Webinar: Substance requirements and future application of the MLI to Spanish infrastructure and real estate structures

On November 12th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on “Substance requirements and future application of the MLI to Spanish infrastructure and real estate structures” in collaboration with Deloitte Luxembourg, with the participation of three experts from Deloitte in this area: Francisco Da Cunha (Partner), Samara Brey (Senior Manager) and Victor Sanlorien (Senior). The webinar took place within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

Marta González Benguria, General Secretary of the Chamber, who acted as moderator of the event, introduced the speakers and thanked them for their participation.

Francisco da Cunha then took the floor and thanked the Chamber for the invitation and all the attendees for their interest in the event. The speaker began by explaining the concept of ‘Substance’ in the context of tax treaties against double taxation and how this concept has evolved throughout the different versions of the treaties in terms of impact and coherence.

Samara Brey went on to discuss the Multilateral Instrument (MLI), which is currently operational in 94 different jurisdictions including Spain and Luxembourg. She explained what steps were needed for the MLI to apply to a Double Taxation Convention between two countries and what the minimum standards were that countries could not change. Samara also explained the principle purpose test (PPT), the test which seeks to determine whether treaties to which the MLI applies are not used to create opportunities for non-taxation or reduction of taxation. Therefore, Brey recommends that companies document that their operations have a substance and legitimacy that goes beyond mere tax reasons. The rapporteur went on to talk about the Danish Cases, and the case law they have created.

Victor Salorien spoke about the interpretation of these rules by the Spanish administration and justice and in particular the interpretation of the term ‘substance’ in Spain and Luxembourg respectively.

After the presentation, a question session was opened during which the attendees were able to raise all the doubts that had arisen during the event.

From the Official Spanish Chamber of Commerce in Belgium and Luxembourg we would like to thank Deloitte Luxembourg and the speakers for their collaboration in organising the webinar.

In collaboration with:

Deloitte Accountancy - Credit Expo België

Webinar: The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments

Last Monday 26th October, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on ‘The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments’ in collaboration with Luxembourg Stock Exchange (LuxSE), and with the participation of its Head of Regulatory Affairs, Paula Redondo Pereira. The webinar was organised within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

Marta González Benguria, General Secretary of the Chamber, introduced the speaker and acted as a moderator of the event.

Then, Paula Redondo took the floor and thanked the Chamber for their invitation, as well as to all the attendees for their interest in the event. The speaker began by explaining the activity and functioning of the LuxSE, an institution with more than 90 years of history. Paula explained that the LuxSE is owned by market participants (banks, financial institutions, etc.) as well as by the government of the Grand Duchy of Luxembourg. The different activities developed within the LuxSE were presented, with special emphasis on listing, which is the main activity. The position of Spanish issuers, which currently stands at 43, was then outlined. This number is expected to grow in the near future due to the significant benefits of the LuxSE for issuers and investors.

The second part of the webinar focused on the Luxembourg Green Exchange (LGX), the first and so far only platform dedicated exclusively to sustainable financial instruments, created in 2016. The LGX is contributing to the regulation that is taking place in this field on the initiative of the European Commission, as it is part of the ‘EU Commission’s High Level Expert Group (HLEG) on sustainable finance’ and the ‘EU Commission’s Technical Expert Group (HLEG) on sustainable finance’. Currently, the possibility of creating standardized Green Bonds at the European level is being considered, an initiative in which LuxSE takes part.

Following the presentation, a question time was opened during which the attendees could ask all the doubts that arose during the event.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg we would like to thank Paula Redondo Pereira for accepting the invitation and all participants for their attendance.

Presentation of the EYE and MobiliseSME programmes as part of the EU OPEN FOR BUSINESS day

On the 21st of October, the Official Spanish Chamber of Commerce in Belgium and Luxembourg participated in the event EU Open for Business which took place in Luxembourg.

This annual event, coordinated by the European Commission, aims to highlight European SMEs by promoting the business spirit and helping to create an environment more supportive for small and medium enterprises.

This edition was focused on the economic recovery post-coronavirus and how SMEs in Luxembourg can access to finance, find new business partners, and adapt for the future. This 2-day digital event presented the different EU programmes available for entrepreneurs and SMEs in Luxembourg. Additionally, the visitors had the opportunity to virtually visit the stands of the local supporting organizations and get first-hand information from their experts.

In the context of the event, Soraya Bravo, Project Manager at the Chamber, presented the general objectives, requirements and registration process of the programmes Erasmus for Young Entrepreneurs and MobiliseSME.

She highlighted that both programmes offer a great added value for entrepreneurs and SMEs, such the exchange of knowledge and experience in the Erasmus for Young Entrepreneurs; or the possibility to boost the internationalization in the MobiliseSME.

Local organizations were very interested in promoting both initiatives and the participation of entrepreneurs and SMEs from Luxembourg, especially in the recently launched MobiliseSME programme.

They also stressed the opportunity that this crisis offers to small and medium-sized companies to reinvent themselves and internationalize, and invited them to take advantage of the European programs and projects at their disposal.

The Chamber thanks DG Grow, the Enterprise Europe Network and the Luxembourg Chamber of Commerce for the invitation and looks forward to collaborating with these institutions to promote both projects.

 

If you would like to receive more information about the program Erasmus for Young Entrepreneurs or MobiliseSME, please send an email to:

Contact people: Soraya Bravo | Noelia Sánchez Bravo

Email: erasmus4youngentrepreneurs@e-camara.com | mobilisesme@e-camara.com

 

Meeting of the Forums Committee

On September 25th the third meeting of the year of the Forums Committee, a working group whose mission is to propose, organize and monitor the events organized by the Chamber, was organized telematically.

During the meeting, which was chaired by Pablo López Álvarez (FTI Consulting), a balance of the latest events organized by the “business circle” platform was made as well as new initiatives were proposed to be developed in the coming months, both locally and with the institutions of the European Union. Likewise, the activities carried out and the events planned within the framework of the Spanish Financial Forum and Competencia España Committees were discussed. Finally, the call for the 2020 Company of the Year Award, which is currently open, was discussed.

About the Chamber’s Committees

The Committees are made up by some of the members, as well as by the person in charge of the area in question in the Chamber.

These working groups have numerous functions: in-depth studies of proposals, problems, projects, and activities. Through them, the members influence the day-to-day life of the Chamber in order to better adapt the Chamber’s activities to the needs of the members.

At any time, a member can request the president of a Commission to join it or request the secretary general to create a new group.

ICT Spring Europe 2020

On the 5th edition of the international event ICT Spring Europe 2020, that will take place on the September 15th and 16th in Luxembourg, the Chamber will, once again, be an official partner.

The aim of ICT Spring Europe, as an influential voice in the global technology community, is to encourage networking among business decision makers, innovation managers, start-ups, researchers and venture capitalists at European level. The event will take place at the European Convention Center, will feature high level international speakers, and will highlight the latest trends and technological innovations, as well as reflect on their impact on society and the business community.

In order to adapt to international health safety measures, this year the participation in the event will be either face to face or virtual, and the fees have been adapted to support SMEs and Startups.

Thanks to the good collaboration of the Chamber of Commerce with the organisers of ICT Spring, they will  offer a free of charge participation for foreign visiting companies in the digital edition of the event, including access to conferences and networking. Companies who are interested are requested to send us an email to ictspring@cc.lu  while putting luxemburgo@e-camara.com  in copy to receive their free of charge ticket code.

In addition, a preferential rate of 300 euros is offered to those startups interested in having a digital exhibition space during the event, and a preferential rate of 1.250 euros is offered to companies.

More information on the event’s program: https://www.ictspring.com

New edition of our “Guía del Emprendedor en Luxemburgo”

Within the framework of the EmprendeBelux programme, the Chamber has just launched an updated version of our “Guía del Emprendedor en Luxemburgo” (Enterpreneur’s guide in Luxembourg), the reference publication in Spanish for anyone interested in starting a business in the Grand Duchy. It is free to download and is accessible in digital format via the EmprendeBelux site.

This updated version includes detailed information on the most common questions raised by future entrepreneurs, and the information about the different procedures required to open a company is broaden (authorisation of establishment, administrative procedures, etc). There is also a section devoted to company taxation, including a summary of the main taxes applicable in Luxembourg. In addition, the guide has a directory of local business and organizations that support entrepreneurship.

The publication is supported by the Luxembourg Chamber of Commerce and the House of Entrepreneurship.

You can download the guide HERE

More information: luxemburgo@e-camara.com

Comercial opportunities in Belgium and Luxembourg after COVID-19

COVID-19 has had a very different impact in Belgium and Luxembourg marked by a light lockdown and strong determination by public administration to support its business and protect employment. This health crisis has been without any doubt a mayor disruptive factor that highlighted some existing tendencies already putting in place in both markets. That is why, despite the limited uncertainty, some opportunity window seem to be opening in the next months in Belgium and Luxembourg in the upcoming months making them two very interesting destinations for internationalization strategies for Spanish companies.

In this context, the Chamber has developed a series of collaborations with various Spanish territorial chambers to present the Belgian and Luxembourg markets to Spanish companies. In particular, presentations were made for the Chamber of Commerce of Pontevedra, Vigo and Villagarcía de Arousa, Madrid Network and the Chambers of Commerce of Zaragoza and Mallorca. Throughout these webinars, the main sectors of interest in each country were presented and a series of recommendations were given to companies interested in internationalizing their product or service.

The internationalization of companies will be a key element for their survival in the post-Covid situation.

During the months of September and October, the Chamber is planning new presentations.

These are the dates:

  • In collaboration with the Chamber of Commerce of Gran Canaria, 17th September at 11:00
  • In collaboration with the Chamber of Commerce of Huelva, September 29th at 11:00
  • In collaboration with the Chambers of Avilés, Gijón and Oviedo, 30th September at 11:00
  • In collaboration with the Chamber of Commerce of Huesca, October 2st at 9:00
  • In collaboration with the Chamber of Commerce of La Rioja, 6th October at 9.30am.

Webinar on “Impact of Covid-19 on the Spain’s Real Estate Industry and on the value of assets”

On July 8th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg, organized a webinar on “Impact of Covid-19 on the Spain’s Real Estate Industry and on the value of assets”, in collaboration with Gesvalt.

The event was organized within the framework of the Spanish Financial Forum (SFF), a Committee through which the Chamber aims to create a space for opinion and debate on economic and financial issues in Luxembourg where members can share experiences, establish collaborations and exchange information on trends in the sector.

The Vice-president of the Chamber and President of the SFF, Jose Luis Rodriguez Alvarez, highlighted the professional career of the speaker and appreciated her participation in the webinar.

Sandra Daza, General Director of Gesvalt, made a presentation about the effects of Covid-19 in the real estate sector in Spain, and the trends that can be expected. In her presentation she went into detail about which values have been more or less affected, the state of the hospitality sector, how the demand will evolve within the real estate sector, what changes we can expect in the price of assets, what will happen with prices when they return to normal and, consequently, the possible business opportunities.

During the question time, the participants could present their comments and questions on many interesting issues. Thus, various topics were discussed such as the situation of vacation real estate assets located on the coast in the face of declining tourism or what consequences the increase in eCom transactions we are experiencing today will have for the retail sector.

In collaboration with:

Extension of the agreement with Belgium on the social security affiliation of cross-border workers teleworking until August 31st, 2020

Since the start of the COVID-19 pandemic in Luxembourg, many companies have implemented measures to increase the use of the telework. However, working from the home for cross-border workers may have consequences for their affiliation to social security under the provisions of European legislation for the coordination of the social security systems of Member States.

Romain Schneider, Minister of Social Security, from the beginning of the crisis contacted his Belgian, German and French counterparts to find an agreement to avoid an affiliation change if a certain threshold was exceeded (a 25% according to the EU regulation) for workers and employees affected. Following these contacts, it was decided that, in view of the current exceptional situation, the days of telework due to the COVID-19 crisis would not be taken into account for the determination of the social security legislation applicable to the workers in question, and therefore would have no influence on your affiliation to social security.

This agreement has just been extended with Belgium until August 31st, 2020. With regard to France and Germany, an official response should soon arrive.

Romain Schneider points out: “The extension of this agreement is a strong gesture of solidarity from our neighboring countries. Telework is an important tool in the fight against the spread of COVID-19, so companies and employees must be able to continue without suffer any undesirable consequences. I am sure that France and Germany will also support this approach by extending the agreement that we have had so far”.

 

Communicate of the Ministry of Social Security

 

Source: Gouvernement.lu

Lunch&learn: How to attract talent trough mobility schemes

On June 29, the Chamber, in collaboration with the Incubator of Luxembourg City, organized a briefing on mobility programs for SMEs and Startups.

The session was divided into individual meetings with each of the interested companies to answer their questions about the different participation requirements in each of the programs managed by the Chamber:

– Erasmus for Young Entrepreneurs, a cross-border exchange program that gives new entrepreneurs the opportunity to work with experienced entrepreneurs who run small businesses in other EU countries.

– The PICE Mobility Plan, a program created by the Spanish Chamber of Commerce and co-financed by the European Social Fund, whose main objective is to offer opportunities for personal and professional development to young people who participate in the program and, at the same time, improve the productivity of partner companies.

 

For more information about our mobility programs, contact us info@e-camara.com.