Internationally Incorporated Company
Like a number of publicly listed companies, Vistaprint has a global corporate structure. Theirs consists of a parent company in the Netherlands, and subsidiaries in other locations including Bermuda, Jamaica, Canada, Spain, France and the United States. In a public quarterly earnings announcement July 30, 2009 it was revealed that Vistaprint’s board of directors concluded that it was in the best interest of the company and its shareholders to move the corporate domicile from Bermuda to the Netherlands, and to establish a two-tier board structure that is typical in Dutch corporate governance. The company also established a headquarters office in Paris. The company cited internationalism in market objectives, operations, corporate culture and corporate structure as reasons for the re-incorporation.
CEO Robert Keane stated in the company’s third quarter FY 2009 earnings presentation that, “Other factors contributing to our decision include the highly stable economic, political, and regulatory environments in the Netherlands and France; Vistaprint’s significant and rapidly expanding European operations; our company’s historical roots in France and the Netherlands; and the long-established commercial relationships and tax treaties that both France and the Netherlands have with other countries around the world. In summary, we believe that these moves will provide important managerial, economic and operational benefits for our company that will augment our competitiveness in markets worldwide.”
The company also said it does not expect any material change in its financial results or its effective consolidated tax rate as a result of either the re-establishment of a headquarters office in Paris or the change of domicile to the Netherlands.
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