English to Spanish Bus/Financial Business/Commerce (general) Companies

Esta frase aparece en varias combinaciones al hablar de sociedades o empresas en temas fiscales.

Ejemplos de uso:

1. As a variation to the “pure” Belgian Holdco, groups with operations in Belgium might consider using one of their Belgian operating companies to act as a holding company.This may, for instance, increase the leverage at the level of the operating company (by debt financing the acquisition of the affiliates), and having a holding company WITH SUBSTANCE would prevent issues from arising in countries (e.g. Italy, Germany and France) with measures aiming at combating the interposition of holding companies for mere tax purposes.
2. This allows deferring taxes depending on the place of business of the affiliated company (assuming the taxes levied at its level are lower than the already minor taxes levied at the level of the Swiss holding company (for instance, reinvestment in an offshore company WITH SUBSTANCE))