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In March 2020 the beneficial owners of every companies in the Seychelles will be registered in a database to which the Financial Intelligence Unit and other local agencies have direct access. The register only accepts natural persons and do not accept legal persons. It has to be noted that both the nominee and the nominator have to be registered. If the beneficial owner is a trust there is no shelter: either the settlor or all the beneficial owners will have to be registered. Companies incorporated in the Seychelles can move to another jurisdiction (contact us). For reference: attached below is ... Lee mas

What a genocide by the Belize IFSC: they did not renew 16 operadores. The announcement is made at the end of April 2020 with effect from the 1st January 2020! That is a real problem with license-based jurisdictions (Seychelles is another one): suddenly an entire list of companies created by those operators become illegal. This official document is attached for reference: 30-04-2020-Revised-Public-Notice-3-Non-renewal-of-licences-for-2020Download

A partir del 1 de abril 2020: la tarifa de mantenimiento anual aumenta de US $ 450 a US $ 500 para todas las LLC e IBC. Sociedades y Entidad Marítima Extranjera (FME) no han cambiado. Este aumento se debe al costo del cumplimiento de las normas de Sustancia Económica que la Unión Europea ha impuesto a las Islas Marshall. hablando de soberanía: no se sorprenda de que haya ocurrido el Brexit. Después de todo, las Islas Marshall no están en la UE, por lo que es fácil caminar sobre ellas.. ya estaba escrito: el artículo 4(2) del Tratado de la Unión Europea respeta únicamente a otros Estados miembros. Let’s send a big thank ... Lee mas

Under the pressure of the OCED and the EU: Dominica abolishes the previously granted 20 years tax exemption to all IBCs. Taxation rate will now be 30% of worldwide profits starting on the 1st January 2022. Full legal reference: International Business Companies (Amendment) Actuar, 2019, ACT 2 de 2019 http://www.dominica.gov.dm/laws/2019/International Business Companies (Amendment) Act 2019.pdf

On its way to the US Senate, this bill (H.R. 2513) will make mandatory the disclosure of beneficial owner(s) of any LLC or Corporation: anybody with more than 25% ownership. Annual reports will be made to FinCEN. The disclosed information will not be publicly available. The data to be disclosed will be: the full legal name ; the date of birth ; the current residential address ; and the current valid passport number (or valid US state driver license number). Exempted entities are: insurances, banks, any SEC regulated entities, churches, o 501(c) non-profit entities. View the full legal text for ... Lee mas

The worldwide industry of non-resident, low tax or tax neutral companies is panicking: all the big accounting firms (Deloitte, Ernest and Young, KMPG, and PWC) have been overwhelmed by a wave of recent legislation adopted by many jurisdictions at once. The call (shot?) has been made by the European Commission in Brussels regarding the non-cooperative tax jurisdictions. Some people will believe that it targets only small players, and others will believe that it only affects big players. In fact it is targeting every body. The biggest players affected are Chinese companies incorporated in the British Virgin Islands (Islas Vírgenes Británicas). Such companies ... Lee mas

Anguilla has adopted Economic Substance regulations in a very detailed manner.

Las Islas Marshall adoptaron Reglamentos de Sustancias Económicas aplicables a partir del 1 de enero 2019. Sin embargo, es interesante notar que: se aplica estrictamente a las actividades pertinentes (negocio de distribución y centro de servicio, negocios de financiacion y arrendamiento, negocio de la sede, negocio de la sociedad de cartera, negocio de propiedad intelectual, negocio de envío, negocio bancario, y negocio de seguros) holding company business is defined as pure equity holding company a pure equity holding company is subject to a reduced economic substance test the entities must provide the relevant information if requested by the Registrar it seems to apply to Master Series LLC only (y no cada Serie) an entity ... Lee mas

Like their flag with three legs: the Isle of Man prepares to triple kick with sanctions all the investors or companies that do not pass their economic substance’s tests.

Upcoming laws are to be adopted in Jersey regarding Economic Substance for companies.