{"id":7911,"date":"2022-08-24T12:34:49","date_gmt":"2022-08-24T17:34:49","guid":{"rendered":"https:\/\/focusalcogal.com\/?p=7911"},"modified":"2022-08-24T12:34:49","modified_gmt":"2022-08-24T17:34:49","slug":"do-you-know-what-a-spin-off-is","status":"publish","type":"post","link":"https:\/\/focusalcogal.com\/en\/do-you-know-what-a-spin-off-is\/","title":{"rendered":"Do you know what a spin-off is?"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]\n

The spin-off is a legal procedure that consists of dividing in whole or in part the assets of a corporation called “the spun-off company,\u201d and transferring them to an existing company or one created as a result of the spin-off, called the \u201ccorporate beneficiary.\u201d<\/p>\n

The spin-off can be partial or total, i.e., all of the spun-off company\u2019s assets can be transferred in favor of the corporate beneficiaries, or only some of them. It is a requirement of the spin-off procedure that the shareholders of the spun-off company are the same shareholders of the corporate beneficiary. However, it can also be the case that the corporate beneficiary is a 100% owned subsidiary of the spun-off company.<\/p>\n

The shareholders of the spun-off company can approve the transfer of all or part of the assets of the spun-off company, individually or in masse, to the corporate beneficiary. They may also agree on the transfer or not of liabilities of the spun-off company, the transfer of participation quotas or shares of the corporate beneficiary, the number of participation quotas or shares that correspond to each shareholder of the spun-off company and the corporate beneficiaries, and the approval of the articles of incorporation of the corporate beneficiary, in case this is a new corporation. No shareholder may lose shareholder status due to the spin-off, unless there is consent from the respective shareholder.<\/p>\n

To execute a spin-off, the following is required:<\/p>\n

    \n
  1. Shareholders’ minutes of the spun-off company approving the spin-off (and minutes of the corporate beneficiaries, in case they already exist). These minutes are registered in the Public Registry of Panama.<\/li>\n
  2. Notice to the Directorate General of Revenue (DGI) of the spin-off within the 30 days prior to its perfection. For this process, a written notification is submitted to the DGI along with the minutes of the shareholders of the participating companies, the personal identification of the legal representative of the spun-off company, and a certificate of the same issued by the Public Registry.<\/li>\n
  3. Publication in a local newspaper of a certification issued by the Registry regarding the spin-off registration.<\/li>\n<\/ol>\n

    Once the spin-off is registered at the Public Registry, the corporate beneficiaries will take over the rights and duties that correspond to them based on the spin-off terms and related to the transferred assets (from the moment they were created and acquired by the spun-off company), under the same terms and conditions. The corporate beneficiaries will be jointly and severally liable to the creditors of the spun-off company for the fulfillment of their credits if the transfer is \u00a0detrimental to the creditors.<\/p>\n

    The transfer resulting from a spin-off is not considered a taxable event for tax purposes, provided that it is for an amount equal to the value of those assets in the accounting records of the spun-off company.<\/p>\n

    Cristina de Alba<\/p>\n

    Attorney of\u00a0<\/span>\u00a0Alcogal<\/a><\/p>\n

    Read more articles here<\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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