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Since 2019 the British Virgin Islands (BVI) have adopted the Economic Substance (DIT IS) regulations under the pressure of the European Union (EU). They apply to some specific activities (the “relevant activities”) which most people would use the BVI for (ie: holding companies). Any company or limited partnership has to show that either: it has an economic substance in the BVI (ie: local employees and/or local managers) or it is tax residence somewhere else than the BVI. It would make no sense (at least to most people) to hire local employees just for the sole purpose of creating an economic substance ... Read more

Starting 1st January 2024: all US registered entities have to declare and identify their Beneficial Ownership to the US Financial Crimes Enforcement Network (FinCEN). What to declare? Any US entity shall declare and identify all Beneficial Owners over 25% (name, residential address, and passport scan should be given). Who needs to declare? Any US entity registered with any Secretary of State is required to declare, and to have an EIN, SSN/ITIN of the owner, or a foreign Tax ID for the declaration. We offer an EIN service if you do not have one. Is there any exemption? Yes, all those ... Read more

The United Kingdom (UK) companies registrar Companies House will multiply their fees by an average of 3.5 from 1st May 2024, due to the Economic Crime and Corporate Transparency (ECCT) daad.

A formal email was received from the Russian Federal Service for Supervision in the Sphere of Telecom, Inligtingstegnologieë en massakommunikasie (ROSKOMNADZOR) that our PROMINEE® website has been blocked from Russia. A reference to the decision of the Kungur City Court (Perm Gebied) Nee. 2A-3556/2023 gedateer 2023-12-25 (op Kersdag?!) has been made but the decision is nowhere to be found ('n Skynprivaatnetwerk in Rusland is nodig om die hof se webwerf te sien). Hoekom? Sonder toegang tot die hofbeslissing, 'n mens kan net raai dat dit kan wees omdat PROMINEE® verbonde is aan 'n maatskappy wat in die VSA geregistreer is, which ... Read more

From 05/JUN/2024 Rwanda will be able to issue and accept Apostilles! Rwanda is a beacon of cleanliness in Africa.

After decades of backward, old fashioned and painful legalizations through embassies: Canada will finally enforce the Apostille Convention of the Hague from 11/JAN/2024!

It is with great delight that China is now part of the Hague Apostille convention from today (07/NOV/2023). Unfortunately the Chinese Apostilles are not (yet) recognized by India and any other states not recognized by China, but this will most likely change in the (near) future.

Sometimes the most basic legal structure can be completely depraved to become something illegal. Take for example this married British couple wanting to create a Trust in Belize. They contacted a licensed local agent, and paid a hefty fee to create a Trust (7x times more expensive than PROMINEE®). During the Trust Deed drafting time: the spouses expressed their wish to be able to contribute to the Trust. The licensed local agent in Belize created a chimera: a Trust with 2x Settlors/Grantors! Not only that but they never sent out the signed Deed to their own customers. For those unaware ... Read more

Twenty years ago, a Nevis LLC was incorporated and kept all those years until the agent became stupid/greedy/absurd. While the Nevis agent cannot be named, the limit was reached when the agent added this service: Discard all mail received, at a fee of $100 per annum This agent charges US$1,000 for a Nevis LLC incorporation, then US$700 per year for the maintenance, plus an extra US$100 per year just to throw mail in the trash… By switching to our Trust service, the customer paid £350 GBP for the first year, and will pay £150 GBP per year for the subsequent ... Read more

Soortgelyk aan 'n beheermaatskappy: 'n beleggingsmaatskappy kan 'n makelaarrekening oopmaak en in die aandelemarkte regoor die wêreld begin belê. As jy in 'n land is wat beleggingsbeperkings het (ekonomiese patriotisme), of waarin die jaarlikse bestuur duur en lastig is: jy kan dit uitkontrakteer en in 'n ander land organiseer. The implementation requires two legal entities: a trust and a company (acting as a trustee). The trust will shield away your ownership while still granting you full control over the assets. The trustee company will give you the flexibility and a bundle of two Nominee Shareholders: ... Read more