During the client’s Small and Medium-sized Enterprise (SME) verification process, the SME Verification team receives financial and corporate documents from various companies located all around the world. Types of companies and their documents differ depending on each country, especially outside the EU. One of the challenges that the SME Verification team faces, is related to Trusts – specific types of entities. The training request comes from the need to understand types of Trusts and their inclusion in the establishment of full ownership structure, which is relevant when assessing the size of a registrant’s enterprise.
Specific learning objectives:
1. Introduction of trusts: description of a trust company, understanding how trust companies operate and how they are formed, most common activities of a trust company, what are the benefits of having a trust company.
2. Different types of trusts per country:
2.1 Irrevocable trusts vs revocable trusts – benefits and differences in terms of control over the trust and the assets put in the trust (e.g. USA).
2.2 Dynamic and static trusts (e.g. in Italy)
2.3 Grantor trusts and living trusts (e.g. in USA)
2.4 Family trusts vs company trusts. How is a company put into a trust?
2.5 Other types.
3. The difference between all parties involved in trusts: successor/beneficiary, trustee and co-trustee in the scope of management and control, with respect to Article 3.3. of the Annex to the Commission Recommendation 2003/361/EC.
4. Who is making final decisions, the trust company or the main company/natural person, or case by case? Beneficiaries (beneficial party) –possibilities to exercise control over the trust and to what extent
5. Trusts that own a corporation (Subchapter S Trust) – specifics and what should be considered (paid attention) for that type of trusts when reading Article 3.3 of the Annex to the Commission Recommendation 2003/361/EC. How does an S Corporation work? (e.g. in USA).
6. Considering the inclusion of trusts in the establishment of the ownership structure as per the Commission Recommendation 2003/361/EC, based on different types of trusts. (Should we investigate owners of a trust company or should we stop. Should we include a trustee in the calculation).
7. Aside from the trust deed, are there any other important documents that are regulating/stating the parties that have control over the trust and the conditions for that control (if there are any)?
8. Specifics of the accounting of a trust activity (financial reports, tax declarations, etc.).
9. The end of trust – how, when and under what conditions the existence of the trust ends. What happens with the trust when the settlor passes away?
Before the 1st session, the successful ICG applicant(s) should be in contact with key participants to clearly understand the specific learning needs to develop the content of the sessions.
This could take the form of a learning needs questionnaire combined with those key contact meetings.
Trainer specifications: Ideally it would be a trainer who is involved in establishing trusts or prepares annual financial reports, tax declarations of trusts or trustees, or is responsible for auditing trusts, especially has an experience in USA trusts.
Start: Preferred time frame for the delivery: April-June 2021.
Length of the training: 1.5 – 2 days.
Development time for training materials would be a 4.5-6 days.
Number of participants: Approx. 11
Location: The course should be delivered remotely via e.g. Microsoft Teams, Zoom or Webex.
Rates: The net rate is expected to be €700 per day plus any VAT for delivering the training, and €600 per
day plus any VAT.
Close Date: No later than Tuesday 23rd March 2021 9pm, AEDT
We will review all APTs and select the best 3 for the client. The client will then conduct interviews.
To apply for this GIG Please log into the link below to apply online to ICGs new Application Tracking Software (ATS) and confirm that you are available (or will make yourself available) for interviews at the client’s discretion.