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Corporate governance and structures
3. Structures abroad
In order to manage its foreign property assets optimally, WDP Comm. VA has created subsidiaries in various European countries:
France
- Etablissement stable WDP, Rue Cantrelle 28, 36000 Châteauroux.
- WDP France SARL, Rue Cantrelle 28, 36000 Châteauroux.
Netherlands
- WDP Nederland BV, Postbus 78, Gebouw C, 2740 AB Waddinxveen.
- Royvelden Vastgoed, Postbus 78, Gebouw C, 2740 AB Waddinxveen.
Romania
- WDP Development RO, Baia de Arama no. 1, sector 2, Bucharest, a 51-49 joint-venture with entrepreneur and Romania specialist Jeroen Biermans.
Czech Republic
- WDP CZ sro, Hvězdova 1716/2b, 14078 Prague.
The group’s companies share various characteristics.
- The company structure is the local equivalent of a private limited liability company (BVBA).
- WDP has a 100% stake in all the companies abroad except for the WDP Development RO joint-venture (51%), apart from a single share held by De Pauw NV, owing to the prohibition of 100% shareholding.
- Subsidiaries’ results are subject to local corporate taxation, except WDP France, which benefits from SIIC status, providing exemption from corporate taxation and capital gains tax. More information on the SIIC status is available on our website www.wdp.be.
- Net profits can be distributed to WDP, so that exemption from tax deduction at source can be claimed on the grounds of parent-subsidiary legislation. The profits of foreign subsidiaries are included in the consolidation, after deduction of depreciation on the property and deferred taxes payable on capital gains.
- The companies are managed by the Belgian management. Bookkeeping and administration are undertaken by local accountancy firms:
- for France: Barachet, Simonet, Roquet, in Châteauroux;
- for the Netherlands: FSV administratieve dienstverlening, in Zaltbommel;
- for Romania: Mattig Petrescu & Partners, in Bucharest;
- for the Czech Republic: KŠD ŠŤOVÍČEK Economic Services in Prague.
- The financing strategy: in principle, WDP’s foreign investments are financed as far as possible with foreign capital, as these companies are subject to local corporate tax – unlike WDP Comm. VA in Belgium, which is a closed-end investment company, and WDP France, which has SIIC status. This financing is arranged through a combination of bank loans and market-based, direct or indirect subordinated group loans between WDP Comm. VA and the various subsidiaries.
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