http://blogs.forbes.com/parmyolson/2010/10/28/behind-vodafones-multi-billion-dollar-tax-flap/

Bonzo, did you say you were an accountant?   The world and its dog knows that the principal reasons for any business (that does not have a large local market) to incorporate in Liechtenstein, the Isle of Man, the Channel Islands, the Caymans, the BVI, the Netherlands Antilles (so that you can do a "Dutch Sandwich") or Delaware or indeed Belize are to avoid tax, to avoid disclosure, and to avoid regulations.