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To advertise here, contact
Jo Healey.
Members $250 per issue; Non-members $500 per issue
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Letter from the President
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Nicholas Unkovic
BABC President & Partner
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Dear Friend of the BABC,
Greetings - I trust that your 2016 is off to flying start. Here is a recap of all BABC activities and upcoming events!
In January we hosted our "26th Annual Economic Luncheon" which welcomed over 160 guests to The City Club of San Francisco. Our expert panel, led by moderator Richard Waters (West Coast Editior for The Financial Times) included: Roxane Divol (Symantec Trust Services), Gary Schlossberg (Wells Fargo Capital Management) and Sean Randolph (Bay Area Council Economic Institute). The event provided attendees with an insight into the global and regional economy and what may be in store for 2016. Our special thanks to our speakers and sponsors:
Squire Patton Boggs
,
Mackenzie Communications,
HSBC
and
20/20 Productions
. To learn more about the event click here and check out the event photos!
In February, we held our annual "Funding, Exits and IPO's" event which was once again a huge success. Thanks to Stephen Wares our Vice President of Events for coordinating this event with BABC and of course to the Panelists for what I hear was an very enjoyable and entertaining discussion. Thanks also to all our sponsors being
HSBC,
CCW Business Solutions,
Carr McClellan and
Osborne Clarke as well as
British Airways,
Four Seasons Park Lane,
Casto Travel,
Goldschmidt Vineyards and
Dunkirk Spirit Gin. The event would not be the same without this great support!
Click here to read about the event and
here for the event photos.
We are looking forward to two upcoming events in March:
British Expats:Tax, Financial, Retirement & Immigration Matters You Need To Know
! (now sold out!) and
Global Words of Wisdom on Cross Border Data Transfer on March 30th. Register today to avoid disappointment. Thanks to all event sponsors and special thanks to
Aer Lingus who have donated tickets to the UK for the Business Card Drawing at the event on March 30th . Check out the events
calendar for these events and more being hosted by our top-tier members.
Finally, thank you to all the new members who have joined the BABC over the last month and to all of our members showing their continued support of our growing organization by renewing and upgrading your memberships. Please take a moment to visit their websites and learn more! They may be able to help you!
Best,
Nick Unkovic
President, BABC Northern California
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USA Sevens brings world's finest to Vegas - but can US rugby live with the best?
By Martin Pengelly, The Guardian
As the Eagles prepare to take on Sonny Bill Williams and Bryan Habana, some developing the next generation of American talent say that in an Olympic year, the sport has reached a vital turning point.
Sonny Bill Williams is now chasing Olympic gold with New Zealand's sevens squad.
[Read more...]
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Flypside is now available in the App and Google Play Stores
It's official - and something we've been eagerly anticipating over the last few months.
You can now get Flypside in both the App Store and Google Play store.
For those who don't know, Flypside is a revolutionary mobile application for people in motion. It enables users to create a timeline, like on Facebook, but one that looks ahead instead of back so they can share where they will be in the future and when. Posts are called Flyps and tell others where a user is going, for how long and what they're interested in doing when they get there-from attending meetings to sightseeing, from dining to dating. Once a conference attendee creates a Flyp, he or she can connect and make plans with friends, colleagues and like-minded people who will be at their same destination at the same time.
The app also now includes our much-anticipated "What's On" button that lets you see events happening
where you are,
when you are (and in many cases, purchase tickets), as well as enhanced notifications and some other great new features. We're continuing to refine Flypside as we go to iron out any bugs and it's you - our users - who are the best people to help guide us with this.Speaking of which, the more users we have the better, so please share these links with your friends and encourage them to check out Flypside and give us their thoughts, as well. The application is all about connecting people, so the more people who have it, the better it will be. We've already got users all over the globe, and it's inspiring - as well as a little humbling - to start seeing all the connections being made.
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Pennington Manches: The Modern Slavery Act (2015)
The Modern Slavery Act 2015 (Act) requires both UK and foreign companies and other commercial organisations (including partnerships and LLPs) that carry out any business in the UK and have a global annual turnover of £36 million or more to prepare and publish a slavery and human trafficking statement (statement) for each financial year. Around 12,000 large UK companies will be caught by this financial threshold. Businesses with a year-end of 31 March 2016 will be the first required to publish a statement under this new transparency provision. Consequently these businesses should start seriously considering the requirements for a statement.
Reference to modern slavery in this context means slavery, servitude and forced or compulsory labour; and human trafficking. To put it in its global context: the International Labour Organization (ILO) estimates that the profit generated by forced labour alone is $US150 billion annually, with 21 million people worldwide being victims of forced labour.
There is growing worldwide recognition of the role responsible business can and should play in tackling modern slavery. In part this is because one of the problems of businesses seeking lower prices for their goods and services directly from lower cost countries is the continuing failure of national rule of law and practice in some of those countries to effectively enforce their own labour laws or protect human rights. In introducing the Act, the Rt Hon Theresa May, Home Secretary, highlighted, "By increasing supply chain accountability, more workers will be protected and consumers will have greater confidence in the goods and services they buy. That is why the transparency in supply chains provision is world leading and will bring about the change that is so vitally needed". Indeed the Government's guidance to the Act provides: "Organisations have a legal duty to drive out poor labour practices in their business and a moral duty to influence and incentivise continuous improvements in supply chains".
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Fitzgerlad & Law: UK Persons of Significant Control (PSC) Register
From April 2016, all unlisted UK Companies will be required by law to maintain a register of people with significant control over the Company. At present, a UK Company is only required to record the titular owner of its share capital in the statutory books. The introduction of the PSC Register means that where the share capital is held on trust, or by a nominee, on behalf of another beneficial owner, then the identity of the beneficial owner may need to be recorded by the Company.This means you will have to look beyond the direct owners of shares to any layers of ownership above that and identify relevant individuals who ultimately have significant control of the Company.
Does the information need to be public?
The same rules apply to the PSC Register as for the existing statutory books and it must be available for public inspection at the Company's registered office (or an alternative inspection location).
From June 2016, an additional return will have to be made at Companies House, disclosing the contents of the PSC Register. The Company will have a duty to investigate and maintain the information in the PSC Register. Failure to comply will be a criminal offence and may result in the Company and each of its directors being prosecuted and subjected to a fine.
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Spott, Lucey & Wall's Tax Tips for U.S. Subsidiaries of a U.K. Parent
As the tax filing deadlines for calendar-year Corporations approach, there are many special exceptions and considerations to be considered for foreign-owned business in the U.S.The following are a few important areas to consider for a U.S. subsidiary:
Permanent Establishment:
Perhaps the most important consideration is to keep the U.K. parent company out of the U.S. federal and state tax nets.Paramount to keeping the parent company from U.S. taxation is avoiding what is defined in the income tax treaty as permanent establishment.If the parent company has permanent establishment it becomes liable for filing federal income tax returns and paying U.S. taxes.Some of the situations that could create permanent establishment include:
i.If the U.S. company is a "dependent agent" of the foreign parent company (i.e. the transfer pricing arrangement does not allow for sufficient profits)
ii.If the officers of the foreign parent come to the U.S. and execute contracts on behalf of the foreign parent
iii.If the foreign parent has assets in the U.S. (i.e. it leases property to the U.S. subsidiary)
[Read more...]
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New Corporate Level Members
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New Business Level Members
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Joost Enterprises Corporation
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New Individual & Young Professional Members
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Andrew Greenman
Beverley Chadwick
Chantel Rowe
David McCrossan
Hamish Morrison
Jeremy Walker
Matthew Le Merle
Neal Best
Paul Johnson
Richard Haas
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Our Thanks to These Renewing Members
Geoffrey Doyle
Ian Paget
Patterson VC Management
Rosaleen Bolger
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From The Consul General's Desk
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H.M. Consul General to San Francisco
Ms. Priya Guha
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Britain and the EU
Hello and happy spring! I hope that by now I know most of you but for those I haven't had chance to meet in person yet, I'm the British Consul General to San Francisco. The BABC has been kind enough to allow me a few words in each month's newsletter to talk about things that matter for UK - Bay Area business.
What better subject to begin with than the European Union (EU) Referendum?
You probably already know that last month, British Prime Minister David Cameron reached an agreement on EU reform with all 27 member countries. Following that agreement, a referendum will take place on June 23rd to determine whether the UK should stay in a reformed EU.
The Prime Minister has been driven by what's best for Britain's national and economic security. The deal means British citizens get all the benefits of being in the EU, including more jobs, lower prices and greater security, but we remain out of the parts that don't work for us as a country.
A reformed EU will protect and expand the single market, promote competitiveness, allow us to reduce the magnetic pull of welfare benefits and respect our national sovereignty. The Prime Minister has been clear from the beginning -- Britain will be stronger, safer, and better-off by remaining in a reformed EU.
This is just one of many important themes I plan to address in these columns. All of the team here at the British Consulate General are here to help so please don't hesitate to get in touch.
And for those amongst you of Welsh heritage, Dydd Gwyl Dewi Hapus (or Happy St David's Day)!
Priya Guha is HM Consul General to San Francisco. Her column will appear monthly.
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Laura Siddall's New Zealand Challenge
Laura Siddall is the official sporting ambassador of the British American Business Council Northern California.
Laura, is a mechanical engineer and former Officer of the British Army, is a British professional triathlete, lives here in the San Francisco Bay Area and competes at the half and full Ironman distance races.
Laura
is currently overseas in Taupo, New Zealand where she is preparing to complete her second full iron distances (iron distance being 3.8 km swim, 180 km bike, and 42.2 km run) race in just under two weeks. She has just completed Challenge Wanaka - which
features one of the world's toughest long distance triathlon courses set against the stunning alpine backdrop- where she finished second.
Congratulations Laura and good luck with your next challenge!
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Raphael House publish 2015 Annual Report
Raphael House the BABC's affiliated charity, announced their 2015 Annual Report last week. The charity announced that they had a record breaking 2015 and increased their shelter capacity to 33% with the addition of eight new residential rooms - allowing them to serve up to as many as 80 families annually in their Residential Shelter Program. Throughout 2015, the charity served 366 families in their Bridge Program, and are well on their way to obtaining their target: to serve 500 families annually by the end of 2015.
The year was filled with accomplishments both large and small: from toddlers learning how to sing nursery rhymes to parents securing stable housing for their families. Raphael house continues to be a place of inspiration and hope for Bay Area families. Over the course of 2015, the charity served 60 families in their Residential Shelter Program, with 91% of them moving into stable housing. The charity's Bridge Program served 366 families with a host of safety net services that included: ongoing case management, rental assistance, mental health counseling and academic support for their children.
A special thanks to all those on the BABC task force who committed their time and volunteered on several projects and fundraisers in aid of Raphael House throughout 2015. As well as a huge thanks to those members who made in-kind donations and donated pro-bono services to the charity: 20/20 Productions, Aramark, Burr Pilger Mayer, Cyracom, The Fairmont San Francisco , Florin Pensions, Hinman and Carmichael, Liza Evans Interior Design, Loopup, PwC and Turner and Townsend.
As an official charity partner of Tough Mudder, Raphael House will be offering applicants the opportunity to take part on behalf of the charity in the upcoming Tough Mudder Tahoe on June 11th and 12th 2016.
Tough Mudder is a 10-12 mile obstacle course designed to test all-around strength, stamina, teamwork, and mental grit. Raphael House
will have a limited number of spots available for those who want to compete as a fundraiser for the charity in lieu of paying the fee to enter. If you are interested, please contact Kim Lessard at klessard@raphaelhouse.org or 415 345 7264.
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BABC Network News & Publications
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British American Business Council | (415) 296 8645 | babcsf.org
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