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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 be surprised Brexit happened. After all the Marshall Islands are not in the EU so it is easy to walk on them. It was written already: the Article 4(2) of the Treaty on European Union respects other Member States only. Let’s send a big thank ... Read more

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 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 ... Read more

Ngành công nghiệp không cư trú trên toàn thế giới, thuế thấp hoặc các công ty trung lập về thuế đang hoảng loạn: tất cả các công ty kế toán lớn (công ty Deloitte, Ernest và Young, KMPG, và PWC) đã bị choáng ngợp bởi một làn sóng luật pháp gần đây được nhiều khu vực pháp lý thông qua cùng một lúc. Cuộc gọi (bắn?) has been made by the European Commission in Brussels regarding the non-cooperative tax jurisdictions. Một số người sẽ tin rằng nó chỉ nhắm đến những người chơi nhỏ, và những người khác sẽ tin rằng nó chỉ ảnh hưởng đến những người chơi lớn. Trên thực tế, nó đang nhắm vào mọi cơ thể. Những người chơi lớn nhất bị ảnh hưởng là các công ty Trung Quốc được thành lập tại Quần đảo Virgin thuộc Anh (BVI). Such companies ... Read more

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 ... Read more

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.

Taking effect on the 1st January 2019: Guernsey adopted Economic Substance laws.

Already in force: the Cayman Islands adopted laws & regulations regarding economic substance requirements.