Submitted by Fernando Mistura (f.mistura@gmail.com) on 2011-10-10T19:43:49Z No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:44Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:59Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Made available in DSpace on 2011-10-11T12:42:21Z (GMT). No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) Previous issue date: 2011-10-07 / This dissertation has sought to identify the role of BRIC country governments in the internationalization of their firms. Drawing upon an exploratory comparative analysis of BRIC OFDI trends and policies, it contributes to further an initial understanding of this phenomenon by shedding light on how and why BRIC governments have been promoting their multinationals. For this, it analysed specific OFDI-related policies implemented by BRIC countries as a way of highlighting policy-gaps and the effects of institutional set-ups in the development of internationalized companies. The rapid rise of MNCs from BRIC countries is quite a recent phenomenon. Although they had invested abroad before, only since the early 2000s OFDI by BRIC MNCs has become substantial. BRIC MNCs are becoming major players in many industries, taking-over competitors in both developed and developing countries, and reshaping competition in many industries. In this process, BRIC governments have played an important role. While until the early 1990s, BRIC governments restricted OFDI because of a negative perspective on its effects on home economies (e.g., reduction in investments at home, exports of jobs, and constraints to the balance-of-payments), in the 2000s their perception of OFDI changed. They have become more aware of the importance of OFDI for the competitiveness of their firms and industrial upgrade. While China, and to a lesser extent India, are one step further, having already put in place a comprehensive set of specific OFDI promoting policies, Brazil and Russia have yet to take further steps in order to create an enabling environment for their companies to fully exploit the advantages of global expansion / Esta dissertação procurou identificar o papel dos governos na internacionalização produtiva de empresas dos países BRIC. Por meio de uma análise comparativa do comportamento dos investimentos diretos no exterior (IDE) destes países e dos mecanismos existentes de suporte à internacionalização das empresas, foi possível identificar as diferentes maneiras de envolvimento desses governos na internacionalização produtiva de suas empresas e apontar lacunas de políticas públicas nestes países. Destarte, esta dissertação contribui à compreensão inicial sobre como e por que os governos destes países têm promovido o desenvolvimento de multinacionais. A rápida ascensão das multinacionais dos países BRIC é um fenômeno recente. Apesar de terem investido no exterior anteriormente, apenas a partir do início dos anos 2000 que o IDE de empresas destes países tornou-se significativo. Desde então, as multinacionais dos países BRIC estão se tornando importantes players em diversas indústrias, adquirindo competidores de países desenvolvidos e em desenvolvimento, e redesenhando a concorrência em muitas indústrias globais. Neste processo, os governos dos países BRIC têm desempenhado um papel importante. Até o início dos anos 1990, o IDE era restringido porque era associado a efeitos negativos sobre as economias domésticas (como por exemplo, à redução de investimentos no país de origem, à exportação de empregos, e a problemas na balança de pagamentos). Desde o início dos anos 2000, entretanto, os governos dos países BRIC mudaram de percepção e passaram a adotar políticas favoráveis à internacionalização produtiva de empresas domésticas. Eles perceberam a importância da internacionalização para a manutenção ou expansão da competitividade das empresas domésticas em um mundo globalizado. A China, e em menor grau a Índia, estão um passo adiante, tendo já posto em prática um conjunto de instrumentos específicos que facilitam a internacionalização de suas empresas. O Brasil e a Rússia ainda têm de tomar novas medidas para criar um ambiente propício para que suas empresas possam mais facilmente explorar as vantagens da expansão global.

La question de la mobilité des sociétés met principalement en cause deux ensembles normatifs étatiques. Tout d’abord, la société mobile rencontre en permanence la question des conflits de lois. Ainsi, la mobilité implique le passage par la question fondamentale de la reconnaissance, la mise en jeu des règles de conflit sur la loi applicable aux sociétés ainsi que, plus généralement, la nécessité de consulter en permanence toutes les règles délimitant la compétence normative de l’Etat en matière sociétaire, telles les règles de conflit (jurisprudentielles ou du droit positif) ou les lois de police susceptibles d’être mises en œuvre dans une opération de restructuration transfrontalière d’un groupe de sociétés ou dans une opération transfrontalière d’acquisition ou de prise de contrôle. Dans un second lieu, la mobilité met inéluctablement en jeu les règles formant les systèmes nationaux de fiscalité internationale des sociétés, à savoir les règles fiscales nationales ou internationales (émanant du droit fiscal interne ou des traités d’évitement de double imposition) applicables à des situations relevant des activités internationales des sociétés. Ces deux aspects de la question de la mobilité intra-communautaire des sociétés ne peuvent pas être traités indépendamment l'une de l'autre, puisque les deux corps de règles (règles de conflit et règles de compétence fiscale) obéissent plus ou moins aux mêmes impératifs hiérarchiquement supérieurs de nature politique, économique et sociale et, par conséquent, ils sont interdépendants. En outre, l’étude de leur évolution historique durant la période qui s’étend du début du XIXe siècle jusqu’à nos jours au sein des ordres juridiques analysés (français, anglais, allemand, belge) démontre qu'ils se sont réciproquement influencées pour atteindre leur état actuel. Au travers d’une analyse interdisciplinaire, nous mettons l'accent, dans une première partie, sur les points d'intersection des deux corps de règles afin d'exposer la mécanique complexe de la mobilité internationale des sociétés et afin de mettre en exergue les considérations juridiques et fiscales qui dominent la matière. Cela dit, les systèmes nationaux de fiscalité internationale et les systèmes nationaux de droit international des sociétés sont aujourd’hui en pleine transformation sous l’emprise du droit communautaire qui se veut un méta-ordre d’organisation des comportements des gouvernements nationaux et des agents économiques selon et vers un modèle nouveau de régulation du marché de nature à rendre la création d’un Marché unique au sein de l’UE possible. Dans la seconde partie de notre étude, nous explorons l’impact du droit dérivé et de la jurisprudence de la CJUE -qui agissent conjointement afin d’atteindre cet objectif- sur ces deux ensembles normatifs nationaux, afin de conclure que toutes les évolutions récentes et anticipées en matière de mobilité des sociétés, tant au niveau national qu’au niveau communautaire, s’inscrivent dans le contexte de l’évolution globale du processus de transition des ordres juridiques nationaux d’un modèle capitaliste traditionnel de régulation du marché inspiré par les travaux de M. Keynes à un modèle néo-libéral, accélérée par la pression de la vague contemporaine de la mondialisation économique. En se situant dans une perspective historique et interdisciplinaire de la question de la mobilité intra-communautaire des sociétés, nous nous efforçons d’en cerner les tendances et les configurations ainsi que d’en faire l’état des lieux des progrès effectués depuis le XIXe siècle. / Cross-border company mobility principally involves two main sets of State norms. Firstly, mobile companies continuously encounter conflict of laws questions. Therefore, mobility implies a necessary passage from the fundamental question of recognition of foreign companies, the application of conflict of laws rules determining the lex societatis and, more generally, the consultation of all the rules delineating the normative jurisdiction of the State in corporate matters, namely the conflict of laws rules (whether they stem from positive law or from judicial precedents) or the mandatory rules (lois de police) likely to be implemented in cross-border M&As, reorganizations and take-overs. Secondly, company mobility brings inevitably into play the national or international tax rules which constitute the national systems of international taxation of companies, namely tax rules emanating either from national tax legislation or from international treaties on avoidance of double taxation. These two aspects of the matter of company cross-border mobility shall not be examined separately, given that the formation of conflict of laws rules and tax jurisdiction rules that delineate a state’s tax jurisdiction depends on each State’s hierarchically superior imperatives of a political, economic and social nature, these two body of rules being, therefore, interdependent. The study of their historical evolution within the legal systems examined in our thesis (French, English, German and Belgian) from the early 19th century to date, demonstrates that their current state constitutes the result of their mutual influence. Through an interdisciplinary analysis, we emphasize, in the first part of our thesis, on the crossing points of these two sets of rules in order to explain the complex mechanics of cross-border mobility of companies and point out the legal and tax considerations that dominate the matter. We further explore their transformation by EU law which is intended as a meta-order aimed at orchestrating national government and economic agents’ behaviors according to and towards a new model of market regulation susceptible to the creation of a European single market. The second part of our thesis is dedicated to the study of the impact of secondary EU legislation and European Court of Justice jurisprudence –that act jointly to achieve the European single market objective- on the aforementioned bodies of national rules, that leads to the conclusion that the recent and anticipated developments on the mobility of companies within the EU both on national and European level, fall within the broader framework of the overall development of the transition process of national legal orders from a traditional capitalist model of market regulation inspired by the theories of M. Keynes towards a neo-liberal model which is accelerated by the pressure of the contemporary trend of economic globalization. Addressing the subject of cross-border mobility of companies within the EU both from a historical and an interdisciplinary perspective, we endeavor to identify trends and patterns and to assess the progress achieved since the early 19th century.

This master thesis deals with the characteristics of tax havens, approach beneficiary companies and way of their use and potential abuse. The first part defines basic terms, which are tax havens are closely linked. The second part is devoted to the characterization chosen tax havens in different areas of model-based taxation example of two types of companies. The third part contains the suggestions and recommendations for setting up a company in a tax haven.