In November 2012 KEO Films, which had recently won a contract to produce an Australian version of a UK TV series, was put in contact with Ecovis Sydney, because they needed to get their footprint established urgently, before Christmas!
The key issues were:
- What form should the Australian presence take?
- While effectively a start-up in Australia, could they obtain bank debt funding for a commercial property they had identified for purchase?
- How fast could all of this happen?
We quickly determined the most appropriate structure in which to combine asset protection, tax efficiency (in terms of their UK/Australia interaction) and manage their new Australian business.
This included a main trading company, an additional company in which to hold a primary production property, and a further company in which to hold the intellectual property that they expected to develop in Australia.
Within a few days we had:
- established all three companies with ASIC (with David Conley as resident director for each), and had them registered for all necessary taxes with the ATO and OSR.
- Through a referral to a local commercial lawyer, we ensured any necessary agreements between the three entities and the UK parent were being considered, to satisfy Australian/UK laws, as well as potential transfer pricing issues.
- Through a referral to a local immigration agent, we ensured that the client was being advised on options for potential secondments of UK employees to Australia to assist in the local operations, and
- through referral to several banks, we enabled the client to determine the best fit for their needs quickly, and they were able to purchase a commercial property with borrowed funds.
We subsequently provided ongoing tax, accounting and audit support for the Australian operations.
KEO Films enjoyed five years in Australian but for commercial reasons ceased operations in 2017 and reverted to a license arrangement with local third-party producers.
David Conley, Director, ECOVIS Clark Jacobs, Sydney, Australia
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 6,500 people operating in over 70 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client’s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
ECOVIS AG Steuerberatungsgesellschaft
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