Second UBA International Conference

UBA held its 2^nd International Conference, entitled “Beneficial business structuring. Best legal advice on tax and commercial advantages in popular jurisdictions” on 22-23 September in Limassol, Cyprus. The importance of the event was determined by the appearance of Cypriot Finance Minister Charilaos Stavrakis, who opened the conference. Mr. Stavrakis described the main advantages of doing business in Cyprus, the Cypriot banking and taxation systems and his expectations from signing a new agreement with Ukraine on double taxation avoidance.

In his speech Oleksandr Demyanyuk, ambassador extraordinary and plenipotentiary of Ukraine to the Republic of Cyprus, also emphasized the need to adopt a new agreement, which would preserve attractive conditions of cooperation for both states.

The reports made on the first day of the conference covered a wide range of “doing business features” in countries that are believed to be popular and profitable jurisdictions, namely: Cyprus, the Netherlands and Malta. Each speaker representing his country focused on those details that are not well-known to every lawyer as well as practical matters of doing business and tax benefits or possible obstacles.

But greatest attention was given to the host country. This year organizers highlighted not only such traditional issues as establishment and activity of companies in Cyprus together with tax optimization, but also certain new ones: the antimonopoly law of Cyprus, in particular, receiving a permit for concentration and dispute resolution in courts and arbitration involving Ukrainian companies. While representatives of Cyprus demonstrated particular interest as regards how to conclude joint-stock agreements in line with Ukrainian legislation.

The second day of the conference was marked by holding of a round table devoted to the current state and future trends in developing of relations between Ukraine and Cyprus. Participants of the round table also took an active interest in the prospects and possible consequences of Ukraine joining the European Union and relations with the Russian Federation.

The Ukrainian Bar Association expresses its heartfelt gratitude to all participants, speakers and partners of the Conference, namely: Cypress Trust, Marfin Laiki Bank, PriceWaterhouseCoopers, supported by Eliades & Partners and Viriko Developers.