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HOME > EXPORT TAX BENEFITS > FSC MANAGEMENT & TERMINATION SERVICES
 
FOREIGN SALES CORPORATION (FSC) MANAGEMENT AND TERMINATION SERVICES

EXPORT ASSIST WILL HELP TO KEEP YOUR REGULAR AND LONG-TERM LEASE FSC IN GOOD STANDING FOR TAX AND COMPLIANCE PURPOSES AND TO TERMINATE YOUR FSC ONCE THESE PURPOSES HAVE BEEN FULFILLED.

As of December 31, 2001, FSC status expired, leaving the offshore corporate entity, in most cases, as a non-controlled foreign corporation. Export Assist continues its foreign sales corporation management services to keep your FSC active and in good standing, thereby allowing you and your tax advisor to facilitate future dividend declarations, tax refunds, tax amendments, redeterminations and outstanding audits or to maintain FSC-related activities for long-term lease FSCs. Once these purposes have been fulfilled, Export Assist will terminate or dissolve your FSC.

You can benefit from our independent (third-party) FSC management services by transferring your FSC to us at any time.

In addition, when you have Export Assist provide these FSC management and transition services, you could reduce your Sarbanes-Oxley Act (SOX) of 2002 exposure. SOX requires publicly-traded corporations in the U.S. to examine their portfolio of foreign affiliates for potential conflicts of interest that would occur when an auditor, legal or other professional advisor to the company also provides ancillary services. Export Assist has no other professional relationship with a public company that would compromise its fiduciary integrity.

FSC Management Transfer to Export AssistTop of Page
Transferring the management of your FSC to Export Assist is easy. Simply complete the FSC Transfer Letter, provide it to your current FSC management company, and fax us a copy at 888-894-8366. We will contact you upon receipt. In order to keep you in compliance, we will arrange to physically obtain your files from your former FSC management firm and to store them at our location. We will also audit your account to ensure that it is in good standing.

Termination and DissolutionTop of Page
Once you have determined that tax audits and amendments are no longer a concern, Export Assist will help you terminate or dissolve your U.S. Virgin Islands, Barbados or Bermuda FSC. The method chosen is dependent upon the jurisdiction of your FSC and your corporate objective. For a complete description of the termination and dissolution process, including instructions on how to proceed, applicable fees and required forms, please click on one of the following:

For more information, please contact a Team Member at (340)774-7060 or TaxSupport@exportassist.com.

NOTE: This site provides legal and tax professionals convenient access to compliance information and forms needed to help in the management, transfer and termination of their clients’ FSCs. Export Assist does not provide tax advice and it is highly recommended that you review your particular situation with a qualified tax advisor.

 
   
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