The External Corporation Regulation Act

[Lucien Cordel]

The External Corporation Regulation Act​

The Techno union, due to its favourable taxation policies has become an ideal growth space for business. This has led to an influx of corporate membership to the union however it has also led to a number of external entities setting up shop in union territory. It is difficult to track these external bodies and as such there may bodies who are paying disproportionate levels of taxation. In addition the expansion of the union has brought many businesses who were not previously under our regulation into the fold, this act serves to protect their interests.

1. ​All corporate bodies not holding a seat on the executive council, Including any bodies headquartered outside union space but with holdings however small in union space, are required to register with the ministry of finance.
2. Registration will come at a standard cost of 30,000 credits, Lower fees can be granted by the Finance ministry in the case of smaller and newer enterprises and in return They shall be awarded the following Protections:

• ​Protection from unprovoked Nationalisation
• Discretionary exemption from/ reduction of Import and export tariffs at the discretion of The minister for finance and the executive council
• The ability to appoint a representative to sit in on , but not take part in, executive council meetings​
• ​The Full Protection of the union as afforded to businesses owned by Union Members

3. In return for these advantages and protections external bodies are subject to certain requirements with Penalties in place should those requirements be ignored:

• All external Businesses shall on request of the ministry of finance turn over all accounts linked with, explicitly or implicitly, holdings or transactions within union territory. Failure to comply will result in the seizure of all assets within union space and potential criminal charges being brought against executives of the concerned corporate body
• All external Businesses shall pay annually the standard rate of tax, for their tax bracket, plus three percent. Failure to pay will in the seizure of all assets within union space and potential criminal charges being brought against executives of the concerned corporate body
• All external businesses shall maintain a policy of hiring 50% of the workforce for union holdings from the pool of native workers.Failure to comply will result in the nationalisation of all assets within union space
• All external Businesses shall on request of the ministry of finance or the executive committee shall submit to hearing before a committee of members appointed by the executive committee on any subject the union feels necessary.Failure to comply will result in the seizure of all assets within union space and potential criminal charges being brought against executives of the concerned corporate body.

4. For the Purpose of this act an outside Business / corporate body shall be defined as a Commercial enterprise, headquartered outside the Union's territory and/or unaffiliated with the central Government of the union, which owns or rents commercial premises, owns or rents premises assisting in commerce(I.e warehouses or distribution centres but not residences not used for commercial gain), Conducts any business within the union (Excluding Purchases) or who uses Union banks to store amounts in excess of 100,000 credits obtained through a commercial enterprise (In this case the lower level of involvement will be reflected in Lower registration fees and taxation at the discretion of the Finance Ministry)

 

[Gorba the Hutt]

The bipedal whale representing the interests of both Darkwater Security and the Herglic Trade Empire perused the legislation before the Executive Board.

"Hmm, no. No, I don't think this will do. Body 2 states that members may gain access to full protection of the Techno Union for a mere three hundred credits. The idea that we would be beholden to anyone with a business license and handful of cred chips is untenable. Hauum, I'm a gambler, you know, but I'm afraid the risk is not worth the take. Hauum. Might I suggest upping the price? Ten thousand as the starting limit, perhaps? High enough to be respectable, but onto so high as to push out small business owners. Just enough to discourage the pittance of charlatans."

His rich, rumbling bass rolled through the room, deep as the ocean.

"But I recognize this for what it is. You, my dear Mr. Cordel, have proposed a very interesting anti-Outsourcing policy. Or so it seems. I'd say more, but I'm afraid that - as in so many matters of policy - it is all in the definition. Can you present us with a clear-cut definition for these... hauum... external businesses you speak of?"

[member="Lucien Cordel"]

 

[Lucien Cordel]

Lucien Nodded "Of course, You are quite correct good sir" He chuckled "I fear I may have missed off a few zeros " He tapped away and the passage was amended "You should see an amended fee now "

He then moved on to [member="Hion the Herglic"] 's next concern

" For the Purpose of this act an outside Business / corporate body shall be defined as a Commercial enterprise, headquartered outside the Union's territory and/or unaffiliated with the central Government of the union, which owns or rents commercial premises, owns or rents premises assisting in commerce(I.e warehouses or distribution centres but not residences not used for commercial gain), Conducts any business within the union (Excluding Purchases) or who uses Union banks to store amounts in excess of 100,000 credits obtained through a commercial enterprise (In this case the lower level of involvement will be reflected in Lower registration fees and taxation at the discretion of the Finance Ministry) " He replied "For example during our annexation of Marmere I was approached by an unaffiliated business to request that I see to it that a mine they owned remained in their possession the act regulates and outlines such protection" The definition was also added to the act