Jump-Starting Entrepreneurship!

Q1 2017 ENTREPRENEURSHIP! JUMP-STARTING DOING BUSINESS INLUXEMBOURG A WORD FROM THE CHAIRMAN

CHAIRMAN’S REMARKS

Dear AMCHAM members and friends, us. If you do not like something, please tell us part of and contribute to these committees (as as well. If you have suggestions, please pass well as the long standing committees) please Welcome to the Winter issue of our AMCHAM them to us. Please be involved with us by at- let us know. Luxembourg magazine, Connexion! We hope tending our events, contributing your time and your New Year has gotten off to a good start ideas on our committees, and helping via spon- Also during this New Year we will strengthen and we hope this year will bring you and your sorship. our partnerships with the Lions Club Luxem- families happiness, success and good health. bourg-Amitié , The Network, International Com- And please encourage your friends and busi- munity Center, TIGFI and other best-in-Luxem- We in AMCHAM have started this year with ness connections to join us as members. bourg organizations. We believe we best serve the biggest membership we have ever had… you by partnering with the best rather than do- and for this we thank our member companies, We believe 2017 will be a year of challenges: ing everything just by ourselves. committee members and our friends for all of Brexit and economic uncertainty, the new gov- their contributions and support. Our AMCHAM ernment in Washington, the ongoing refugee Thanks again for your support, is your AMCHAM. We are here to serve you, crisis, the global challenges of terrorism and to meet your needs, to provide the networking, regional conflicts. We will work hard to offer as- With respect and my best wishes, information, problem solving and governmental sistance and information to help you deal with lobbying our members have asked us to deliver. these issues…and to be successful. We never forget you are the boss, not us. We never forget we are here to serve. To this end, during 2017 we will launch new

committees for Audit and Compliance, Corpo- Paul-Michael Schonenberg To help us to best serve you, we ask for your rate Services in the Fiduciaries area, and a Sen- Chairman and CEO feedback and communication…and your active ior Committee to help those entering the third involvement. If you like something, please tell phase of their lives. If you are interested to be

Q1 2017 CONTENT

CONTENT

SPECIAL FEATURE The 1.1.1. Company...... 04

AMCHAM COMMITEES How to Tweet Your Company to Success ...... 11 The 1.1.1. Company and Its Tax Considerations ...... 9 Real Estate in Luxembourg: What You Should Know, What’s New? (Part 2)...... 16 Managing the First Hour of an It Crisis...... 17 AMCHAM’s 2016 Christmas Lunch . . 24

LANGUAGE LEARNING From 5 to 7 Languages ...... 18 a

Marc Devillet (Autopolis Bertrange), COMMUNITY NEWS Minister Félix Braz (Ministry of Justice), Paul Schonenberg (AMCHAM Luxembourg), An Evening of Summer Culture. . . . .12 Carlo Thelen (Chamber of Commerce Luxembourg) 8 Fall Welcome at the U.S. Embassy in Luxembourg...... 14 AMCHAM’s Thanksgiving Dinner 2016...... 20 Farewell to Ambassador McKean ...... 26 Making Integration Work ...... 32

INFORMATION TOOLBOX Directors’ Role and Responsibilities in the Context of Reading, a Understanding, and Approving Financial Statements...... 15 Family Business in Europe - Talent Wars, Innovation, Karl Horsburgh and Charging Ahead...... 23 (B.U.R.O.S.) 9 Why is Digital Economy a Real Revolution? Facts & Vision.. . . 25

EXPAT PROFILE SNAPSHOTS Find out about Malek Aouini - Lahmadi 28 Malek Aouini - Lahmadi...... 28 our upcoming events Paul Schonenberg...... 30

Q1 2017 SPECIAL FEATURE

The simplified private limited company (SARL-S) or THE 1.1.1. COMPANY

Minister Félix Braz (Ministry of Justice)

Dear Ladies and Gentlemen, ed in July 2016, it will only enter into force by means of the so-called “fake self-em- on 16th January 2017. Indeed, it needs to ployment”. To reassure you, this question More than a year has now passed since I be reminded that several technical adapta- has been discussed at the Parliament and presented to this audience the features tion need to be done in order to guarantee I have consulted the Minister of Labour of the simplified private limited company that the system is fully operational. In this in order to ensure that this should not be (or SARL-S). I therefore warmly thank the regard, an implementing regulation with an issue hindering the introduction of the American Chamber of Commerce for giving the objective to tackle these questions has SARL-S in our Company Law. And, as I had me today the opportunity to share with you been submitted to the State Council and we indicated in front of this audience, the con- the progress made on this new instrument. have received its opinion as well as those sultation resulted in the common view that from several professional Chambers. My the question of the “fake self-employment” As you know, the draft bill creating the department has now considered all the is a horizontal issue which could arise in any SARL-S has been filed with the Parliament questions and observations raised in these form of company, so that the SARL-S law in February 2015 and following publication opinions and is currently finalizing the draft was certainly not the right place to tackle of the draft bill, Professional Chambers and regulation which should be, and has to be, this question. the State Council submitted their opinions adopted before the end of this year. quite quickly, making it possible to carry out Now, as I just mentioned, the draft regula- the legislative procedure in a good pace I would like to recall an important question is close to being finalized. The objective and enabling the Parliament to adopt the tion that had been raised last year on the of this Regulation is to implement the law bill which has become the law of 23rd July SARL-S at the American Chamber of on the SARL-S and in particular, to specify 2016. commerce: the Chambre des Salariés had the practical rules applicable when setting indeed expressed its concern in its public up a SARL-S. With this regard, it is important to note that opinion that the introduction of the simpli- whereas the law on the SARL-S was adopt- fied SARL would give rise to major frauds

Q1 2017 SPECIAL FEATURE

The necessity to provide for specific rules this condition is fulfilled. In order to make the 2013 Law on identification at the time is mostly linked to the following features this possible, the draft regulation will grant of the registration of the SARL-S with the which differ from the general regime appli- power to the Trade and Company Register Company and Trade Register. cable to the classic SARL: to refuse any registration of a SARL-S in the case where the founder is a legal person or In correlation with the obligation to provide 1. The possibility to set up an SARL-S where the founder is a natural person but their identification number, the new founder by means of a private deed, already a shareholder of another SARL-S. will have to file a copy of the identity card or thus making optional the recourse any other equivalent identification paper if to a notary; In addition, as I already mentioned, the the founder is not a resident. Now, once the SARL-S to be formed may only carry out SARL-S has been formed, it is to be men- 2. The fact that only natural persons activities for which a business permit is tioned that the law on the SARL-S will apply may be founders or shareholders needed in accordance with the law of 2 only if specific rules have been provided for of an SARL-S; September 2011 governing the access to the SARL-S; otherwise the rules applicable the professions of skilled craftsman, trader, to the classic SARL shall apply. 3. The fact that a natural person manufacturer, as well as to certain liberal can only hold shares of one professions. For example, with respect to the manage- simplified SARL at the same time; ment of such a company: if you look at the Now you may ask how the Trade and Com- new article 202-6 in the SARL-S law, it is 4. The fact that a SARL-S may only pany Register will be able to check this con- foreseen that only natural persons can be- exercise activities for which dition upon registration of the company? In come the manager (gérant) of a SARL-S. As a business permit is required. order to work out a simple fluent system, the this is the only specific rule, the manage- Ministry of Justice worked closely together ment of the SARL-S will be governed for all As it is already possible for the limited part- with The State Centre for Information Tech- other issues by the general rules governing nership (société en commandite simple) or nologies (CTIE), the Trade and Company the classic SARL. the cooperative company (société coop- Register and the Ministry of Economy. erative), amongst others, the new law now As you can see, the legal framework apply- opens the possibility for the SARL-S to be The new mechanism can be summa- ing to the SARL-S has been carefully de- formed by the means of a notarial or private rized as follows: signed in order to make this new instrument deed. In other words, although it is a novelty as simple as possible and I am confident for the private company limited by shares in The process for obtaining a business licence that it will be a success. its simplified version, you can see that this shall be carried out up-front by the found- procedure is already known in our Company ers with the Ministry of Economy. Once the The future will tell us soon (not later than law. permit has been obtained, the registration 16th of January 2017), and maybe we will of the SARL-S with the Trade and Company meet again in one year to have a picture of Of course, and it needs to be underlined, the Register will be possible. the first practical experiences made after use of a private deed is only a possibility: a the entry into force of the new law. founder who wishes to proceed with a no- First of all, the new founder will have to pro- tary will still be able to do so. But in case the vide the Trade and Company Register with Thank you for your attention. SARL-S is formed by way of a private deed, his (or her) identification number provided the draft regulation foresees that the Luxem- on the basis of the law dated 19 June 2013 Speech given by bourg Trade and Company Register will have on the Identification of natural persons. Minister Félix Braz to check whether the private deed of con- This number will of course not be public on the occasion of the stitution contains the mandatory indications. and is only needed for registering purpos- AMCHAM’s 1.1.1. Company event es. However, in case a new founder has not on 8 November, 2016

Moreover, the fact that only a natural person obtained yet such an identification number The video recording of the speech can be a founder or a shareholder, implies (which could be the case for a non-resident can be viewed on the AMCHAM YouTube Channel at: https://www. that the Luxembourg Trade and Company person), he (or she) will be provided with an youtube.com/watch?v=NEWX7j8by- Register will also have to check whether identification number in accordance with WQ&t=9s

THE MOST ELEGANT WAY TO BREAK WITH CONVENTIONS. THE FIRST-EVER CADILLAC CT6

Q1 2017 SPECIAL FEATURE

THE HOUSE OF ENTREPRENEURSHIP, A NEW BUSINESS CREATION SUPPORT ENGINE

Thank you very much for the invitation and preneurship as it enables young entrepre- soft landing platform, which will be installed for giving me the opportunity to share with neurs especially in the tech and ICT sector to at the House of Entrepreneurship enable us you my thoughts about the 1.1.1. company establish a company by means of a minimal to provide tailor-made services for foreign in- which is a very important element for the re- capital. vestors and companies interested in invest- cently inaugurated House of Entrepreneur- ing in Luxembourg. The 1.1.1. company will ship. For this reason, I would like to congratulate thus also be among our promotional tools on Minister Braz for his support of this new law our trade missions. The Chamber of Commerce has been sup- which will open up new opportunities fora porting the 1.1.1. company from the very new type of entrepreneurs. While many new But let me perhaps explain to you what the beginning. Long before the law bill was opportunities will emerge, we will also have House of Entrepreneurship actually is, why elaborated – 6 years before that date to be to deal with challenges. One of the main we decided to create it. The idea behind precise - the Chamber of Commerce had challenges will be to inform all the poten- this project is to offer all decisive private strongly recommended it to the government. tial users of the 1.1.1. company, they need stakeholders and public institutions which The business world has changed a lot these to have a very concise idea about the main help entrepreneurs in their daily business a past years and it is continuing to do so at an advantages and disadvantages. place where they can meet, exchange best incredibly fast pace. Just look at how “UBER” practices, help and develop our economy. changed the way the taxi business works or The SARL Simplifiée will be quicker, faster Our long-term vision is to attract all local and how “Airbnb” is changing the accommoda- and easier to incorporate than the tradition- foreign entrepreneurs to the House of Entre- tion business. al SARL and the entire registration process preneurship because they get there all the will be available online. This will significantly information and permits they need to start The SARL Simplifiée is a big step in the right contribute to the government’s constant ef- their business. direction, a step towards establishing Lux- fort of cutting red tape. But it is 100% clear embourg as a diversified business hub be- that this legal structure is not designed nei- To achieve this ambitious goal we merged sides being one of the most important finan- ther adapted for any type of company which in a first step the “Espaces entreprises” of cial centers in the world. means that every single entrepreneur needs the Chamber of Commerce and the former to make an individual assessment of his “guichet unique” from the Ministry of Econ- It is also important to note that the SARL case, of the type of activities he would like to omy. But we quickly realized that we needed Simplifiée does not have the sole objective to offer before making a decision. to involve more partners to reach our targets. enhance the entrepreneurial spirit but rath- Six weeks ago at our press conference we er to provide the whole business communi- Doing so on your own can of course be quite have proudly announced that 11 private and ty with a new and contemporary tool to do tricky which is why we decided to offer this public partners have decided to participate in business. We knew it was important to put type of service at the House of Entrepre- the project. ADEM, Ministry of the Civil Ser- in place this most promising opportunity, es- neurship. Therefore, our experts from the vice and Administrative Reform, Food Safe- pecially because all our neighbor countries newly created 1.1.1. company department ty Department, Chambre of Crafts, Nyuko, had already installed such a system years will be happy to welcome and help future en- IPIL, Technoport, Luxinnovation, guichet.lu, ago and it was logical step for Luxembourg trepreneurs to choose the right legal struc- MCAC, 1535°. to implement such a legal structure to boost ture and give at present all the pros and cons our economy. Luxembourg did not invent this of the 1.1.1. company to them. We firmly In the meantime we convinced some more type of company structure; the Dutch, for in- believe that the 1.1.1. company – although to participate in January 2017, like the Min- stance, have the “Flex-BV” and our Belgian it is certainly not a panacea – is a winning istry of Environment and the Inspectorate of neighbors, the “SPRL Starter”, which are tool for entrepreneurship in Luxembourg that Labour and Mines to name only two of them. similar legal forms. The UK has its own “LTD” will perfectly integrate in our entrepreneurial I want to benefit from this occasion to point which can be created within minutes from ecosystem. out the excellent collaboration between the anywhere in the world online for about 100 Chamber of Commerce and the Register of pounds. It is also a tool that will make Luxembourg commerce. The Register of commerce, which more interesting for Entrepreneurship be- also joined the House of Entrepreneurship, The 1.1.1. company is a project that’s looking yond the Luxembourgish borders It is also and our One-Stop shop work closely togeth- ahead, a project that will shape future entre- a perfect match to other new tools like our er which enables us to significantly improve

Q1 2017 SPECIAL FEATURE

Carlo Thelen (Chamber of Commerce Luxembourg) the client services. This collaboration is even and enhanced the number of brochures and the House of Entrepreneurship will more important in the case of the 1.1.1. com- for our customers. certainly boost the Luxembourgish entre- pany where both entities must work together preneurial ecosystem. It will facilitate the to speed up the administrative process and 2. A second overall goal is cutting red tape. entrepreneur’s journey and bring many pri- turn the vision of creating a company into re- In a longer term, the House of Entrepre- vate and public institutions together. We are ality within one day. neurship will be one of the engines of convinced that many more partners will de- the simplification process. Our vision to cide to participate in our project and we be- With this initiative the Chamber of Com- unify all the partners and hopefully one lieve that our House of Entrepreneurship is merce and our partners have set ourselves day the possibility to get through all the the right place to start your business and that two main goals: administrative processes at one place is the 1.1.1. company is the right tool to do so. strongly linked with our overall goal. In a 1. We want to promote entrepreneurship in short-term the synergies we can create Thank you very much! general. With the creation of the House between the different partners will imply

of Entrepreneurship, we provide a first numerous improvements for our entre- Speech given by entrance door to every entrepreneur. preneurs, be it with regards to get ap- Carlo Thelen We offer services for every company pointments with different partner on the Managing Director of the throughout their life cycle. We enhanced same date or get an instant answer from Chamber of Commerce Luxembourg and improved our service portfolio and the Ministry of Economy and will help to on the occasion of AMCHAM’s 1.1.1. event on 8 November 2016 we’re constantly looking to improve our improve the administrative process step services with all the partners to cite only a by step. few examples: We extended our opening The video recording of the speech can hours from 8h30 to 18h00 from Monday Dear Minister, Ladies and Gentlemen, be viewed on the AMCHAM YouTube Channel at: https://www.youtube. to Friday, upgraded the infrastructures Overall we can say that the 1.1.1. company com/watch?v=avbDTt9cVjc

Q1 2017 SPECIAL FEATURE

THE 1.1.1. COMPANY EVENT

1. Marc Devillet (Autopolis Bertrange), 1 Minister Félix Braz (Ministry of Justice), Paul Schonenberg (AMCHAM Luxembourg), Carlo Thelen (Chamber of Commerce Luxembourg) 2. Event guest speakers and partners: Artur Sosna (Luxembourg-Poland Business Club), Razvan Radu (Romania Luxembourg Business Club), Marc Devillet (Autopolis Bertrange), Minister Félix Braz (Ministry of Justice), Paul Schonenberg (AMCHAM Luxembourg), Madalina Stoian (AVRIS), Carlo Thelen (Chamber of Commerce Luxembourg), Luciana Restivo (DELANO), Pedro Castilho (Indian Business Cham- ber Luxembourg), Bakhtiyar Mammadov (Java Business Management), Ana Barreiro (Chambre du Commerce Luxembourg - Cap Vert), Lisa Francis-Jennings (The Network)

3. Event guest speakers and partners: Antony Martini (STARTUPARTS), Minister Félix Braz (Ministry of Justice), Karl Horsburgh (B.U.R.O.S.)

THANK YOU PARTNERS: TO OUR SPONSOR AND PARTNER:

Q1 2017 AMCHAM COMMITTEES: TAX

THE 1.1.1. COMPANY AND ITS TAX CONSIDERATIONS Does it really simplify the life of the Entrepreneur?

On July 23, 2016 the Luxembourg Gov- Proper Substance Office: To receive a ernment passed the law allowing entre- trading permit and to be able to register preneurs to create a limited company, by for VAT you must show that you have a private contract, without the need (and place of business by providing the relevant cost) of a notary, with one shareholder, authorities with a rental contract. The Au- one manager and with a share capital of thorities may also visit you at your premis- one Euro (instead of €12.000 for an S.à r.l. es. If you are not in the lucky position to be or 25% of €31.000 for an S.A.). This type provided with an office by certain incuba- of company is called a société à résponsa- tion centres in Luxembourg you may have bilité limité or S.à r.l.-S. a problem renting an office commercially if you do not have a VAT number so that the The object of the S.à r.l.-S. is to make it as owner can apply for a VAT option on the easy and with as little outlay as possible rental charge. for young start-up entrepreneurs to create their own limited company and get started Annual Accounts and Filing with RCS: signing contracts and doing business. An S.à r.l.-S. must follow the requirements of a normal S.à r.l. for the preparation of an- The shareholder of an S. à r.l.-s must be nual accounts, shareholders meetings and a private individual and he can only be filing accounts, change of shareholder and the shareholder of one S. à r.l.-s at a time. Karl Horsburgh manager etc. However there can be more than one (B.U.R.O.S.) shareholder. The S. à r.l.-s can have more Corporation Tax and Loss Carry For- than one manager who must also be a qualifications which, in the opinion of the ward: In 2016 company tax in Luxembourg private individual. The share capital of an Ministry of the Economy, allow you to carry city (including communal tax and unemploy- S.à r.l.-S. can be paid up in cash or in kind out your desired business idea and allows ment surcharge) was 29.22 %. In 2017 this from €1 to €12,000. Also the object of them to issue you with a trading permit. is to fall to 27.08% and in 2018 to 26.01%. the S.à r.l.-S. is restricted to handy-crafts, For small businesses with profits less than commerce or industrial activity and certain (See www.guichet.public.lu/en- €25.000 the company tax from 2017 liberal professions for which a trading per- treprises/en/creation-develop- will be 22.80%. However, losses are only mit must be issued. pement/autorisation-etablisse- useable by the S.à r.l.-S. and not its share- ment/autorisation-honorabilite/ holders. So, the S.à r.l.-S. must first make In other words, you certainly can now cre- autorisation-etablissement) profits before it can use its losses. Also, as ate a company in Luxembourg with ease, part of the 2017 tax reform losses made as you can in other countries, but there Value Added Tax: If you want to recover from 2017 onwards will only be allowed to are other matters that you need to con- the VAT on the costs you incur on the ex- be carried forward and used against profits sider before starting your business. Merely penditure you have to develop your idea made by the S.à r.l.-S. for 17 years and not having a great idea and a company is not you must register for VAT. Normally this is unlimited as the case is now. enough. not required until you have a turnover of more than €25,000. Social Security: As a shareholder-manag- Trading Permit: Luxembourg has main- er of an S.à r.l.-S. you will need to register tained the old fashioned attitude that the (See www.guichet.public.lu/en- your company and yourself for social se- Government should regulate who is suf- treprises/en/creation-develop- curity contributions. You will be treated for ficiently qualified to in business and not pement/declarations-initiales/ social security as a self-employed person the market itself. Therefore, you cannot tva-impots/inscription-tva) and will have to pay approximately 25% do business unless you have the relevant of the minimum social salary €2.000 for a

Q1 2017 AMCHAM COMMITTEES: TAX qualified person per month in social securi- this, the company pays 30 (see above for on each partners tax declaration. An SC ty contributions from day one, or €500 per actual corporate tax rates in 2017 and fu- does not pay corporate tax and does not month whether you have an income or not. ture) in corporate tax. This leaves 70 to be have the problem of restricted loss carry This amount will be adjusted when you file paid out to the shareholder. The company forward. your tax return for the tax year in which you must withhold 15% of 70 so 10 leaving start your business. 60 for the shareholder. The shareholder Limited Partnership (Société en Com- must then declare 50% of 60, or 30 on mandite Simple or SECS): This is the (See www.guichet.public.lu/ his personal income tax return and if he same as the SC except that there is now entreprises/en/creation-de- pays 13.5 tax, deduct from this the 10 that an unlimited liability partner and one or veloppement/declarations-in- was deducted at source by the company, more limited partners who have limited li- itiales/securite-sociale/affili- this leaves 3.5 to pay. The shareholder is ability only up to the amount they commit- ation-independant and www. then left with 56.5 (60-3.5) out of a profit ted to pay into the partnership. AN SECS guichet.public.lu/entreprises/ of 100 . There are no social security is created by private deed by one unlimit- en/ressources-humaines/ contributions on dividends except the 1% ed liability partner and one or more limited remuneration/paiement-remu- assurance dependence which is applica- liability partners. All other obligations such nerations/salaire) ble to all income. as trading permit, VAT and social security registration and salary tax calculation When starting a business in Luxembourg only if the SECS has employees, office Salary Withholding Tax and Tax Card: there is no need to create a limited liabili- etc. is applicable to an SECS. Plus there If the company has cash and can pay a ty company straight away. You could start are some accounting, tax return and filing salary you will need to either calculate the either as: obligations. The result of the SECS for the amount of salary tax due on that salary year is split amongst the partners in line yourself or preferably, as it can get com- Self-employed: You trade in your own with the capital they have paid in or as plex and cost much more in fines, engage name a under a trading name. You still decided by a partners meeting and then a salary calculation office to ensure that need a trading permit, VAT registration to declared on each partners tax declaration. the personal income tax is calculated and recover the costs of the initial research An SECS does not pay corporate tax and paid correctly and on time. It is imperative and development, a proper office and so- does not have the problem of restricted that you make an application for a tax cial security registration. However, you do loss carry forward. card. If not the employer is under obliga- not need salary tax calculations. Any loss tion to deduct 33% of the gross salary in that you make is declared on your person- Overall the S.à r.l.-S. is a step in the right tax. As a self-employed person the social al tax declaration as a business loss and direction and simplifies creating a com- security contributions you are required deducted from any other income includ- pany, however, was it really necessary as to pay yourself are not automatically taking salaried income from another employ- there were already other structures that en into account when calculating your ment. You do not pay corporate tax and one could have used with certain specif- salary withholding tax. You must make do not have the problem of restricted loss ic advantages such as limited liability and an application for them to be included carry forward. Your only obligation for ac- the use of losses against other income on on your tax card as an extra deduction. counts and filing is for your annual tax and the personal tax declarations of investors VAT return. in start-up companies. The abolition of the (See www.guichet.public.lu/ need for a trading permit and a reduction entreprises/en/ressources- The main problem with self-employed is of the minimum social security contribu- humaines/recrutement/for- that you have unlimited liability. However, tion of €500 per month, even if one does malites-embauche/obten- most banks request the shareholder-man- not earn any income from the business, tion-fiche-impot) ager of a company to personally share- should perhaps be considered. holder-manager to guarantee loans so you are only protected against third party. What entrepreneurs need is easier access Directors Fees: This is probably the worst to finance if their idea is considered com- way of being remunerated by the compa- Normal Partnership (Société Civile or mercially viable. So the Government might ny. The company must withhold 20% tax SC): This is the same as self-employed consider their role in evaluating business on the fee which is subsequently credited except that there is more that one of you. ideas and if found worth supporting to against your final tax liability based on your AN SC is created by private deed by two provide more support to the entrepreneur personal tax return. But worst of all is that or more unlimited liability partners. All to raise funds with banks and private in- the company cannot deduct this amount other obligations such as trading permit, vestors by offering guarantees and allow- from its profits so you as entrepreneur VAT and social security registration, office ing private investors to deduct their invest- loose an additional 30% of the total cost. etc is applicable to an SC. Plus there are ment in start-ups from their taxable income. some accounting, tax return and filing ob-

Payment of Dividends: To explain the ligations. The result of the SC for the year By Karl Horsburgh tax treatment of dividends it is better to is split amongst the partners in line with Réviseur d’Entreprises go through a small example. Let’s imagine the capital they have paid in or as decided your company makes a profit of 100. On by a partners meeting and then declared

Q1 2017 AMCHAM COMMITTEES: MARKETING

How to TWEET YOUR COMPANY TO SUCCESS

AMCHAM’s Marketing Committee organiz- es quarterly Lunchtime Workshops providing hands-on learning for members eager to learn more about the practical aspects of how Social Media can help their business. Although the Workshops are aimed at those active in Marketing, including both large and small organizations, they are open to everyone. Each Lunchtime workshop features Proven Experts in their field and attendees are welcome to ask leading questions and receive detailed explana- tions and guidance.

Christine Bovi (SIP) and Kasia Kolo (Social media expert) were guest speakers on 11 Geoff Thompson (Chronicle.lu), Troy Bankhead (KNEIP), Mélanie Delannoy (Independent Senior Communication & Marketing Manager), Miruna Taralunga (Market QI), Christine Bovi (SIP), Kasia October 2016 for the Twitter Workshop, Kolo/Katarzyna Kolodziejczyk (Social media expert), Cédric Delahaye (ELVINGER HOSS PRUSSEN) moderated by Geoff Thompson, Editor of The Luxembourg Chronicle, chronicle.lu. The goal on twitter is to build your tribe - follow- You will need to become the expert in the topic, READ ME, OPEN ME, LISTEN TO ME, ers who will share your content, the way to do be on the top of the latest news, interact with WATCH ME, CLICK ME, FEEDBACK ME, it is to publish tweets with best possible combi- followers and make sure the audience will no- SHARE ME… on Twitter nation of image/ graphics, profiles “@” and “#” tice your tweet first, retweet/ favorite it so that Millions of companies tweet content restricted in a context of a situation that matters at the others will follow and attract wider audience. to 140 characters every day to communicate moment on local or global scale. news, attract clients, gain visibility and interact However, with every tweet you publish, statis- with others. All in order to catch audience at- For example: @AMCHAMLuxembourg attend- tics will guide you and provide engagement in- tention in a meaningful way and the context of ing #USElection #debate with @DavidMcKean. sights thanks to which you will build and master trending topics. your own unique know-how and success strat- @PierreGramegna #Luxembourg #economy egies and tactics. Twitter overview: #CircleCite #LetzLuxembourg. • Twitter - social media platform was created in “All life is an experiment. The more experiments 2006 and turned a profit in 2017, posting net A dream scenario would be to make your own you make the better.” income of $7 million in Q4 of 2015. hashtag successful among local or global com- Ralph Waldo Emerson

munities, for example #LetzLuxembourg. Kasia Kolo • As of 2016, Twitter had more than 310 million (Katarzyna Kolodziejczyk) monthly active users, yet according to other Shall my company be on Twitter? #BRAVEYOUTH research around 44 percent of user accounts Before you consider investing your resources have never tweeted. in Twitter and thinking of ROI, it is important to research to make sure that your targeted audi- • On the day of the 2016 U.S. presidential elec- ence “hangs out”. tion, Twitter proved to be the largest source of breaking news, with 40 million tweets. The key to gain organic tribe of followers is high quality content which stands out in a THANK YOU How does Twitter work? crowd, be the first to deliver breaking news or TO OUR SPONSOR Users can posts by use of hashtags – key- interact with hottest topics as soon as they ap- AND PARTNER: words or phrases prefixed with a “#” sign and pear, at the same time providing spotless user profiles of a person / company with “@” sign, experience. “@” is also used for mentioning or replying to other users – this ensures high engagement possibilities.

Q1 2017 COMMUNITY NEWS

AN EVENING OF SUMMER CULTURE A great success!

On September 24th, AMCHAM in collabo- E.B. Lewis is one of the greatest contem- scapes. Laurent Dauptain takes us from ration with the Art du Temps Gallery in Arlon porary American water-colorists known for Manhattan to Brooklyn in a series of street- and BMW Bilia-Emond welcomed around his illustrations of children’s books, of which views. He tells the story of a silent city, 130 participants to an “Evening of Summer some originals of “Speaking to the Chick- which despite the density of its population, Culture”. In a short speech, Paul-Michael ens” are on display; his icons symbolically can be solitary and left to itself and where Schonenberg welcomed the opportunity to painted on lottery tickets; and misty land- the human presence lingers through brick build bridges through a mixture of design buildings bordering sidewalks or parked and technology (BMW hybrid vehicles), 2 pick-ups. business and culture. Christophe Ponette – owner of the Gallery – highlighted the ex- ceptional quality of this exhibition showcas- ing American culture through two painters:

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1. Christophe Ponette (Art du Temps Gallery), 4 5 E.B. Lewis (American illustrator and artist), Laurent Dauptain (French painter) Frédéric Lange (sculptor) 2. E.B. Lewis (American illustrator and artist), Paul Schonenberg (AMCHAM Luxembourg), Christophe Ponette (Art du Temps Gallery) 3. Christophe Ponette (Art du Temps Gallery), Paul Schonenberg (AMCHAM Luxembourg), Nicolas Dasnois (BMW Bilia-Emond), Pierre Ponette (Art du Temps Gallery) 4. E.B. Lewis (American illustrator and artist), Mr. and Mrs. Jim Kelly (CHAMP Cargosystems), Paul Schonenberg 6 7 (AMCHAM Luxembourg) 5. Laurent Dauptain (French painter), Christophe Ponette (Art du Temps Gallery) 6. E.B. Lewis (American illustrator and artist), Christophe Ponette (Art du Temps Gallery) 7. Mr. and Mrs. Vincent MAGNUS (Mayor, Ville d’Arlon), Pierre Ponette (Art du Temps Gallery), E.B. Lewis (American illustrator and artist), Paul Schonenberg (AMCHAM Luxembourg), Christophe Ponette (Art du Temps Gallery)

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Geneva Luxembourg Monaco 1 rue Petit-Senn 18 rue Robert Stümper Le Mercator CH-1207 Geneva L-2557 Luxembourg MC-98000 Principality of Monaco Tel: +41 22 700 48 08 Tel: +352 26 38 92 40 Tel: +377 99 99 47 27 COMMUNITY NEWS

FALL WELCOME At the U.S. Embassy in Luxembourg

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1. Paul Schonenberg (AMCHAM Luxembourg), AMCHAM and the U.S. Embassy in Lux- Paul Schonenberg, the AMCHAM Chair- Minister Etienne Schneider (Ministry embourg partnered together on 12 Oc- man, praised the attendees for their contri- of the Economy), H.E. Ambassador David McKean (U.S. Embassy Luxembourg), tober 2016 for the Annual AMCHAM Fall bution to Luxembourg and thanked Minister Bakhtiyar Mammadov (Java Business Welcome hosted at the residence of the Schneider for his leadership. Management) U.S. Ambassador David McKean and his 2. H.E. Ambassador Thomas Antoine (Belgian Embassy in Luxembourg), Paul Schonenberg wife Kathleen Kaye and featuring Deputy The event was sponsored by Java Business (AMCHAM Luxembourg), Neirouz Lahmadi Prime Minister and Minister of the Economy Management S.A. who brought 7 team (Citco Gateway Luxembourg), Minister Etienne Schneider (Ministry of the Economy) Etienne Schneider as the guest of honor. members to the event under the leader- 3. H.E. Ambassador David McKean ship of Bakhtiyar Mammadov, Director of (U.S. Embassy Luxembourg) The attending 150 charter members of Business Development. Paul Schonenberg 4. Yaryna Bila (Java Business Management), Anna Druz (Java Business Management), AMCHAM and their guests listened as Am- warmly welcomed Java Business Man- Minister Etienne Schneider bassador McKean gave his welcome and agement as the newest AMCHAM charter (Ministry of the Economy), Seymur Ahmadov (Java Business Manage- promoted the positive relations between member. ment), Samir Mammadov (Java Business Luxembourg and the United States. Minis- Management) ter Schneider followed explaining the ex- Paul Schonenberg thanked the Java Team 5. Minister Etienne Schneider (Ministry of the Economy) ceptionally positive growth figures for the for their generous support and patronage. 6. Vera Soares (Ministry of the Economy), Luxembourg economy and likewise praising Ian Cresswell (Luxinnovation), Natalia Durus (AMCHAM Luxembourg) the strength of U.S./Luxembourg relations Geoff Thompson as well as expressing his appreciation for 7. Julien Pillot (INOWAI), Chronicle.lu Brigitte Brouwers (CLK), the contribution of the international compa- Malek Lahmadi (AMCHAM Luxembourg) nies and international community resident in 8. Marty Dobbins (State Street Luxembourg), Luxembourg. Steven Libby (PwC Luxembourg) 9. Michel Weber (Post), Melanie Delannoy (Docler Holding), Christian Carbonne (Luxair) 10. Katharina Jacobs (AMCHAM Luxembourg), François Gourdon (LOGOS IT Services) THANK YOU TO OUR SPONSOR AND PARTNER:

Q1 2017 INFORMATION TOOLBOX

DIRECTORS’ ROLE AND RESPONSIBILITIES IN THE CONTEXT OF READING, UNDERSTANDING, AND APPROVING FINANCIAL STATEMENTS

Under the Luxembourg law on commer- In addition to this quitus, the directors may cial companies dated 10 August 1915 as be covered by (i) an insurance that covers amended from time to time (hereinafter their personal liability (criminal liability ex- the “law”), a Luxembourg société anonyme cluded), or (ii) an indemnity agreement from is managed by a board of directors, and a the company or its shareholder pursuant to Luxembourg société à responsabilité limitée which they will be held harmless and indem- is managed by a board of managers (the nified against the financial consequences directors and managers together referred of their faults (agreements are admitted by as the “director” or “directors”). Pursuant to Luxembourg law, as long as the indemnity their mandate, directors shall manage the does not cover criminal conduct). company in the best possible manner to achieve the company’s purpose1 and within If directors may mitigate their risk exposure, Thomas Held its corporate purpose. they cannot reduce their liability by arguing that they did not understand the annual With respect to their mandate, the directors These new obligations imply that in the accounts due to their lack of qualification, must prepare the annual accounts to be framework of the preparation of the annual experience, and knowledge. The judgement submitted to the shareholder(s) for approval accounts by the directors, the latter shall be of the first civil chamber, Tribunal d’Arron- and be filed with the Luxembourg Register. in a position to properly analyze those annual dissement de Luxembourg dated 14 Au- They shall be active in this preparation (i.e., accounts in order to make sure that the cor- gust 2001 is clear: the court rejected the clarifications/justifications regarding any rect provisions related to (i) the payments to argument pursuant to which the liability of a entries) since a misunderstanding may be the tax authorities and (ii) the computation of director should be reduced due to its young viewed as a falsification of the accounts, the interests due under the financing in place age and its lack of experience (in the case which could trigger the liability of the direc- have been properly recorded. at hand, the director did not read and under- tors. stand the annual accounts in which some Directors may reduce the risk of being sued important transfers of cash have been re- Two recent regulations demonstrate by receiving a discharge granted by the corded in view of the financing of real es- the reinforcement of the role of the shareholders. This discharge has two con- tate acquired by two directors). directors: sequences: (i) directors are released from • The law related to the annual accounts the risk of facing liability claims on the basis Directors shall therefore be prudent and and consolidated accounts and the relat- of decisions made during the financial year more vigilant as to the preparation and their ed Grand-Ducal regulation, both dated 18 of which the accounts have been approved, understanding of the annual accounts and December 2015, implemented a new EU and (ii) the company waives its right to act shall be encouraged to carefully review requirement to report on payments made against the directors for decisions made by them and raise questions during the board to governments by certain groups active them (only the company, not third parties). of director meetings setting up those ac- in the extractive industry. In the case of counts. They should ask themselves wheth- non-payment of the inland taxes, directors However, a discharge is only consider they are in line with the law and applica- will personally be liable for that infringe- ered to have been validly given if: ble regulations, and whether they are fully ment. • The annual accounts do not contain any qualified before accepting any mandate. omission or incorrect statement hiding the • The circular of the Luxembourg tax ad- real financial situation of the company. In

ministration dated 27 December 2016 re- other words, directors correctly recorded Thomas Held lated to the intra-group financing activities all the assets and liabilities; Partner at D.Law of a Luxembourg company imposed upon Lawyer at the Paris and Luxembourg Bar (list IV) the members of this entity (employees/ • Errors—if any—made by the directors were directors)—in addition to some specific not intentional; and transfer pricing rules—a relevant back- ground and a good understanding of the • The decision has been validly made by the underlying transactions. annual shareholders’ meeting following the approval of the annual accounts.

1Articles 53, 59 and 57 of the Law and Articles 1382 and 1383 of the Luxembourg Civil Code. 15

Q1 2017 AMCHAM COMMITTEES: REAL ESTATE REAL ESTATE IN LUXEMBOURG: What you should know, what’s new? (Part 2)

On 13 October AMCHAM’s Real Estate gave the opening keynote address. His in- embourg), Severine Moca (Director, PwC), Committee organized their second 2016 tervention was followed by a round table Frédéric Wersand (Partner, PwC Lux- event at PwC Luxembourg. We heard about discussion having as participants Mario Di embourg), John Ravoisin (Partner, PwC the latest real estate trends and develop- Stefano (Partner, DSM Di Stefano Moyse), Luxembourg). ments for the Luxembourg market from Georges Berna (Partner, Property S.A.), the Minister for Housing Marc Hansen who Alexandre Jaumotte (Partner, PwC Lux-

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1. Stéphane Di Carlo (EGB INTERIOR DESIGN), 2 Frédéric Meyer (BNP Paribas Real Estate Luxemburg), Amelie Julian (PwC Luxembourg), Julien Pillot (INOWAI), Paul Schonenberg (AMCHAM Luxembourg), Mario Di Stefano (DSM Di Stefano Moyse), Minister Marc Hansen (Ministry of Housing), Neirouz Lahmadi (Citco Gateway Luxembourg), Georges Berna (Property S.A.), Marc Berna (Etude Berna & Associés) 2. Paul Schonenberg (AMCHAM Luxembourg), John Ravoisin (PwC Luxembourg), Frédéric Wersand (PwC Luxembourg), Alexandre Jaumotte (PwC Luxembourg), Mario Di Stefano (DSM Di Stefano Moyse), Minister Marc Hansen (Ministry of Housing), Severine Moca (PwC Luxembourg), Georges Berna (Property S.A.), Neirouz Lahmadi (Citco Gateway Luxembourg) 4 5 3. Paul Schonenberg (AMCHAM Luxembourg), Minister Marc Hansen (Ministry of Housing) 4. Minister Marc Hansen (Ministry of Housing) 5. Mario Di Stefano (DSM Di Stefano Moyse)

THANK YOU TO OUR SPONSORS AND PARTNERS:

Q1 2017 ZENTRIP

NO NASTY SURPRISES ALL-INCLUSIVE RETURN FARES WITH BAGGAGE AND SERVICES

#ifeelgood Book on www.luxair.lu or at your travel agent www.travelblog.eu

AMCHAM COMMITTEES: COMIT MANAGING THE FIRST HOUR OF AN IT CRISIS

On September 28 2016, AMCHAM Lux- embourg, in collaboration with APSI and 1 PwC Luxembourg organized an event on the topic “Action-Reaction: Managing the First Hour of an IT Crisis”. We thank our keynote speaker, Mr. Mo Cashman from INTEL and our panel speakers: André Adelsbach (SES), Gary Cywie (Allen & Overy), Alexandre Dulaunoy (Security Re- searcher, CIRCL), Patrique Felten (Banque de Luxembourg), Pascal Steichen (Security Made in Luxembourg) and Vincent Villers (PwC Luxembourg). 2 3

1. Paul Schonenberg (AMCHAM Luxembourg), Pascal Steichen (Security Made in Luxembourg), Mo Cashman (INTEL), Gary Cywie (Allen & Overy), André Adelsbach (SES), Vincent Villers (PwC Luxembourg), Gilles Vanderweyen (PwC Luxembourg), Alexandre Dulaunoy (Security Researcher, CIRCL) and Patrique Felten(Banque de Luxembourg) THANK YOU 2. Mo Cashman (INTEL) TO OUR SPONSOR 3. Gilles Vanderweyen (PwC Luxembourg) AND PARTNER:

Q1 2017 LANGUAGE LEARNING FROM 5 TO 7 LANGUAGES…

AMCHAM’s “Multi Languages Competency and Training Support ENGLISH FRANÇAIS Tools” project is carried out under the auspices of and with the funding support of Oeuvre Nationale de Secours Grande-Duchesse Giving / Asking Offrir / Demander Charlotte within the MATENEEN initiative. The project proposes for information des renseignements to expand on “The 5 Languages of Luxembourg” project (already available on the AMCHAM website in a pdf format) to Farsi and Ar- Que puis-je faire abic. We thank Mylanguage (http://www.mylanguage.lu/) for their What can I do for you? pour vous? partnership and support. Are you looking Désirez-vous des for information? renseignements? The beginner, intermediate and advanced content in English, How may I help you? Comment puis-je vous aider? French, German, Luxembourgish, Portuguese, Farsi and Arabic will also be made available in the near future on the “youarewelcome.lu” Avez-vous besoin de / Do you need / want désirez-vous plus platform. The “youarewelcome.lu” platform offers interactive, mul- more details? timodal and multilingual features in relation to topics such as ap- de détails? plication for international protection, language learning, localization I am searching for... Je cherche... (cet endroit). of resources, integration issues and much more. The platform is (this place). Je voudrais parler à... developed within the MiRi project which aims to develop a mobile I would like to speak to... communication and learning platform for applicants (DPI) and ben- Pourriez-vous m’indiquer... eficiaries of international protection (BPI). Could you direct me to... (la bonne salle / (the right room / place)? le bon endroit)? Could you help me find...? Pourriez-vous m’aider à trouver...?

Je cherche des I am looking renseignements for information regarding concernant cet aspect / this aspect / problem. ce problème.

Pouvez-vous me dire le chemin Can you show me pour aller à / vers... ? the way to...? Est-ce que je devrais tourner Should I turn right / left / à droite / à gauche / continuer carry on straight? tout droit ?

Invite Inviter Accept Accepter Refuse Refuser

Est-ce que tu voudrais nous rejoindre ? Would you like to join us? Bien sûr. Où est-ce qu’on devrait Sure. Where should se rejoindre? we meet? At what time? À quelle heure? No, sorry, I am busy, Non, désolé, je suis perhaps another time. occupé ; peut-être une autre fois.

Est-ce que Will you help me? tu peux m’aider? Yes, of course Oui, bien sûr que I will help you. je vais t’aider. No, I am sorry... Non, je suis désolé(e)... (give reason) (donner une raison)

Q1 2017 LANGUAGE LEARNING

DEUTSCH LËTZEBUERGESCH PORTUGUÊS FARSI ARABIC

Renseignementer / Auskunft Dar / Pedir Informatioune اطالعات دادن / گرفنت erhalten / erteilen informações تقديم / إعطاء معلومات ginn/froen

Was kann ich für Sie tun? Wat kann ech fir Como posso ajudá-lo? چه کاری می توامن برای شما اجنام بدهم؟ ما ذا أستطيع أن أفعل لك ؟ Wünschen Sie Iech maachen? (Você) Deseja آیا شما به دنبال اطالعات هستید؟ / ?eine Auskunft? Sicht Dir Informatiounen? alguma informação أترغب يف معلومات؟ اطالعات می خواهید؟ Womit kann ich Wéi kann ech Como posso ajudá-lo/ كيف ميكنني مساعدتكم؟ چه طور می توامن به شما کمک کنم؟ ?Ihnen helfen? Iech hëllefen? ajudar-te

هل تحتاجون/ترغبون يف / Wollen Sie mehr Braucht Dir méi (Você) Precisa de معلومات مفصلة؟ آیا شما جزئیات بیشتری می خواهید؟ ?Einzelheiten wissen? Informatiounen / Detailer? Deseja mais detalhes Ich suche nach... Ech sichen ... (Plaz) (Eu) Procuro ... (este lugar). أنا أبحث..../مكان. ... Ich würde gerne mit... Ech géing gär mam Gostaria de falar com... أريد التحدث إىل...... sprechen. schwätzen

Könnten Sie mir den Kéint Dir mir soe wou... هل باستطاعتكم إرشادي...... Você) Poderia indicar-me) آیا امکان دارد که شما ... )اتاق درست / richtigen ... (Raum / Ort) (dat richtegt Zëmmer (a sala / o lugar)? القاعة املناسبة / املكان / مکان صحیح( را به من نشان بدهید؟ ?zeigen. d’Plaz) ass املناسب ؟ Você) Pode ajudar-me) آیا امکان دارد در پیدا کردن ... به من Könnten Sie mir bitte Kënnt dir mir هل ميكنك مساعديت يف کمک کنید؟ ?...a encontrar إيجاد.....؟ ?helfen ... zu finden? hëllefen ... ze fannen

Ich hätte gerne Ech sichen Informatiounen (Eu) Procuro informações أبحث عن معلومات / Informationen zu diesem iwwer dest Thema / dësen sobre este assunto تخص هذا الجانب / املشكل .Thema / Problem. Problem. problema

Könnten Sie mir (Você) Pode indicar-me bitte den Weg Kënnt Dir mir wann ech هل ميكنكم إخباري بالطريق آیا امکان دارد راه رسیدن به ... را به من ?...o caminho para للذهاب إىل /يف اتجاه....؟ نشان بدهید؟ ?nach / zur / zum... zeigen? gelift de Wee op... weisen (Eu) Devo / Tenho de virar Soll ich nach rechts / links Soll ech no riets / lénks آیا من باید به سمت راست / چب بپیچم / à direita / à esquerda هل أستدر ميينا أم شامال/أم ?abbiegen? Geradeaus ofbéien / riichtaus goen یا مستقیم بروم؟ ?continuar em frente أذهب إىل األمام ؟ ?fahren

دعوة دعوت کردن Einladen Invitéieren Convites قبول پذیرفنت Annehmen Akzeptéieren Aceitação شكوى رد کردن / نپذیرفنت Absagen Refuséieren Recusa

Möchten Sie Kënns de gär mat? (Tu) Queres vir connosco? هل تريد أن تلحق بنا ؟ ?mit uns gehen Jo sécher. Claro. Onde nos encon- بالطبع .أين سنلتقي ؟ ?Gerne. Wo wollen wir uns Wou solle mer eis treffen? tramos? A que horas treffen? Um wieviel Uhr ? Um wéivill Auer ? و يف أي ساعة ؟ .Desculpa, mas não posso Leider nicht, ich bin Nee, et deet mir leed, ech Estou muito ocupado. ال. أعتذر انا مشغول , مرة ,beschäftigt, vielleicht ein hunn esou vill ze dinn .أخرى !anderes Mal? villäicht eng aner Kéier. Noutra altura, talvez

Würden Sie mir helfen? Kéints du mir hëllefen? Selbstverständlich (Tu) Podes ajudar-me? Jo, natierlech هل ميكنك مساعديت ؟ !helfe ich Ihnen. Sim, claro que posso hëllefen ech dir. نعم , بالطبع أريد املساعدة . ...Nein, leider kann ich (Eu) Não posso, desculpa Nee, et deet mir leed... Ihnen nicht helfen... (dar uma desculpa) ال , أعتذر } إعطاء عذر } (de Grond) (Grund angeben)

Q1 2017 COMMUNITY NEWS

AMCHAM’S THANKSGIVING DINNER 2016 1 1 On 18 November 2016, the AMCHAM community gave thanks to our Luxembourg hosts, the Luxembourg Government and indeed the collective international community for the good life we live here in this beau- tiful and welcoming country in the heart of Europe. We were honored by the presence of guest speaker Mr. Claude Wiseler, H.E. 2 Ambassador David McKean, H.E. John Mar- shall, H.E. Ambassador Thomas Antoine and Honorary Ambassador Guy de Muyser.

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Q1 2017 COMMUNITY NEWS

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1. Marc Schambourg (Post), Paul Schonenberg (AM- CHAM Luxembourg), Marc Dalscheid (POST) 2. Claude Wiseler, Christian Social People’s Party 3. Paul Schonenberg, H.E. Ambassador John Marshall, H.E. Ambassador Thomas Antoine, H.E. Ambassador David McKean, Claude Wiseler, Honorary Ambassador Guy de Muyser 4. Honorary Ambassador Guy de Muyser, 17 18 Malek Lahmadi (AMCHAM Luxembourg), Katharina Jacobs (AMCHAM Luxembourg) 5. Prize offered by United Airlines 6. Prize offered by Luxair 7. Prize offered by SN Brussels Airlines 8. Prize offered by Autopolis Bertrange 9. Prize offered by Swarovski Kirchberg 10. Prize offered by Lufthansa German Airlines 11. Prize offered by AMCELLARS 12. Prize offered by Hotel Sofitel Luxembourg Europe 13. Prize offered by Mauboussin 14. Prize offered by Caroline Biss 19 20 15. Prize offered by Air Canada & Swiss International Airlines 16. Prize offered by Légère Hotel Luxembourg 17. Gifts offered by Swarovski Kirchberg to all the guest 18. Prize offered by DoubleTree by Hilton Luxembourg Hotel 19. Prize offered by EUG. Hoffman, Instruments d’Ecriture 20. Prize offered by Air Canada

Q1 2017 COMMUNITY NEWS

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23 24 © Artur Kurkowiak

THANK YOU TO OUR 29 CORPORATE PARTNERS:

21. Java Business Management 22. Fortrust Global 23. Docler Holding 24. Citco Gateway Luxembourg 25. Lufthansa German Airlines THANK YOU & SN Brussels Airlines TO OUR 26. Lufthansa German Airlines SPONSOR: 27. Luxair 28. AMMC Law 29. KPMG Luxembourg

Q1 2017 INFORMATION TOOLBOX

FAMILY BUSINESS IN EUROPE Talent wars, innovation, and charging ahead

The Family Business Barometer seeks to next year’s agenda are passing management show which trends are seen and foreseen and ownership on to younger hands. Another within European family businesses. This top strategy is appointing an external CEO. year’s edition turns up a number of interesting insights, such as the war for talent These measures going into place, combined currently being waged, and innovation being with the focus on new people and innovation, the top strategy for developing sustainable point to a forward-looking optimism that is growth. Another prevailing theme is planning not unfounded. In fact, it’s supported by pos- for the future, with many respondents talking itive recent results: over half the companies about formalising governance structures and reported that turnover is up, with a further passing management on to the next gener- 30% reporting that it has remained stable. ation. More and more family business are expand- Louis THOMAS ing abroad, too, with 76% of our respondents The survey also takes the industry’s temper- telling us that they are in the international ature on its confidence level, and the results realm compared to 60% just three years ago. are positive: 83% of the respondents expect overall priorities over the next two years (be- Overall, the growth rate within family busi- growth in the coming year, with 54% having ing beaten only by increasing turnover and nesses is more than double that of the Eu- increased turnover in the previous year. This improving profitability), and of those planning ropean annual economic growth rate—5% is good news considering the importance of new investments over half plan to do so in per annum compared to 2%. And if you ask this sector, which is about 14 million compa- them (which we did), they are not interested nies strong in Europe translating into some in slowing down: a very healthy eight out of 60 million jobs in the private sector. ten are expecting growth in the next year.

Read on for a brief of some This growth, and its accompanying optimism, of the key results of this year’s is most welcome in a European environment survey, or check out the whole currently experiencing some trepidation. “As thing on www.kpmg.com/family we have become accustomed to,” says Jesus business Casado, EFB Secretary General, “family businesses in times of political turmoil and uncer- The war for talent and the crusade for tainty are the stabilising factor to our shared innovation economies.” Christophe Bernard, Global The story of the present epoch seems to Head of KPMG’s Family Business Practice, revolve around personnel: three years ago, Frédéric SCHOLTUS adds that “it is very encouraging to see that in locating key talent wasn’t even amongst the spite of the recent upheavals in the Europe- top five concerns. Now it ranks at first place. an market, family businesses feel confident For any business, of course, talent is no small the name of innovation. and optimistic about their future prospects factor in success—but since family business- and demonstrate positive performance.” es tend to rely more heavily on their employ- From these results we can see that family ees, this challenge will be a particularly key businesses in Europe are preparing for fu- The survey is the fifth of its kind, and collect- one in this sector. Notably, family businesses ture growth by positioning themselves with ed data from 959 completed questionnaires tend to keep their people for longer than oth- the best people and the freshest ideas, prod- sent to participants spanning 23 countries. er businesses, so if the war for talent is be- ucts, and services. Find out more on kpmg.lu or e-mail us at ing felt here it perhaps indicates the degree [email protected] to which the global workforce is becoming Charging into the future more restless or more demanding. Indeed, we can observe family businesses’

preoccupation with the future, as almost nine Louis THOMAS Notably, other top concerns included political in ten respondents already have formal gov- Tax Partner – Family Business Leader, uncertainties and increased competition. The ernance structures in place. Furthermore half KPMG Luxembourg other recurring theme within the survey is in- of the survey participants already involve the Frédéric SCHOLTUS novation, which comes foremost in respond- next generation at the management level, Associate Tax Partner ents’ strategies in 2016. It also ranks third in and among the most-cited strategic items on KPMG Luxembourg

Q1 2017 AMCHAM COMMITTEES: ABAL

AMCHAM’s 2016 CHRISTMAS LUNCH

Minister of Finance Pierre Gramegna joined contributions to the economic success of 1. Minister Pierre Gramegna us and our partner organizations on 7 De- Luxembourg, he took the occasion to pre- (Ministry of Finance), Paul Schonenberg (AMCHAM Luxembourg) cember 2016 for our Annual Christmas view the Luxembourg Government national 2. Pedro Castilho (IBCL), lunch. After thanking AMCHAM and the budget for the New Year. H.E. Ambassador Lilian Zamfirescu, international community for their important Paul Schonenberg (AMCHAM Luxembourg), We were honored by the presence of H.E. Minister Pierre Gramegna, H.E. Ambassador David McKean, Ambassador Thomas Antoine, H.E. Ambas- H.E. Ambassador Thomas Antoine, 1 sador Peadar Carpenter, H.E. Ambassador H.E. Ambassador John Marshall, David McKean, H.E. Ambassador John Mar- H.E. Ambassador Carlos Semedo, H.E. Ambassador Peadar Carpenter, shall, H.E. Ambassador Carlos Semedo, H. Lihong Zhou (Bank of China Luxembourg) E. Ambassador Lilian Zamfirescu. 3. Minister Pierre Gramegna (Ministry of Finance) 4. Paul Schonenberg (AMCHAM Luxembourg) 5. Guests and partners

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THANK YOU TO OUR CORPORATE PARTNERS:

Q1 2017 INFORMATION TOOLBOX

WHY IS DIGITAL ECONOMY A REAL REVOLUTION? Facts & Vision.

When we look at history, the late 19th century Customer Experience. How to deliver om- brought the industrial economy and supported ni-channel experience? Catching interests the development of capital goods and consum- very early in the marketing / sales process, er products like never before. In the middle of capitalising from personal data & behaviours; it Pierre-Jean FORRER the 20th century, with IT innovations, worldwide is all about you and your products being pres- distribution was transformed and has grown ent where customers are looking and without massively, enabled by new communication, this, it is becoming harder and harder to suc- automation and robotic processes. In the latter “Acquisition, cessfully position one’s business. part of the 20th century, with the introduction of the Internet economy, B2C and B2B rela- training and retention Core Business Processes. How to digitize op- tionships have been completely reimagined. of your talents erations? Moving away from heavy processes, All those innovations cycles have created new becoming quicker at reacting to market shifts, emerging businesses, new markets and chal- are more and more connecting to collaborative networks; efficien- lenges for businesses in terms of adopting to critical for growth” cy and productivity as well as being pertinent new transformations. all are enabled through digitalisation. Whereas previously, business cases were de- Nowadays, with the maturation of the digital fined through analysis of costs versus risks; Workforce Engagement. How to engage economy, development will also shake and focus must now be put on new revenue stream workforce? Acquisition, training and retention reshuffle the deck of cards with even quicker enablement. of your talents are more and more critical for pace and to a deeper extent. growth; new & future generations of workforce Whereas up until recently, IS/IT were applica- need to adopt valuable processes. Statements tion driven; now it is all about having a digital Leaders are emerging from the least likely of platform with Apps etc. in order to be in line Supplier Collaboration and Business Net- areas. 90% of CEOs believe the digital econo- with data & process fragmentations. works. How to increase supplier collaboration? my will impact their industry but less than 15% Flexibility, orchestration of time to market, inte- are executing effectively on a digital platform. Whereas previously, main stakeholders were grated chain of collaborative processes; mobi- Early adopters are achieving revenue creation, the CFO and CIO; now the CEO and CDO are lizing the appropriate resources for proper and positive impact on profitability and additional key to transformation and innovation process- competitive customer deliveries is key. market valuation. Every economy is expand- es. ing beyond traditional industry boundaries and Conclusion also adapting to further technological advanc- Whereas previously, initiatives were Big bang / Whatever your activity sector is; defining the es. This is creating an environment where be- solution & value driven; it is now a must to be proper roadmap for your necessary disruptions coming digital is a necessity. Iterative / use case & proof of value as well as is the tangible framework to assemble and using Cloud as an accelerator. support key investments decisions. This is the Illustrative necessary value of our EY Technology Vision Advisory in transformations 5 Key pillars to digitally transform / Luxembourg, a clear analysis of opportunities Previously, most of the necessary transforma- framework you may catch in the near future to support in- tion efforts businesses were required to carry Assets & Internet of Things. How to better novations & maintain existence in the market. out were related to business process automa- utilize products and assets? Collecting sensor tion and re-engineering internally; now, how- data, real-time connection with assets & prod- ever, businesses are required to transform by ucts; major areas of business, where all were Pierre-Jean FORRER implementing and adopting new innovations blind they are now enabled adding a huge IS/IT Advisory for Transformation Projects, and external positioning into fast moving eco- amount of value. EY Luxembourg systems. 25

Q1 2017 COMMUNITY NEWS

FAREWELL TO AMBASSADOR MCKEAN

On Tuesday 17 January 2017, AMCHAM Luxembourg organized a farewell lunch at 2 3 Cercle Munster for the U.S. Ambassador to Luxembourg, David McKean, whose term of office expired on 20 January 2017.

4 Photo 1©: Geoff Thompson (Chronicle.lu) 1. Paul Schonenberg (AMCHAM Luxembourg), H.E. Ambassador David McKean (U.S. Embassy Luxembourg) 2. H.E. Ambassador David McKean (U.S. Embassy in Luxembourg) 3. H.E. Ambassador Thomas Antoine (Belgian Embassy Luxembourg), Paul Schonenberg (AMCHAM Luxembourg), H.E. Ambassador David McKean (U.S. Embassy Luxembourg), Ms. Kathleen Kaye (U.S. Embassy Luxembourg) 4. Paul Schonenberg (AMCHAM Luxembourg), H.E. Ambassador David McKean 6 (U.S. Embassy Luxembourg), Alison Shorter-Lawrence (U.S. Embassy Luxembourg) 5. Paul Schonenberg (AMCHAM Luxembourg), Ms. Kathleen Kaye (U.S. Embassy Luxembourg) 6. H.E. Ambassador David McKean (U.S. Embassy Luxembourg), Malek Lahmadi (AMCHAM Luxembourg), Paul Schonenberg (AMCHAM Luxembourg), Alessandra Nonnweiler (Luxembourg Air Rescue)

Paul Schonenberg, AMCHAM Chairman, Ambassador McKean stated that he has re- wished all 80 attendees a Happy New Year ally enjoyed getting to know the country and on the occasion of the business chamber’s thanked Paul Schonenberg and AMCHAM THANK YOU first event of 2017. He stated it was also for inviting him here today. He stated he TO OUR PARTNER: a sad occasion as they were assembled to was impressed with the chamber’s scope, say farewell to Ambassador McKean. After activities and Paul’s leadership. the meal, Paul Schonenberg presented a large bouquet of flowers to Ms. Kathleen In an emotional conclusion, he recalled his Kaye, the wife of Ambassador McKean, and time in Luxembourg and hoped for contin- a Luxembourg flag which had been flown ued good relations between the two coun- around the Grand Duchy in a helicopter by tries.

Luxembourg Air Rescue, to Ambassador Geoff Thompson McKean. Chronicle.lu

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Contact us for more information at: d.law Aerogolf Block A 1, rue Heienha L-1736 Senningerberg Grand Duchy of Luxembourg Tel. +352 270 477 00 www.dlaw.lu Business Law ﬁrm EXPAT PROFILE SNAPSHOTS

EXPAT PROFILE SNAPSHOTS IntegrationEXPAT is a two-way street:PROFILE newcomers need to adjust and fit in, but at the same time they can make a great contribution to the economic and quality of life success of Luxembourg. The following twoSNAPSHOTS interviews are designed to put a human face on expats explain- ingIntegration who they is aare, two-way what theystreet: think newcomers about Luxembourg, need to adjust their and aspira fit in,- tions,but at whythe samethey aretime here they andcan makewhat contributionsa great contribution they have to the or eco can- makenomic to success Luxembourg. and quality In this of editionlife in Luxembourg. and all of the The 2016 following editions two of Connexioninterviews arewe designedwill feature to two put Expata human Profile face Snapshots. on expats Ourexplaining goal is towho bridge they theare, gapwhat between they think newcomers about Luxembourg, and long-time their residents…aspirations, andwhy thereforethey are heresupport and integration. what contributions This initiative they ishave supported or can bymake the “Asylum,to Luxembourg. Migration In thisand edition Integration and all Fund” of the (AMIF) 2017 andeditions the Luxemof Con- bourgnexion Receptionwe will feature and Integrationtwo Expat ProfileAgency/Ministry Snapshots. ofOur Family goal isand to Integrationbridge the gap(OLAI). between newcomers and long-time residents… and therefore support integration.

Q1 2017 EXPAT PROFILE SNAPSHOTS

MALEK AOUINI - LAHMADI Overcoming Barriers, Joining the Community

Malek Aouini - Lahmadi, is Marketing and without family locally, so when she and Nei- Business Development Manager at AM- rouz began their family, she coped well with CHAM. Unlike many immigrants to Luxem- the help of her new understanding of how bourg, language was not a barrier for her Luxembourg works, good neighbours and when she arrived. Hailing from Tunisia, she an excellent crèche system. She enjoyed the spoke French fluently. She settled here in stability and rhythm of a young family and Luxembourg in 2005 with her husband: of the educational system. As her children “We met and married in Tunisia. My husband grew, she put down strong roots in the com- worked here in the real estate and financial munity and made new friends. industry for many years, so it made sense for me to join him and to discover Luxembourg.” Although Malek speaks, French, Arabic and English very well, the language of their house Used to the lively hustle and bustle of her is Luxembourgish. She admits that after liv- home town, she was struck by the lack of ing in France, Dubai and the United States, people on the street and the quiet, when she Luxembourg was an adjustment, but she is arrived in August. Little did she know that proud to live and work here and is studying many Luxembourgers were off vacationing for her nationality. “We never go outside the in her own country! The deserted city made she decided that the only course of action country to do our daily shopping.” she says, her miss her friends, family and her home was to commute to Paris. She rode the train “We earn our money here, pay our taxes even more. “There were not many Tunisians every week for 2 years, so that she could here, and spend our money here. That keeps in Luxembourg back then, and even today it hone her fashion and accounting skills work- the economy strong for everyone.” is unusual to meet someone from a southern ing for a fashion house there. Spending only Mediterranean country.” The town seemed weekends with her husband, Neirouz, was At AMCHAM, Malek has found her calling. deserted and uninviting to a young, newly-ar- difficult but it afforded Malek a unique op- With 17 committees and over 40 events rived bride. “I wondered where all the people portunity to fill her time with more studies per year, Malek has her hands full. She has were?” and to complete an MBA at the prestigious a passion for helping people, locals and Grand Ecole, HEC, in Paris. Eventually, once expats, sees that they are not so different Malek occupied herself with the necessities. graduated, she decided to give Luxembourg after all. Her position at AMCHAM allows Finding her way around town and looking another chance, returning in 2007. It was her to have regular interaction with Luxem- for a job. But her double degree in Fashion during this period that she began to see her bourgers as well as expats. “Even though and Business Administration and her wish to adopted country with new eyes. Mounting I was not born here, we all have the same work in the Fashion Industry also presented fashion events for the Red Cross in the pres- dreams, hopes and and aspirations for our- a challenge. She had a deep love of style and ence of the Grand-Duchess, Malek began to selves and our children. Luxembourg is a fashion and she wanted to turn it into a ca- integrate and to understand Luxembourg’s jewel and we are grateful that it affords us reer. But here in Luxembourg, where bank- appeal. ‘We live in a Luxembourgish neigh- a safe, stable and welcoming environment, ing is the largest sector in the economy and bourhood,” she says, “all our neighbours where we can work and contribute to the the financial sector comprises over 35% of are Luxembourgers and, although they may economy, and fabric of the community. I real- the GDP, there weren’t many jobs in Fash- seem a bit cold to strangers, they are warm ly want to thank from the deepest part of my ion. As a new graduate, even with a 3-month and welcoming to people they know and heart the people who contributed to make internship at the World Bank in Washington trust. We appreciate that we have been wel- me stronger day after day like this country.” DC, it was difficult for her to find any entry comed in like family.” level job. Interview by Lisa Francis -Jennings, Malek’s first job in Luxembourg was in real Strataffect Being a young, proactive woman with big estate. She learned a lot about customer ser- dreams, (and a winner of the Aiguille d’Or vice and about moving and settling in Lux- Award for excellence in 2005 from ESMOD), embourg. She, like many immigrants, was

Q1 2017 EXPAT PROFILE SNAPSHOTS

PAUL SCHONENBERG Heart & Head Working for Luxembourg in Luxembourg

One might think that it would be difficult for a lobbying the government, where needed, to ing the many proactive people and groups in- hard-core New Yorker to make the transition ensure Luxembourg-based companies are volved, and the government’s warm, welcoming to the friendly, small-town feel and cordiality of well served by national policies. His personal approach. “We are one of many organisations Luxembourg, but Paul Schonenberg took to it overarching goal: ensuring that Luxembourg that collaborate with the government frequent- like a fish to water. remains strong economically by making it eas- ly. While AMCHAM is a bit bigger and more ier for International companies and their highly active, we all work together as a team.” In 1992 Paul jumped at the chance to relocate skilled professional employees (all potential tax from Washington DC to Europe. Thanks to his payers) to get established, live and work here Of course, Paul holds no illusions about the upbringing in New York and his considerable comfortably... and make profit. challenges facing Luxembourg. “Our cost of global assignments, he was already more ad- living is high. This means it is difficult to justify aptable, understanding, and able to acclimatize An active player on both business and govern- ‘entry-level’ work so more and more low-skilled to a mix of cultures, than many in the 90s. Al- ment scenes, Schonenberg works tirelessly jobs are outsourced to lower-wage locations.” though he was not familiar with Luxembourg on behalf of entrepreneurs and big business before his arrival, serendipitously, it seemed the to promote issues that impact the community, For the good of the country and society, he perfect match. “It was an unintended and unin- and residents. “I feel privileged and honoured sees it is critical to find new cost-effective tentionally extra-good fit and I have watched to be AMCHAM’s Chairman, and to be able to and achievable solutions. “Luxembourg is at with pride and appreciation as Luxembourg make a meaningful contribution.” a cross-road; companies locate and remain developed a world-class vibrant international here because it is in the best interest of the culture over the past 25 years.” AMCHAM’s track record supporting great ini- company and its shareholders. They are not in tiatives is impressive. Their work ensuring sub- Luxembourg because of some requirement or After finishing his government service career sidies for private schools has enabled the de- for charity. If government and business do not at NSA (NAMSA Luxembourg), a large bu- velopment of a more appropriate, high-quality, work together to ensure a nurturing, protected reaucracy, he looked for a fresh start. He tran- dynamic English-speaking school environment business environment, we could lose the ad- sitioned to Clearstream International, filling a for children who come to Luxembourg for vantaged position we’ve had for many years. senior HR management role with BoD respon- a few short years, but often stay longer than That could result in losing some or all interna- sibilities. It was during this time (1997 – 2010) planned. Since it’s the global language of busi- tional companies to another European country that he joined AMCHAM, offering first to set ness, English-speaking learning environments that is more receptive to their needs.” up an HR Committee and then stepping up to are important for students aspiring to work for become the Chairman and CEO, a position he international companies here and abroad. AM- Despite the serious nature of Luxembourg’s has held for the past 18 years. CHAM’s support for the 1.1.1. initiative made current situation, Paul remains convinced it possible for an entrepreneur to set-up a that Luxembourg is the best place in Europe Now, as the longest serving AMCHAM Chair- company for 1 euro, in about 1 day. And Doing for international companies to establish and man and CEO in Europe. Paul shepherds the Business in Luxembourg, in its 4th edition, has maintain their European headquarters. “Be- voices of many expat companies, individuals become the de facto business bible of Luxem- ing fortunate to have the resources to live and other immigrant groups while building bourg, providing critical information necessary anywhere on our planet, I have found my bridges of cooperation, understanding and to effectively manage integration into life in second home here. I’ve developed a rich cir- mutual support with the government and the Grand Duchy. For the past 4 years, Paul cle of colleagues and friends. I have deep other Luxembourg institutions. AMCHAM has also been the elected President of the Na- roots in the community. Luxembourg is a so- Luxembourg, the biggest private Chamber tional Council of Foreigners, the governmental phisticated, wonderful and worldly country. I of Commerce here, focuses on encouraging organization which allows foreigners to influ- consider it a privilege to live and work here.” and providing English-speaking networking ence national decisions processed through the opportunities; providing information for ex- Chamber of Deputies. Interview by Lisa Francis -Jennings pat companies and employees on rules and Strataffect practises in Luxembourg; problem solving to Paul has a humble view of his role helping ensure good policies and procedures; and Luxembourg understand expats, acknowledg-

Q1 2017 COMMUNITY NEWS

MAKING INTEGRATION WORK The International Community Center (ICC) project

Although the economy is stronger in Lux- while real and compelling, do not overtake national Community of Luxembourg (IN- embourg than in the surrounding countries, the other needs of the business community TCOMLUX). With this asbl, we developed and indeed most all of Europe, it is harder which are the real reasons that AMCHAM and launched our well received Multilingual to get a job than a few years ago as both exists. Languages of Luxembourg program with employees and their employers struggle basic, intermediate and advanced courses to remain competitive and fight off global to simultaneously learn: Luxembourgish, competition. These circumstances can es- French, German, English and Portuguese to pecially impact the international resident functional fluency level. Likewise, we devel- populations as foreigners seldom have the oped and launched our well received New- same degree of personal and family support comers to Luxembourg Saturday 6 hour structures as Luxembourg natives. Add to course. Over the near past, AMCHAM has this, the need for multilingual competency started to offer newcomers courses in Por- and multicultural requirements and Luxem- tuguese as well as the original English, and bourg can be an especially difficult place for we have been given a grant from the chari- foreigners to find a job and provide for their ty of the Grand Duchess (Œuvre Nationale families. de Secours Grande-Duchesse Charlotte) to develop audio versions of our Languages Since a healthy living environment is critical of Luxembourg program as well as I-Phone to ensuring a vibrant business environment, and Android applications to bring these AMCHAM has always provided lectures, multiple language learning programs to the information and other support to individual refugees and other students in need. These expat employees and to ensure a good liv- latest projects are currently in testing and ing environment. But we have always done will be launched in the Spring of this year. this with an understanding that the first demands of our members are in support of Now we are taking these projects to a new their business needs. So while social needs To bridge the developing gap between both and higher level by launching an Interna- have every year appeared to increase, we sets of needs, 4 years ago we created a tional Community Center in the courtyard have felt in conflict to ensure those needs, socially focused charity called: The Inter- of the building housing the archives of the

Q1 2017 COMMUNITY NEWS

Ville de Luxembourg just across the bridge Promoting independence and empowering cept Electro, Lifelong Learning, ICJ - Centre from the train station in Bonnevoie on the people to be the best they can and want to Information for Young People, Novus Ren- opposite side of the street from the support be. ovation, Freitas, FZ Peintures, ROSPORT center for the homeless people on Route Commune and Mylanguage. de Thionville. The International Community Center website is: http://www.iclux.org/ While we most sincerely thank all of our and the street address is: 7-9 Route de sponsors and partners to date, there re- Thionville, L-2611 Bonnevoie. mains much more to be done to make this dream a reality. Because many within the In this two story building with a full base- target populations we seek to serve are of ment where we will have a Community Hall, limited financial means, everything we can we will offer four large and well equipped do to gain additional financial sponsorship classroom/activity rooms as well as four will allow us to reduce the costs that we small offices for community use and a re- have to charge the end customers. There- ception office. Our vision and goal is to offer fore we solicit corporate sponsorship, pref- language and skill training to unemployed erably with an ongoing commitment to this people from 8 in the morning until 14:00, valuable corporate social responsibility pro- followed by an after school student program ject. Anyone with something to donate as from 14:30 till 18:30 in IT, languages and equipment or services in kind as well as fi- skills for living for international students nancial grants will be most appreciated and enrolled in the Luxembourg school system, honored. Please contact me via AMCHAM and evening/ intensive weekend programs for a further discussion. for employed people looking to further pro- fessionally develop. We admit this is the biggest project we have Help us to make this dream a reality! undertaken and we are a bit nervous about With respect and best wishes, the challenge and the cost. But, we are

likewise convinced of the need and deeply Paul-Michael Schonenberg thankful for the first support we have received from certain companies and asbls.

Our project launch first financial donor Clearly integration is a major challenge has been AMCHAM itself. This has been and the Government is making sub- followed by Docler Holding donating very stantial investments to make progress. generously 33 Computers and tables in ad- In this article we describe the initiatives dition to a long term financial grant. MNKS AMCHAM and our partners have un- has generously donated 61 office chairs for dertaken and ask for your cooperation use in the classrooms. Cargolux and Anglo and support. In the Connexion Spring Classes will be taught in English and Portu- American have generously donated surplus issue, we will do our best to summa- guese as well as other languages. furniture and other equipment. ING has of- rize the most important of the Govern- fered their support as well and I personally ment’s Integration Initiatives (including This International Community Center will have made a long term donation. We also the “I can vote” campaign) with inter- also offer hosting facilities for a House of appreciate all of the generous ongoing view comments from the Ministers ASBLs and a House of Entrepreneurs, to support of our landlord, Victor Kneip, and of Family, Education, Foreign Affairs, build networks of support and offer afforda- Marcel Bruijn, the head of the insurance Economy, Labor and Culture. ble working facilities on a time share basis Agency Wiltgen & Bruijn et associés. We in support of the smaller asbls of limited most sincerely thank our over 30 individual means and Entrepreneurs, also of limited Luxembourgers and Expats who have per- means. Our goals are: Communities sup- sonally contributed their time to clean, paint porting communities; Integration through and otherwise renovate the building. Our bridge building between communities; partners include: ADEM, Mvoip, Inter Con-

Q1 2017 DOING BUSINESS IN LUXEMBOURG

CHARTER MEMBERS The American Chamber of Commerce ALFI in Luxembourg a.s.b.l. is an international Alter Domus voluntary organization of business persons AMMC Law - Avocats à la Cour committed to promoting English-speaking AMPLEXOR Luxembourg networking opportunities and business Arendt & Medernach, Attorneys at Law relations in the Grand Duchy. Badenoch & Clark Bank Julius Baer Luxembourg S.A. Bank of China CHAIRMAN AND CEO BDO Tax & Accounting BIL Paul-Michael Schonenberg BNP Paribas Real Estate COMMUNICATIONS DIRECTOR By Lentz CASTEGNARO Natalia Durus, - [email protected] Clearstream International Covidien MARKETING MANAGER Dechert Luxembourg Deloitte Malek Lahmadi - [email protected] Delphi Corporation Docler Holding EDITORIAL COMMITTEE DSM Avocats à la Cour Natalia Durus, Etude Notaire Karine Reuter Paul-Michael Schonenberg European Relocation Services EY Luxembourg LAYOUT CONCEPTION Finimmo Fragomen lola.lu G4S Security Solutions Goodyear PRINTER Guardian Europe Print Solutions Halsey Group Intertrust (Luxembourg) AMERICAN CHAMBER OF COMMERCE IN LUXEMBOURG Intrasoft International Java Business Management 6, rue Antoine de Saint-Exupéry - L-1432 Luxembourg King & Wood Mallesons Phone: (+352) 43 17 56 - Fax: (+352) 26 09 47 04 KNEIP KPMG Luxembourg WWW.AMCHAM.LU Leadership Solutions Europe LOGOS IT Services S.A. Loyens & Loeff Luxembourg School of Business McKinsey & Company MNKS Oppenheim Asset Management Services Oracle POST Luxembourg PwC Luxembourg Please Note: RBC Investor & Treasury Services The American Chamber of Commerce in Luxembourg Ramius Enterprise Luxembourg Holdco does not necessarily endorse the views or opinions expressed Sandstone in this periodical nor accept any responsibility in connection with information rendered. State Street Bank Luxembourg Copyright © 2017: Streff Removals & Storage The American Chamber of Commerce in Luxembourg Team Relocations No part of this publication may be reproduced without written Totalserve Management permission from the American Chamber of Commerce in Luxembourg. Unify S.A. All editorial materials and advertising inquiries should be addressed United International Management to the Chamber at the above address. Weidema van Tol Luxembourg

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