationalization process, assessing their advantages and disadvantages. This is the key to landing with success.

And not all businesses are sufficiently prepared, nor have the right professionals to do, so often resort to hiring an expert (usually a law firm, mercantilist and tax) established in the country of destination to entrust their decision.

With this course, responsibles for the decision to internationalize or not the company or any of its activities learn to perform the analysis “ex ante” that will allow them assess the pros and cons to develop a comprehensive questionnaire to identify main variables to take into consideration when placing the order need expert advise in the decision.

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Taxation of Property Transactions

In a globalized market like this, where there are no physical or economic boundaries, transnational corporations relocating its production, distribution, call centers, etc., to those destinations that they find most attractive because of its proximity to customers, suppliers, financial centers, etc., and its headquarters to places that allow them to support a lower tax burden.

We have examples in the EU, in some USA states, LATAM, EMEA, FAR EAST, although the last known scandals arising virtually nil tax payments, are moving to countries to standardize their fiscal policies to avoid perverse effects.

However, deep knowledge of tax legislation in the country where the company develops all or part of its activities, it is essential to optimize results, always operating within the law, structuring its operations so that the tax burden is the strictly correct.

Taxation of activities and property transactions is in any country one of the most important companies must endure, for the different concepts that affect them (transmissions, capital gains, possession and use, licenses and fees) that companies can not avoid since the main feature of the real estate properties are precisely they can not be moved from one place to another.

Moreover, multiplicity of applicable rules, in many cases so extensive and varied that is almost imposible to accurate and updated knowledge, determines the need to hire specialists in taxation, national or international, local or regional, to suitable advise us.

Through this course you will learn all legislation on taxation to support the real estate activity and transactions in Spain, with special attention to the Autonomous Region of Madrid whose importance deserves careful consideration, including new rules given by Laws 26/2014, Tax on income of individuals (IRPF) and Income tax nonresident (IRNR), 27/2014, Corporation tax (IS), and 28/2014, Value Added Tax (VAT), Special Tax Regime (REF) and IE, published in the Official Gazette (BOE) the 28 of november 2014.

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Analysis of Financial Statements

In a globalized market like this in which companies operate, to be more efficient, innovative, recognized and have high corporate reputation, role of knowledge and information is key.

Today´s information is accesible to any user who want or need it. In addition, global and internationalized companies know that information must be shared. And it must be relevant, reliable, comprehensive, integrated, neutral and practically available online.

Knowledge is another matter, requires processing information obtained rigorously and the analyst be a qualified and experienced professional to draw the right conclusions, which are required to make decisions in business and be competitive.

Information contained in financial statements periodically prepared by the firms, in part by regulatory imperative and largely by demand from markets, should be transparent, using models and standards principles to facilitate comparability and analysis, and be objective, ie devoid of bias and understandable.

This information is valid for both internal users (Top Management, Direction and Supervision Board, Committees, such as Auditing and Compliance, Board of Directors, Annual General Meeting, shareholders) and external (regulatory such as the SEC, CNMV, MAB, BCE, BdE, DGS, investors, analysts, media and stakeholders) while internal users have the advantage of access to the original sources of information.

Analysis of financial statements, or financial-economic analysis, rests on two axioms: reliability of information used and qualification and expertise, objectivity, impartiality and Independence of the professional who performs and delivers report on its findings.

This course will provide you resources, techniques, skills and knowledge necessary to achieve far beyond interpreting the economic and financial information tan simple figures reflect contained therein, combining an eminently practical and inmediately applicable rigorous methodology.

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