Le Royalties Companies

[Autom. eng. transl.] The royalty companies represent the corporate container destined to the possession and exploitation of brands, patents or other intangibles, in a desirably synergic strategic perspective. Typically inserted in groups, royalty companies have often been established in the past for the external display of brands and patents in tax havens, quickly transformed into infernal traps. The ontological specificity of the intangibles makes them difficult to compare, hindering the tax claim to parameterize them to other apparently similar assets and leading to the paradox that their fair value must be understood in fact as an "abnormal value". The risk matrix, above all strategic and market, is based on a scan of the pe rpet and the royalty company activity and is functional both to the evaluation of the company and to an analysis of its debt capacity, hampered by the limited collateral value typical of many intan-gibles. The growing importance of intangibles in allowing a competitive advantage of differentiation is a valuable springboard for the corporate vehicle that must act as their container.