Ernst & Young ‘Open Doors’ in Silicon Valley to Luxembourg
The San Jose office of Ernst & Young LLP and […]
March 2, 2012
The San Jose office of Ernst & Young LLP and Ernst & Young Luxembourg SA, the Ernst & Young member firm in Luxembourg, have developed “Open Doors,” a program designed to educate and support Silicon Valley companies doing business in Luxembourg, the firms announced at a reception, held at the Consulate General of Luxembourg in San Francisco. This program provides for multiple possibilities for Silicon Valley companies wishing to develop their business worldwide.
“Open Doors is designed to reinforce the competitiveness of the existing and evolving information, communication and technology community worldwide, and to share and deploy Luxembourg’s assets to promising companies,” said Channing Flynn of Ernst & Young LLP, international tax partner and global tax technology sector leader.
“The program is tailored to Silicon Valley companies ready to go abroad, and provides a centrally coordinated one-stop shop with custom assistance for all aspects of a company’s lifecycle,” added Bart Van Droogenbroek, international tax partner and technology tax leader for Ernst & Young Luxembourg SA.
From one Valley to another one…
Ernst & Young‘s service offerings include a complete package of overall project management for the set up of oversea operation in Luxembourg, business plan preparation, business modeling, R&D, go-to-market fundraising, tax structuring and compliance, accounting support, assistance in meeting regulatory and statutory obligations and employee considerations.
Silicon Valley companies consider basing their operations in Luxembourg for several reasons, including its outstanding infrastructure, one of the most competitive VAT rates in the European Union for certain types of income, an attractive intellectual property regime, withholding tax opportunities, business friendly data, IP protection laws and a legal framework conducive to e-commerce. Luxembourg also is centrally located in Europe and has high-capacity fiber optic connectivity to the main European POPs with very low latency rates (exceeds 3.5 terabps) and consequently, is highly regarded for its excellent information, communication and technology infrastructure which includes connectivity and data centers.
The presence of the financial industry has caused Luxembourg to invest heavily in secure datacenters. The majority of these datacenters are recent constructions, offering Tier III or Tier IV service levels, thus enhancing environmental protection/friendliness.
“Luxembourg has a long history of pioneering in the technology, media and technology space over many years and has clearly identified this sector as key for its development,” concluded Olivier Lemaire, Technology, Media and Telecom Leader for Ernst & Young Luxembourg SA.