Our Commercial Director in Paris explains the important role
France plays in the fast-growing aircraft leasing market of
Air travel is a key form of transportation for
Indonesia and no wonder - the country's population is over
250 million and it's made up of more than 17,000
islands. South East Asia's biggest economy is a
fast-growing market for airlines as both internal and international
routes expand. Lion Air ordered 200 Airbus in 2013 and Garuda
placed a request for 60 Boeing and 30 Airbus aircraft at the Airbus
show in Bourget, France, earlier this year.
There is of course also the usual aircraft replacement and
diversification need by companies, which leads to Indonesian
airlines establishing new affiliates and subsidiaries.
Not all airlines buy new aircraft, with many instead turning to
aircraft leasing companies. TMF Group in France works closely with
tax and legal firms to assure local compliance particularly around
aircraft leasing transactions and transfer pricing documents.
It is quite typical for the owner of the aircraft to be an Irish
entity, with the aircraft then on-leased via France to Indonesia.
Setting up leasing arrangements via France may allow for certain
tax, accounting and/or regulatory relief and TMF Group France
provides Accounting/Tax Compliance, Management, Domiciliation and
Corporate Secretarial services to these types of entities.
Support partners such as ourselves are really important to
ensure leasing companies operating in France are registered for
corporation tax swiftly after incorporation, for example. Our
experts also assist with VAT registration and tax residency
TMF Group can also help by coordinating the opening of the bank
account once the aircraft leasing company has arranged for the
necessary introduction. Opening a bank account in France can be a
time consuming matter especially due to compliance requirements,
and working with us can help ensure this is done smoothly.
Additionally our experts see that monthly accounting reporting
takes place on time, necessary annual reports are prepared,
approved by shareholders and filed by the legal deadlines with the
French commercial registers.
Some aircraft leasing companies have a small number of employees
to begin with, with tailored remuneration and benefits packages.
Our experts in France frequently help in this area as well. We
work closely with our colleagues in Ireland and alongside lessors,
banks, lawyers, auditors and other parties involved to keep the
entire aircraft leasing structure compliant.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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This part picks up on the contract of lease, regulatory aspects of financial leasing and interest rate rules in leases.
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