Running Head Quattroporte Inc. Foreign Based Harvard Case Solution & Analysis

Running Head Quattroporte Inc. Foreign Based

Isle of Man

Background

The Isle of Man is an autonomous and an independent country. The head or the chief of state is Queen Elizabeth, who governed the Isle of Man internally under the British crown territory.  She appoints the Lieutenant Governor for a five year period as her representative who runs the daily state operations under constitutional boundary.

It comes under the membership of the British common wealth but officially it is not the part of United Kingdom. The Isle of Man generally follows the European Economic Area (EEA) guidelines because it is its certified member but not a direct member of the EEA. For the European Economic Area member states, there is no trade regulations as such any constraints and tariffs. The Island is situated in the middle of the British Isles, which lies in the middle of the Irish Sea, stuck between all of the four British Home Countries. It is a very small country having a land area of 572 sq. miles (1481 sq. km) with an estimated population of over 85,000.  The official language for business in the Isle of Man is English. The Isle of Man possesses its own currency known as Isle of Man pounds and pence.

Government

The Isle of Man Government's strategy of offering encouragement to high technological companies, economic and financial institutions is to establish in the Island that is still paying-off in growing employment opportunities in elevated income industries. The Government promotes the growth and expanding of the economy through the advancement of existing businesses and tracking down for new opportunities. It specially appreciates the growth of high added value industrial manufacturing and services, media activities and film, e-commerce and company headquarters in their country. Thus, the government is well organized and always show support towards the steps, which can play an optimistic role in development of the economy.

Economy

In the last recent years the Island has beenfitted from continues economic growth. Unemployment at this time accounts for around 2.3% out of the 42,000 working populations. The Island follows a work permit system where an individual has to get the work permit before joining the job. The main segments generating incomes for the Island’s financial system are the financial services, which produce 37% of the GDP; other professions throw in a further 21% of GDP. The economy is greatly dependent on, Banking, Fund Management, Financial Services and Fiduciary Services; which are observed and directed by the Financial Supervision Commission. Insurance, Life assurance and pension businesses are operated by the Insurance and Pensions Authority.

Taxation

The Isle of Man posses their own Government setup and generates its own taxes autonomously from the United Kingdom. The Isle of Man has no other estate, corporate or gift taxes. Income tax is charged at comparatively low rates and value added tax is functional in a similar manner to the United Kingdom. The Isle of Man income tax system is controlled within the Income Tax policy 1970 accompanied by with subsequent improvements. The taxation structure is managed by the Income Tax Division of the Isle of Man’s Treasury section.

Relationships with International Bodies

By the 1990s, in general with other influences, the Isle of Man came underneath the focus of international bodies such as OECD and FAT. New policies were introduced in 2008 to attract the confidentially funded charitable arrangements. Earlier regulations were supposed to have an elevated degree of regulation, which deprived the Isle of Man compared to a number of other influences. The counter was to institute a new system that approved the charity and made sure that the genuine issues of international bodies were solved, for example, requirementof filing of openly accessible accounts or investigations concerning investment.

Intellectual Property Protection

The Isle of Man has an up-to-date system of copyright security. Computer software is secured in the same manner as agreed in EC directives. The Isle of Man does not possess its own trademark register but the United Kingdom system extends to the Island. United Kingdom trademarks are secluded beneath Isle of Man civil law. Likewise, United Kingdom copyright law extends to the Island and Isle of Man law defends United Kingdom registrations. Assurance is made by Financial Supervision Commission’s of The Isle of Man registry that new business or company names are not the same as an existing ones. The Isle of Man has also come up with a number of professional niche corporate services such as intellectual property, ship and aircraft ownership, real estate and financing as well as supporting new company flotation’s on the United Kingdom’s secondary exchange.

British Virgin Islands

Background

The Virgin Islands usually known as the BVI (British Virgin Islands) is a British international territory situated in the ........................

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