The start of the New Year is a time to reflect on the past year and to build for the future. 2013 was an excellent year for i2an, with our membership growing by over 50%. Our new member firms have established a solid reputation in their local jurisdiction and recognized the importance to be part of a close-knit international organization in order to have the ability to exchange with like-minded partners across the globe.

With limited economic growth in 2013, we have witnessed an increasing trend of established companies ( large and mid-cap) in Europe and the USA actively seeking growth opportunities abroad, by implanting their activities in foreign jurisdictions, acquiring foreign companies or creating partnerships/Joint Ventures.

In the BRIC countries where economic growth has been strong but began to stabilize in 2013, large and mid-cap companies, investment funds and high wealth individuals are actively looking for suitable foreign investment. With this increase in cross-border activity, never has it been more important to be accompanied by advisors who have global reach and access to professionals of the highest quality around the globe.

The increase in cross-border activity and the need for quality, value for money advice has led to an unprecedented level of exchange between our members in 2013. We have accompanied our clients with their international development in a variety of engagements providing transaction advice or performing global audits, or indeed provide outsourcing services to ensure consistent group management and financial reporting.

With this increase in activity, we have strengthened our business coordination efforts, with Catherine Pages joining us in October from a large corporate international organisation last year. In a short space of time, Catherine has already made a fantastic contribution to improve and facilitate the communication channels between our members. I am sure you will all enjoy working with her in the years to come.

One of the main highlights of 2013 was the annual conference held in Tokyo in October. The hospitality shown by our friends at AVANTIA was overwhelming. The camaraderie shared has laid the foundation for building long lasting bonds within the i2an family.

The IFRS seminar hosted by Avantia with key-note speeches from myself and Richard Kleiner was attended by around 100 Japanese companies and the local financial press. The success of the event has led to a series of articles on IFRS implementation issues to be published in the Keiri-

Joho financial press in 2014, helping to raise the profile of i2an.

Our next annual event will be held in London on the 25th /26th of September 2014, hosted by our UK member firm Gerald Edelman. London is a world leading international real estate investment centre. The 2014 i2an members meeting will therefore be coupled with a seminar focusing on topical International real estate issues, aimed at the international real estate investing community based in London. I am sure this event will build from the success of last year’s seminar in Tokyo and make a significant contribution to raising the international profile of i2an.

We have also observed common themes to the changes in the global fiscal landscape in 2013. Many tax authorities around the globe announced new thin-capitalization rules, restrictions on the use of available tax losses and general anti-avoidance measures in 2013, which are applicable for the current fiscal year. This trend has made it all the more important to be accompanied by advisors who can provide advice on the most appropriate structure for foreign investment and provide reliable tax compliance assurance services. Our newsletters in 2014 will focus on the latest tax developments, with our first edition provides some insight on some of the latest changes witnessed by our members around the world. Thank you to the member firms who contributed to the newsletter, I hope you find their valuable insight useful.

The focus of the i2an board members in 2014 will be on :

• Increasing the membership of i2an by identifying quality firms who share our values

• Raising the profile of i2an

• Continuing to improve communication channels between the member firms

Ultimately, meeting these objectives is dependent on the collective effort of all the members of i2an, identifying trusted advisors in your own personal network, promoting i2an locally and contributing to the newsletter or other communication channels.

On behalf of the board I would like to thank you for your invaluable support and your contribution in 2013. We look forward to continuing the successful development of i2an in 2014 and working closely together to provide value added services to our respective international clients.

Sincerely,

Mark Bathgate, President of i2an

Dear members, clients and friendsFirstly, I would like to wish you all a happy and healthy new year. I hope that 2014 proves to be

successful year for your enterprise and that your projects come to fruition.

IN THIS ISSUE:

Around the world 2

Tax measures to promote competitiveness and investment in France 3

Watch the upcoming French computerised Tax Inspection! 4-5

General taxation in Romania 6-7

Cyprus Tax incentive for income from intellectual property rights 7

Falling Inflation – could it be dangerous? 8

Global news and information January 2014

2.

interested in importing products in advance of the Tokyo 2020 Olympic and Paralympic Games.

Malaysia

A recent survey into South East Asia issued in Q4 2013 showed that in 2013 Malaysia will boast an economic growth of 4.6% and the growth, due to weaker growth in China of 2014, will probably reduce to 4.2%. Concurrently high house hold and public debt levels are likely to fuel concerns of unstainable credit growth which will in turn impact on investment and household consumption. However a stronger global economy will mitigate this somewhat with GDP currently forecast to be 4.1% in 2015.

Netherlands

Entrepreneurs not established in the Netherlands but subject to VAT (value added tax) can appoint a fiscal representative to fulfil the VAT obligations. A fiscal representative, for example, is required if a foreign company would like to make use of the import VAT deferment scheme or to apply specific VAT zero rates such as those available for supplies of goods under an exercise- or VAT-warehouse regime. One of the requirements to be satisfied in appointing a fiscal representative is that a bank guarantee must be provided to the Dutch tax authorities.

Mexico

Mexico has been named one of the MINT countries where strong growth is anticipated in 2014. The other members of the MINT group are India, Nigeria and Turkey. Mexico has a dynamic market and analysts predict that its economy will be larger than most of Western Europe by 2040. It occupies a strategic global position being the natural bridge between Latin America to the South and the US/Canada to the North.

Romania

On November 22 a new tax law was brought into Romania which is effective on 1 January 2014 and is intended to broaden the tax base in areas such as property taxation and excise taxes and to align Romanian tax provisions to EU Law.

Singapore

With the outlook in advanced economies still subdued, the recovery in Singapore’s exports will be driven by merging economies. Slower but more balanced growth in China will provide opportunities for Singapore to expand its exports of financial services and consumer goods to the rising middle class in China. (HSBC Global Connections in their recent forecast report on trade in Singapore).

Spain

On 18 December a new law was transposed into Spanish Tax Law, relating to the EU Directives and Regulations concerning the supervision solvency of financial institutions. The effective date for the Spanish implementation of such regulations is 1 January 2014 and this will affect Spanish financial institutions in light of the volume deferred tax assets recognised in years when the Spanish financial system was viewed as unstable. The new law does enable taxpayers to convert deferred tax assets into credits effectively “monetising” the deferred tax assets.

Switzerland

On 9 January 2014 whilst the primary focus of FATCAR (Foreign Account Tax Compliance Act (US legislation) is on foreign financial institutions, Swiss non-financial entities may also be subject to FATCAR in their role as US payer/withholding agent or as a foreign payee/recipient of payments subject to FATCAR.

Around the worldGlobal Accountancy Update

Belgium

The new budget squeeze planned for the 2013 budget has the objective of reducing the public deficit, which is already passed the 3% barrier. The ultimate objective of the Government is to achieve equilibrium in 2015 which will then make it possible to stabilise and reduce the public debt (essentially federal) which is at present close to 100% of GDP, but of which half is held by Belgium residents.

Austria

In accordance with most EU accounting regulations, Austria has adopted IFRs for the consolidated financial statements of all European companies whose debt or equity securities trade in a regulated market in Austria. The regulated markets are:

Wiener Boerse AG Amtlicher Handel Wiener Boerse AG Geregelter Freiverkehr

China - Hong Kong

Hong Kong’s trade flows are dominated by the re-export trade with Mainland China. As a result, Hong Kong has been ranked for the last 10 years as the “World’s Freest Economy”. In terms of its proximity to China, similarities in terms of culture, social customs and language, along with its international business environment, makes Hong Kong an ideal base for foreign investors to enter China as well as the wider Asian markets. It is forecast that China will remain the dominant trade partner as far out as 2030 with industrial machinery and ICT being the key sectors.

Cyprus

The normal Value Added Tax percentage will be increased to 19% and the reduced Value Added Tax percentage will increase to 9%.The increase will be effective from 13 January 2014.

With effect from 1 January 2014 the Special Contribution for Defence on dividends paid to Cyprus tax resident individuals has been reduced from 20% to 17%.

The contribution made by both employees and employers to the Social Insurance Fund will be increased to 7.8% each. In addition, the percentage of contribution also increases for the self-employed who will contribute a total of 14.6%.

Germany

A recent survey conducted by “Doing Business” across 189 jurisdictions, Germany was ranked 21st in terms of the ease of doing business index. A copy of the report is available from i2AN.

Italy

In recent changes in the legal position, employers who pay a worker sales commission which is intrinsically linked to performance of the tasks that the worker is required to carry out should take commission into account when calculating holiday pay. The operative date for this change in law following the EU Employment Tribunal decision is immediate.

Japan

Japan is the third largest economy in the world. For GDP it is twice the size of the UK and per head, nine times that of China. Japan still remains the hi-tech powerhouse economy of Asia – with the second highest spend worldwide on R&D, a hunger for IP and new trends together with an increasingly globalised outlook. Leading trading firms specialising in the security sector are now

United Kingdom

The current UK small company audit threshold of turnover of £6.5m and gross assets of £3.26m is likely to increase dramatically during 2014 to the equivalent maximum limit set by EU Directive to €12m for turnover and €6m for gross assets. The other criterion being the number of employees is likely to remain at 50. This likely change in thresholds will also have an equivalent effect on companies which have to apply Financial Reporting Standards (FRS102).

United Arab Emirates

United Arab Emirates heads the global ranking of effective business tax systems according to the World Bank. The World Bank has reported that it only takes 12 hours annually to deal with all taxes that apply within the UAE.

United States

In September 2013 the US Tax Court held that in certain circumstances an accounts receivable may constitute an increase in related-party indebtedness for the purposes of the related-party debt regulations. As a result the Tax Court upheld a $13m deficiency determination, that was based on the Internal Revenue Service interpretation that the amount for the dividends received deduction is reduced by the amount of increased related-party indebtedness.

France

Starting January 1st 2014, VAT rates are modified in France. Households will pay several billion of VAT to finance the competitiveness and employment tax credit (CICE). The normal rate that applies to most goods and services increases from 19,6% to 20%. The intermediate rate (food and beverage industry, sale of prepared food products, renovation works in hold housing, transportation) is raised from 7 to 10%. The reduced rate that applies to first necessity goods (food products, beverages without alcohol, energy) and live performances stays at 5,5%.

Russia

Russia’s State Nuclear Energy Corporation Rosatom has won a contract to build and operate Jordan’s first nuclear power plant. The $10 billion contract is one of the world’s first reactor projects since the disastrous Fukushima leak of 2011.

The chairman of the Jordan Atomic Energy Commission (JAEC) Khaled Toukan said Atomstroyexport (ASE), Rosatom’s international arm, will construct, and possibly operate, the plant which will provide 12 percent (2000 megawatts) of the kingdom’s energy needs, and is due for completion in 2020.

Ukraine

Tens of thousands of Ukrainians rang in the new year on Kiev’s Independence Square, the centre of protests which have rocked the country since President Viktor Yanukovych ditched a pact for closer ties with the EU.

Luxembourg

The bill of law implementing the AIFMD1 (the Bill) which was tabled on 24 August with the Luxembourg parliament contains provisions which are not directly related to the implementation of the AIFMD but aim at further enhancing the attractiveness of Luxembourg for the establishment of investment structures. A key element of this improvement package is a complete revamping of the Luxembourg partnership regime and the introduction of a new type of partnership (“SLP” - special limited partnership or “SCSp” - société en commandite speciale).

3.

From 2013 onwards, companies will be able to assign the CICE tax credit receivable calculated on salaries in the current year to a bank as collateral, subject to a maximum of one such assignment per calendar year. For some SMEs, this type of pre-financing arrangement will be backed by a partial guarantee mechanism introduced by bpifrance. SMEs will have the option, via support from bpifrance, of pre-financing their research tax credit in the year in which expenditure is incurred.

Stronger incentives for shooting foreign films in France

By raising the maximum tax credit per foreign film from €4 million to €€10 million, France is increasing its attractiveness as a location for shooting films, animations and audiovisual productions.

Boosting corporate innovation

France’s research tax credit offers the highest incentive for R&D operations in Europe

Several comparative surveys put France in the number one spot for the effectiveness and ease of use of its research tax credit and the broad base of expenditure it covers.

The tax credit covers 30% of all R&D expenses up to €100 million, and 5% above this threshold.

Covers all R&D spending: Salaries, social security contributions, amortization and depreciation allowances, operating costs, subcontracting, patents and monitoring.

Leverage: Expenditure incurred in connection with R&D operations contracted out to public-sector agencies is double-counted; the salaries of junior final-year doctoral and post-

Tax measures to promote competitiveness and investment in France The “National Pact for Growth, Competitiveness and Employment” of

November 2012 has paved the way for further tax relief, greater stability and a vast initiative to streamline regulations and administrative formalities.

Mark Bathgate, President of i2an and Partner at Denjean & Associés (mark.bathgate@i2an.com)

France is often criticized for having a rather a complicated fiscal environment. Indeed, as with other European governments, recent tax regime changes in France have been focused on tightening control and anti-avoidance measures, however there have been some interesting developments regarding tax incentives which companies investing in France or existing French subsidiaries of foreign companies should be aware of. The “National Pact for Growth, Competitiveness and Employment” of November 2012 has paved the way for further tax relief, greater stability and a vast initiative to streamline regulations and administrative formalities.

Boosting corporate competitiveness

A tax credit to reduce labor costs

To help companies boost their competitiveness, the French government has introduced tax relief on labor costs through a new competitiveness and employment tax credit (crédit d’impôt pour la compétitivité et l’emploi – CICE) that can be applied to corporate tax. The tax credit, calculated on salaries of up to 2.5 times the statutory national minimum wage, came into effect from 2013, and will lead to a 4% reduction in labor costs in 2013 and 6% in subsequent years.

Public Investment Bank to finance major tax credits

France’s Public Investment Bank (Banque Publique d’Investissement – bpifrance) offers companies – particularly SMEs and mid-size companies – financial support via a broad range of effective instruments, including equity investments. The bank has a funding capacity of €42 billion.

doctoral research personnel signing their first employment contracts5 are counted at four times their nominal value when calculating the research tax credit for the first two years.

Wider innovation eligibility: As of 2013, innovation expenses incurred by SMEs are also eligible for the research tax credit (up to €80,000 of tax credit a year).

A long-term commitment: The research tax credit and “innovative new companies” schemes have been fixed for five years to provide businesses with visibility and legal security.

> Ability to combine more than one incentive: The research tax credit can be combined with other tax exemptions, including the “innovative new companies” scheme (jeunes entreprises innovantes – JEIs), which provides for reduced taxes (corporate tax and local taxes) and social security contributions over an extended period of eight years.

> An attractive scheme: More than 17,000 businesses in France have completed a research tax credit.

4.

Controllers have often accepted that basic recordings not kept under the French rules, were completed by end book entries and a « mapping » (cross-reference table between charts of accounts) leading to a French presentation. But now, French Administration is looking for each book entry to be directly presented according to the French rules, which is different from the pragmatic behavior described above. Even if it means asking for the whole information from a system, why stop in the middle of the path?

What about if your firm keeps internally its basic accounting and outsources the preparation of its financial statements to a chartered accountant? In this case, the book entries are not recorded in your IT system by the chartered accountant. Consequently, the problem is not solved! Let me explain.

Watch the upcoming French computerised Tax Inspection! 2014: If your accounting is kept on ERP software or abroad, watch the

upcoming French computerised Tax Inspection!

Translation of an article written by Par François Castagnet, partner at Denjean & Associés

Starting 2014, even firms or branches which accounting is kept abroad will have to present their accounting under a dematerialized format, during tax inspections led by the French Administration. Book entries meeting the “French Gaap” will have to be presented. The most famous accounting software in France, in particular those used by chartered accountants, will in general meet this requirement, thanks to their extraction modules. This requirement is added to those already existing and applying to the basic process of book entries and to the documentation related to procedures.

File extraction is the new requirement, but it is not the only one. Many have forgotten that book entries must already meet the French rules related to the official French Chart of Accounts, sequential recording (itemization of each operation with its book entry and own date, and the accounts list with their conditions of use).

The official French Chart of Accounts « PCG » also requires the use of the French language.

Watch the specific software and ERP developed internally, especially when accounting is kept abroad! Naturally, with an ERP developed internally in France, by a French team, or through successive modules, we may suppose that these requirements will be more easily mastered by professionals. Until now, for accounting kept abroad, how important the stake was - serious breaches can lead to the refusal of accounting and automatic taxation -, French controllers were often indulgent as long as the documents presented and the explanations given were understandable.

Since 2012, accounts’ “compilation”, inspired to a large degree by a US practice, consists for a chartered accountant in using the accounting kept by his client in order to issue financial statements meeting the French rules. It concerns entities belonging to the consolidation perimeter of audited groups and meets a real need, particularly for international groups owning subsidiaries in France.

This process is very simple. But, as opposed to the obligation of accounts “presentation” that can be done from an accounting kept internally by the firm, account’s “compilation” leaves the firm totally responsible for the produced data.

If his engagement consists in a “presentation” of the accounts, a chartered accountant will ask you first guarantee on your accounting and IT organization.

Can our software do that?

5.

Thus, in both cases, this is your software that must be adequate …

What you must do now

Even in the case where your chartered accountant does the final step of compilation or presentation, we advise you to check with your software provider. Ask him if the extraction module allows to communicate to the controller a book keeping file meeting the requirements applying to a tax inspection led by the French Administration. And not only for 2013 and the following years, but also for 2012 and 2011, which will not be prescribed in 2014.

If your software has been internally developed, you will have to involve your IT team, and do not underestimate such a process.

If your accounting is kept abroad: On top of the step above, we also advise you to check with your accounting team that the French rules regarding bookkeeping for each entry are met (use of the official French Chart of Accounts, path of revision based on a general ledger and supporting documentation of systems). Explain to them that it is more than extracting figures according to their local method.

As the use of French language can be asked, it is always possible to translate the supporting documentation related to the systems and procedures, but keep in mind that translating a general ledger while integrating it into a dematerialized file may amount to a lot of work.

If accounting must also be kept under other rules than the French ones – for the group needs for instance, try to find out confirmation that your software allows to manage several accounting plans in parallel and to use specific entries ledger, generating directly the extraction of documents meeting the « French Gaap ».

If the basic bookkeeping is done by a chartered accountant on his own software: Then, your chartered accountant will master all these issues; you may of course ask him to confirm that his program meets the new requirements of the French Tax Administration.

General taxation in RomaniaIntroduction to the current main applicable taxes in Romania.

Mihaela Mitache, Quark Consulting, Romania

6.

3. Tax for micro companiesA special tax is applicable to the “micro companies” which have the total incomes of the previous year under 65.000 euros. They pay 3% from the total incomes, no matter if they have profit or loss.

4. Tax for nonresident incomes In Romania the percentage for this kind of tax is 16%, excepting gambling incomes with a percent of 25%, but in Romania it is applicable the favorable percentage between the Romanian Fiscal Code and the Conventions for Avoiding Double taxation.

According to the Romanian Fiscal Code the following taxes are applicable for the companies/persons acting in Romania:

1. Tax on profit

2. Tax on income

3. Tax for micro companies

4. Tax for nonresident persons/companies incomes

5. Tax for representative offices of the foreign entities

6. VAT

7. Excises

8. Local taxes

9. Social Contributions

1. Tax on profitThe current tax on profit percentage is 16% applicable to the difference between the taxable incomes and deductible expenses. This percentage is applicable to all companies starting with the year 2005.Taxpayers engaged in activities like night bars, night clubs, discos, casinos or sports betting, including legal persons carrying out such income under a contract of association, and where the corporation tax of 16% is less than 5% of those revenues are required to pay a tax to 5% of these revenues recorded.

2. Tax on incomeIn Romania the percentage for tax on income is 16%, applicable to the incomes obtained by the physical persons such as: income from self-employment; income from wages; income from rental and leasing; investment income; retirement income; income from agriculture, forestry and fisheries; income from prizes and gambling; income from transfer of property; income from other sources.

3% Tax

7.

5. Tax for representative offices of the foreign entities The representative offices of the foreign entity are paying an annually fiscal tax of 4.000 euros.

6. VATThe current percentage for VAT is 24%, applicable for all goods or services, excepting pharmaceutical products, books and wheat products for which the applicable percent is 9%.

7. ExcisesThis is a special tax applicable for alcohol, tobacco, energy products and electricity. The calculation is different for each of them based on the annually Euro rate exchange at 1 October of previous year for all current year.

8. Local taxesThe local taxes applicable in Romania are: tax on buildings; land tax; tax on vehicles; the fee for issuance of certificates, permits and licenses; tax on the use of means of advertising and publicity; tax on shows; hotel tax; special taxes; other local taxes. The calculation is also different for each of them.

9. Social contributionsThe social contributions calculated on wages are: social security contributions; health insurance contributions; contribution for medical holidays and health insurance benefits; unemployment insurance; contribution to insurance against accidents at work and occupational diseases; contribution to the Guarantee Fund for the payment of salary. These contributions are paid, most of them, by both company end employee, and some of them only by the employer.

3% Tax

Cyprus Tax incentive for income from intellectual property rights

During May 2012, the House of Representatives of Cyprus has voted a series of new laws and amendments to existing laws.By Tasos Constantinou, Audit Manager at N. Constantinou & Co Audit Ltd., Cyprus

Now as far as the definition of IP is concerned, this covers all intangible assets including copyrights, patents and trademarks etc.

In addition to the generous exemption, the law permits the deduction of all expenses that result out of the production of the IP income and hence decreases the tax liability even further.

Any capital expenditure in relation to the acquisition or development of the IP will be allowed as a deduction in the tax year in which it has incurred and the immediate four (4) following years, on a straight-line basis.

It should be further noted that this amendment has been voted in order to benefit the immediate owner of the IP rights and not all the businesses that are associated with these IP rights such as resellers or representatives.

The amendments to the law have come into force on 6 July 2012 and have a retroactive effect as of 1 January 2012.

During May 2012, the House of Representatives of Cyprus has voted a series of new laws and amendments to existing laws.

One very important amendment was voted which created a very appealing tax regime for Cypriot resident companies holding Intellectual Property (IP) Rights.

The amendments to the law provide that 80% of any income generated from IP Rights will be exempt from corporation tax.

The current corporation tax is 12,5%, therefore 20% of the profits generated from IP rights will be subject to corporation tax at 12,5%. As a result, the effective corporation tax rate on the net income from IP rights is 2.5%.

The definition of income includes also the profits from the disposal of the IP rights as well as the income derived from exploiting these rights, including the compensation from the incorrect use of such items.

Falling Inflation – could it be dangerous? Richard Kleiner, Managing Partner,

Gerald Edelman Chartered Accountants

(rkleiner@GeraldEdelman.com)

8.

I recently read a very thought-provoking article in The Economist with regard to the perils of falling inflation.

It is a popular perception that central bankers are the technicians who keep a lid on inflation and who, in the 1980’s, managed to reduce what was then considered to be high inflation in most of the developed (rich) economies.

However, the biggest problem facing the rich world’s central banks today is that inflation is too low, the average inflation rate in the OECD is only 1.5%, down from 2.2% in 2012 and well below most of the central bank’s official targets of around 2%. The drop in inflation is most notable in the eurozone. This is partly due because commodity prices have been falling and, even if you strip out volatile food and fuel prices, the eurozone’s underlying inflation is only 0.8%.

The most obvious danger of too-low inflation is the risk of slipping into outright deflation, when prices persistently fall. The experience of Japan shows that deflation can be both deeply damaging and harder to escape from leaving weak economies with high debts. Since loans are fixed in nominal terms, falling wages and increases in prices increase the burden of paying off such debts. Furthermore, once it is expected that prices will keep falling then consumers put off buying which further weakens the economy. There is a real danger that this may occur in Southern Europe as Greece are experiencing consumer prices falling as is Spain.

In the US and Northern Europe, deflation is less of an immediate risk as most of the economies are growing, albeit slowly. However, if an economy with a high employment grows too slowly for too long then prices and wages are eventually likely to fall. Again the Japanese experience is worth reviewing as deflation did not set in until 7 years after the asset bubble burst.

For most rich and developed countries, it would be better if consumer prices were rising a bit faster. Once commentator suggested that official inflation targets should be increased from say 2% to 4% but changing what has been the cornerstone of central banking for decades might prove counter-productive by unnerving financial and capital markets.

In the US, the policy of quantitative easing continues and given the current level of inflation, it does seem to suggest that the (previous) dire warnings that were issued about rampant inflation when central bankers initiated the policy of using unconventional measures, might need to reconsider whether in fact such central bankers did too little or not enough.

The article in The Economist finally concludes that whilst the low inflation rate does not seem to be of an immediate risk, it does not rule out that one day it may well be. It ends the article by stating, “Be afraid of inflation, by all means; but life can even be scarier when it sinks”.

i2an provides a global platform for local reputation. Our alliance brings together trusted finance professionals providing accounting, audit, tax and consulting services to accompany our clients in their international development.

i2an’s member firms are located in 33 cities and 23 countries in the world:

Boston • Brussels • Bucharest Dubai • Frankfurt • Hong Kong Kyiv • Lausanne • Limassol London • Los Angeles Luxembourg • Madrid • Mexico Miami • Milano • Moscow New York • Paris • Rome Rotterdam • San Francisco Selangor Darul Ehsan • Singapore Tokyo • Vienna

i2an Corporate seat : 35 avenue Victor Hugo F-75116 Paris

Office : 19 rue de Presbourg F-75116 Paris

+33 (0) 40 67 01 11www.i2an.com