BENEFITS OF MAKING BUSINESS IN WALLIS & FUTUNA W W W. M E R G E R S C O R P. C O M
At MergersCorp M&A International we help our clients confidentially buy and sell privately held businesses, aligning the interests of all parties for mutual success and satisfaction.
It is our goal to make the process of either buying a new business or selling your current business as smooth and efficient as possible. We know how important confidentiality is to our sellers and we treat it with the utmost importance.
W W W. M E R G E R S C O R P. C O M
BENEFITS OF MAKING BUSINESS IN WALLIS & FUTUNA
W W W. M E R G E R S C O R P. C O M
Country Overview Wallis and Futuna is comprised of three volcanic islands (Wallis, Futuna and Alofi) and a number of tiny islets. It is located 280 km northeast of Fiji and 370 km west of Samoa in the South Pacific Ocean. The Before 1961, Wallis and Futuna was a French protectorate, then a colony administered from New Caledonia. In 1961 it became a French overseas territory and in 2003 a French overseas collectivity. The territory is split between two island groups (Wallis and Futuna) lying about 260 kilometres apart. The population of Wallis and Futuna is approximately 12,000. The Wallisian and Futunan community in New Caledonia numbers some 35,000. Wallis and Futuna, officially the Territory of the Wallis and Futuna Islands, is a French island collectivity in the South Pacific between Tuvalu to the northwest, Fiji to the southwest, Tonga to the southeast, Samoa to the east, and Tokelau to the northeast.
Executive Summary The two island groups in the South Pacific between Fiji and Samoa were settled by French missionaries at the beginning of the 19th century. A protectorate was established in the 1880s. There is a French-appointed high administrator, a 20-member territorial assembly, and a deputy and a senator to the French national parliament. The three traditional Polynesian kings also help decide internal policy matters.
Wallis and Futuna is not a country but instead is classified as an overseas collectivity. This means that it is semi-autonomous but remains an administrative division of France. It was deemed an overseas territory in the 1950s before becoming an overseas collectivity in 2003. Wallis and Futuna is located in the South Pacific northeast of Fiji and west of Samoa. Wallis and Futuna has a 2020 population of 11,239 according to the latest estimates from the UN's World Population Prospects. The capital city, and the largest city, of the Territory of Wallis and Futuna is called Mata-Utu. Mata-Utu is found in the district of Hahake on the Island of Uvea. Mata-Utu is also the capital of the Hahake District.
Introduction – Doing business in Wallis & Futuna As The territorial authorities have made leveraging online business tools, resources and services to grow the economy one of their key priorities. Wallis & Futuna therefore offers ideal working conditions for mobile workers in the online business and services sector and digital economy players, whether they work with local companies rapidly moving into the world of online business or clients worldwide. Based in Wallis & Futuna, they can take full advantage of the territory’s human, material and tax resources and benefits. A business incubator is shortly scheduled to provide mobile workers with smart office space (full internet connection) to rent.
Conducting business in Wallis & Futuna Setting up a business in Wallis or in Futuna requires the following steps: publication of a notice in the Official Gazette; an entry in the Trade and Companies Register, which will issue the Kbis; registration at the License Office; and payment of fees to the Public Treasury. It means that is bordered by at least one major body of water. We offer various corporate services in Wallis and Futuna jurisdiction. These services can serve both, people coming from Wallis and Futuna and foreigners.
Taxation in Wallis & Futuna Wallis & Futuna falls under a specific tax regime, the main feature of which is that there is no income tax, corporate tax or capital gains tax. Territorial revenue is primarily indirect taxlinked (customs duties) and totals 2.5 billion XPF per year (around 208 million euros). Pursuit of a professional activity is subject to payment of a licence, set in accordance with the business sector concerned. The resource industry sector (agriculture, stockbreeding, forestry, and fishing) comprises 19% of businesses; arts & crafts production 12%; power and water production 0.5%; construction 11%; trade 31%, and other market services 28%. The corporate tax in Wallis and Futuna is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level.
Trade Wallis and Futuna is the 221st largest export economy in the world. In 2017, Wallis and Futuna exported $623k and imported $35.3M, resulting in a negative trade balance of $34.7M. The top exports of Wallis and Futuna are Printed Circuit Boards ($180k), Collector's Items ($100k), Integrated Circuits ($39.4k), Aircraft Parts($34.8k) and Wood Ornaments ($25.6k), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum ($5.11M), Other Prepared Meat($4.24M), Animal Food ($1.71M), Poultry Meat($1.37M) and Broadcasting Equipment ($1.23M). The top export destinations of Wallis and Futuna are the United Kingdom ($209k), France ($156k), Ireland ($72.4k), Lebanon ($ 34.8k) and New Zealand ($32.4k). The top import origins are France ($15.6M), Fiji ($9.9M), New Zealand ($3.45M), Australia ($2.75M) and the Netherlands($1.16M).
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Banking in Wallis & Futuna Wallis & Futuna has its own bank: BWF (Bank of Wallis and Futuna), a subsidiary of the BNP, which operates one ATM in Wallis and another in Futuna. WALLIS AND FUTUNA Branch Location Library is already full of BIC codes. With the help of such BIC codes, a person will be able to monitor the flow of money transfer, credit fund and direct debit transfers in the area of WF through Bank Wire Transfer without spending a lot of efforts. These branch locations are free and accessible for all the individuals in the stated country who are interested to keep their money protected and secured in all of the financial transactions of licensed banking institution. Such codes are composed of eight to eleven string characters which can help people to determine the name of the country and bank where a certain amount of money came from. With the help of these codes for money transfer and other financial transactions in a banking institution, a person will be able to determine if a certain amount of money was sent to its real receiver or not to prevent mistakes and issues in the bank wire transfer.
Our M&A Process TARGET APPRAISAL
APPROACH
DUE DILIGENCE
NEGOTIATION & CLOSE
POST MERGER INTEGRATION (PMI)
Revisit indicative valuation & prepare detailed valuation based on due diligence findings; SPA negotiations with the seller; Development of final structure (share/asset deal) and final valuation; Approvals; Signing of SPA & Close.
Consider the extent of integration; Development of 100 Day PMI Plan; Consider short & long term objectives; Estimate requirements to capture synergies; Determine resource needs & optimal allocation.
Company general counsel; Lawyers; Senior management.
Company general counsel; Lawyers; Senior management/HR.
Key Areas Target & market analysis; Initial assessment of synergies & value drivers; Indicative valuation; Go or No-Go decision; Preparation of transaction documents (NDA – Nondisclosure Agreement/LOILetter of Intent); Select Transaction team; Appoint advisors; Consider funding ability.
Initial approach letter; Signing of NDA; Prepare & share initial information requests; Formulation of LOI (Letter of Intent) & possible negotiations; Initial meeting and Q&A; Circulate information on the Target to the Transaction team.
Set scope of due diligence; Set up VDR (virtual data room); Coordinating of due diligence, further meetings and Q&A sessions; Consider points relevant to the Post-Merger (PMI) phase;
Parties Involved CFO; Head of M&A; Accountants; Corporate finance advisors; Consultants.
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Senior management; CEO, CFO, CTO; Strategy director; Head of M&A; Head of Business Development; Consultants.
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MergersCorp.com The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Member firms of the MergersCorp network of independent firms are affiliated with MergersCorp International. MergersCorp International provides no client services. No member firm has any authority to obligate or bind MergersCorp International or any other member firm vis-à-vis third parties, nor does MergersCorp International have any such authority to obligate or bind any member firm. Copyright © 2020 MergersCorp International. All rights reserved. 13
© Midaxo 2018
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