Author: Prominee

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 ... Წაიკითხე მეტი

What a genocide by the Belize IFSC: they did not renew 16 ოპერატორები. 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

ძალაშია 1 აპრილიდან 2020: ყოველწლიური ტექნიკური საფასური იზრდება 450 აშშ დოლარიდან 500 აშშ დოლარამდე ყველა შპს-სა და IBC-სთვის. პარტნიორობა და საგარეო საზღვაო სუბიექტი (FME) უცვლელები არიან. ეს ზრდა გამოწვეულია მარშალის კუნძულებზე ევროკავშირის მიერ დაწესებული ეკონომიკური სუბსტანციების რეგულაციებთან შესაბამისობის ხარჯებით.. სუვერენიტეტზეა საუბარი: არ გაგიკვირდეთ Brexit მოხდა. მარშალის კუნძულები არ არის ევროკავშირში, ამიტომ ადვილია მათზე სიარული. ეწერა უკვე: სტატია 4(2) ევროკავშირის შესახებ ხელშეკრულება პატივს სცემს მხოლოდ სხვა წევრ სახელმწიფოებს. Let’s send a big thank ... Წაიკითხე მეტი

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) Act, 2019, ACT 2 დან 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, or 501(c) non-profit entities. View the full legal text for ... Წაიკითხე მეტი

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 (BVI). Such companies ... Წაიკითხე მეტი

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

The Marshall Islands adopted Economic Substance Regulations applicable from the 1st January 2019. However it is interesting to note that: it applies strictly to relevant activities (distribution and service center business, financing and leasing business, headquarters business, holding company business, intellectual property business, shipping business, banking business, and insurance business) 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 (and not each Series) an entity ... Წაიკითხე მეტი

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.