Guernsey also adopted Economic Substance laws
Taking effect on the 1st January 2019: Guernsey adopted Economic Substance laws.
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The Cayman Islands adopted Economic Substance Laws
Already in force: the Cayman Islands adopted laws & regulations regarding economic substance requirements.
Bermuda adopted an Economic Substance Regime
Bermuda is added to the list of jurisdictions adopting an Economic Substance Regime. Bermuda is used by numerous insurance companies (for example: AIA in Hong Kong) in order to lower the costs and avoid stamp duty on shares. Insurance companies already have on the ground staff in Bermuda so this should not be a problem…
The Bahamas adopted substantial economic presence requirements
The Bahamas follow many other jurisdictions by adopting substantial economic presence requirements: activities must be conducted from the Bahamas.
The British Virgin Islands (BVI) adopts economic substance requirements
The British Virgin Islands (BVI) adopts economic substance requirements applicable from 1 Ianuarie 2019 (with a six-month transitional period for existing legal entities) if it conducts any of the following “relevant activities”: banking business insurance business fund management business finance and leasing business headquarters business shipping business holding business intellectual property business distribution and service…
Mauritius is terminating its Global Business Companies (GBC)
Mauritius is phasing out their Global Business Companies (GBC) on the 30 Iunie 2021. Only one single regime of GBC will survive, with 2 resident directors in Mauritius required, and a single 15% corporation tax rate.
We are a low-cost provider
The low-cost model is spreading in many markets: airlines, tourism, manufacturing, housing, finance, etc… There was a time when the customers were doubtful regarding low-cost airlines (safety, reliability, etc). But within a decade: the prices were so low that the customers were too attracted to ignore them. After almost a decade of offering PROMINEE® services…
Barbados says “no” to Intellectual Property
After Belize, Barbados is the next country to alter their assets rules for IBCs and ISRLs (International Society with Restricted Liability). IBCs and ISRLs will be phased out on the 30th June 2021, and all companies will be converted into RBC (Regular Barbados Companies). This was done under the pressure of the OECD and the…
Belize IBCs banned to be holding companies
It is not very surprising that Belize continues to shoot itself in the foot. It probably shows that this jurisdiction is just after your money (and they do not care about serving you). In two regulations (dated 2018 and 2019), the government has banned: all IBCs from holding Intellectual Property (!) all IBCs from being…
The Republic of the Marshall Islands (RMI) and their Sovereign
While it is not in the interest of this blog to talk about digital currencies, the Republic of the Marshall Islands is of interest (as it is a great jurisdiction to incorporate into). This year the country adopted the: Declaration and Issuance of the Sovereign Currency Act 2018. Results of the investigation: It appears that the…
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