Fir déi international Entrepreneuren
It is over! The Dominica’s International Business Companies regime is officially abolished from 1st January 2022. Those companies have the option to re-register as a local company (the deadline was 31 Dezember 2021) and be subject to the Dominica’s local 25% corporate income tax. All the local agents are therefore out of business. The only…
Vum 4. Juni un 2022: Indonesien kann elo Dokumenter mat engem Apostille zertifiéieren (an akzeptéieren och esou Dokumenter). Et ass wichteg fir e Land Deel vun dëser Konventioun ze sinn, well et de Commerce an d'Investitiounen erhéicht.
If you use your US LLC as a shareholder of another non-US company, and this non-US company has a bank account: you have to file a FBAR report every year if that shareholding is equal or more than 50%. The penalty for not filing is US$10,000. You might want to change your structure as soon…
The Wyoming Secretary of State is increasing its prices: from $50 to $60 for the Annual Report ; from $0 to $5 for a change of registered agent ; $10 per Series (at creation time or incorporation time). It was possible to create an unlimited amount of Series before that date: too bad if you…
In a world where transparency is always increasing: the US has adopted the “Corporate Transparency Act” requiring the disclosure of any Beneficial Owner having over 25% control. The Act includes the LLCs and Statutory Trusts as reporting entities. This will be enforced no later than: 1st January 2023. Failure to comply with the Act’s reporting…
Am Mäerz 2020 déi gënschteg Besëtzer vun all Firmen op de Seychellen ginn an enger Datebank registréiert, op déi d'Financial Intelligence Unit an aner lokal Agenturen direkten Zougang hunn. De Register akzeptéiert nëmmen natierlech Persounen an akzeptéiert keng juristesch Persounen. It has to be noted that both the nominee and the nominator…
What a genocide by the Belize IFSC: they did not renew 16 Opérateuren. 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…
Effective 1st of April 2020: the yearly maintenance fee increases from US$450 to US$500 for all LLCs and IBCs. Partnerships and Foreign Maritime Entity (FME) are unchanged. This increase is due to the cost of compliance with the Economic Substance regulations pushed by the European Union onto the Marshall Islands. Talking about Sovereignty: do not…
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 of 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…
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