Founded in 2002 and based in Hamilton, Bermuda, Aspen operates through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

FORBES: Share Buybacks Enhance Aspen Insurance's Value

According to the Department, it is significant for franchise tax purposes that Sprint Corporation chose to carry out its telecommunications business in Louisiana through Sprint Communications LP and that it chose to direct that partnership through the companies and US Telecom, which were wholly-owned subsidiaries.

FORBES: Sprint Uses Partnership Structure to Dodge Louisiana Corporate Tax

Officials have said foreign banks could later apply for licenses for wholly-owned subsidiaries in a country with an antiquated banking system that only recently added interlinked ATMs. Many people stash money in safes or buy gold and jade rather than trust local banks, which last suffered a run in 2003.

FORBES: Standard Chartered First In Line As Myanmar Mulls Foreign Bank Licenses