An investment fund is a common term used for when several investors use their own capital to collectively buy securities with each Shareholder retaining ownership and control over the individual shares.

Berlin-based non-governmental organisation Transparency International are putting pressure on the European Commission to create plans to allow for reporting and full disclosure of all passport schemes of member states that allow foreign investors to acquire either EU citizenship or residence permit.

A successive round of new allegations about some of the largest Nordic banks being involved behind the scenes in indirectly channeling dirty money through their Baltic locales.

All Singapore Registered Filing Agents (RFAs) were sent a friendly reminder from ACRA regarding ensuring all entities are acting in compliance with Singapore legislation.

FATCA aims to facilitate the reporting of foreign financial assets, to find US accounts in foreign financial institutions’ and find those using different vehicles to reduce the tax burden located outside of the US.

Whilst remaining fully compliant with the OECD recommendations and EU regulations, Cyprus has addressed challenges to its tax structure through strong legislative updates

There are a number of methods of obtaining a Cyprus Passport, giving freedom of movement to the rest of Europe, as per the Schengen Agreement.

Nowadays, to enter the regional or global market, there are a vast number of attractive jurisdictions. Nevertheless, according to analysts, in the last decade, the attention of our compatriots has been increasingly attracted by a small country in Southeast Asia - Singapore.

Despite having one of the lowest corporate tax rates in the world, as a jurisdiction, Singapore still offers many incentives for investors including tax holidays and concessions, accelerated depreciation schemes, and favourable loan conditions to attract foreign investments.

See below the considerations that should be established to ensure you have taken the necessary steps to protect yourself and your new business in 2018.

According to the U.S. Treasury Department more than 80 nations agreed to the law and have concluded agreements with the U.S. Government. Cyprus and Singapore are amongst the countries which have recently signed these agreements.

The Electronic Money Directive is the UKs answer to controlling and standardising Electronic Money Regulations and electronic money institutions. The regulations have now created a separate authorisation for issuers of electronic money in the UK that are not full credit institutions, unions, or publicly funded banks.

AGENDA: Scheme, Benefits & Criteria, The Process, Next Steps

Cyprus has quickly gained a reputation as a reliable, legitimate offshore jurisdiction, and is universally accepted as the most beneficial tax system in the EU; making it the perfect location for incorporating a company of any type.

In the following article, we will summarise and weigh up the differences between a limited company and a limited liability partnership to provide increased clarity between the two structures.

The Cyprus Securities and Exchange Commission has recently released information to all Cyprus Investment Firms, Management Companies and Administrative Service Providers regarding fraudulent tax evasion, and also a proposal on the prevention of use of the financial system for the purpose of money laundering and terrorist financing.

This year’s budget did not emphasise on significant tax changes. The government wants to restructure the Singapore economy to achieve quality growth. Businesses that make investments in productivity to save manpower or achieve innovative breakthroughs will be actively supported by the government.

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.

Reaching the 100 clients mark means this is more work than any one person in the company can keep track of, and the business must have a significantly larger budget. In terms of marketing this is huge, as the company now has access to real client data and general branding activities.

A resolution of the board of directors is a formal document that records the decisions or intentions of the board of directors' members on behalf of the corporation. Board resolutions record decisions such as changing ownership, voting for new board members, or selling company shares.

ICOs create wide-ranging implications for Bookkeepers and Accountants, opening up opportunities for a range of new services however also raising attention towards moral issues, ethic and other potential security risks.

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.

AGENDA: Purpose and definition of a Double Tax Treaty ('DTT'), Types of DTTs dealing with tax matters, History of DTTs, DTTs and domestic law, Format and structure of a DTTs, Tax covered and not covered by DTTs, Interpretation of DTTs.

The Singapore Tax Authority (IRAS) have special rules relating to the taxation of investment companies. An investment company is one that owns investments such as properties, shares, bonds and therefore derives income such as rental, dividend and interest.

The following companies shall, in accordance with the provisions of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law2009 submit their financial statements to an Auditor for auditing: every company required by this Law to prepare consolidated financial statements; every public limited-liability company; every private limited-liability company not being a small-sized company.

AGENDA: Definition of Company Director, Duties of Company Director, Extent of such liability, D&O Insurance Liability, Conclusion

The audit exemption is applicable if it is a private company with an annual revenue of SGD $5 million or less. This approach is being replaced by a new small company concept which will also determine exemption from statutory audit.

The authorities are imposing an additional 35 per cent buyer's stamp duty on houses settled into trust with no identifiable beneficial owner. The recently enacted tax is intended to close a loophole used by individuals who purchase multiple properties under a trust where it is not clear who the beneficial owner is and therefore avoid additional taxes.

The Cyprus government, for the last few years have been harping tales of steady growth and booming tourism levels; referring to the relatively high rate of growth of real GDP can be attributed to a number of factors.

The so-called golden visa scheme has been a major reason behind the economy's return to growth, economists say. At first, the investment scheme required an overall investment in Cyprus of €5m, some of which had to be in property.

After registering the company, the owner receives a standard document, including a company seal and rubber stamp. This article will review the differences between seals and stamps and learn the nuances of their use.

In a new action plan adopted in October 2021, the Cypriot government announced a course to attract foreign investment, businesses and expats. In addition, the authorities' representatives announced several innovations, which concerned mainly immigration law.

Cyprus has successfully undergone a positive assessment and will officially become a part of the Schengen information system. This development signifies that Cyprus will now have the capability to exchange valuable information with other Schengen member states.

Income, earned by a Cyprus tax resident individual, arising from the rental of immovable property which is situated in Cyprus is taxable both under the Cyprus Income Tax and the Special Contribution Tax legislation.

When cryptocurrency issuers want reviews for their coins, reports have surfaced that several prominent companies have been found offering money to advertisers in exchange for positive appraisals.

Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.

This article will examine the role of a Director and his duties and liability insurance and D&O insurance liability accordingly with reference to the relevant case law.

In a bid to make Singapore a shipping hub, various incentives were introduced to make it attractive to have shipping activities in Singapore. Essentially the provisions that govern the exemption of shipping activities in Singapore are found in Section 13A and Section 13F of the Singapore Income Tax Act (SITA).

To make things easier for taxpayers, the Cabinet of Ministers of Cyprus has extended the filing tax returns deadline for a month. Recently, Finance Minister Konstantinos Petrides announced this decision.

All Hong Kong businesses providing Trustee Services will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.

Cryptocurrency is a form of electronic cash; it’s virtual and not controlled by any government or business. Although Bitcoin was critised many times for its price volatility, legitimacy and high electricity consumption, it is still being used by millions of people for investment and entrepreneurial purposes.

When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.

Startups are growing and changing the Singapore ecosystem for the better with their innovative ideas and new technologies. Like small and young companies, startups may need funding and guidance to start their business. If you are a startup founder looking for investors for your business and want to know how to attract them, this article is for you.

Cyprus Company Law provides for a member led voluntary winding up of a company. In order for this to occur the company must be solvent. The voluntary winding up of a Cyprus company is formalised in Article 261 – 292 of the Cyprus Companies Law.

Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) have introduced a number of legal changes and new legislation regarding how companies are required to file their annual returns, which will impact Corporate Service Providers (CSPs) in Singapore.

The types of companies that may be formed and regulated under the new Companies Ordinance in Hong Kong are public and private companies limited by shares; companies limited by guarantee without a share capital, public and private unlimited companies with a share capital.

Recently, the Cyprus economy has seen relatively steady growth rates and booming tourism levels over the last few years. The relatively high increase of GDP can be attributed to a number of factors: declining official unemployment rates; surplus government funds and the raising of large financial deals in international markets.

The scheme was originally designed to make it possible to protect a trademark across a number of jurisdictions by obtaining an international registration that has effect in every participating country. The Madrid system provides a way to grant protection for a trademark in a simple, effective yet relatively inexpensive manner.

In May, when the UK government voted to force transparency on its colonies and former colonies, it was just the latest blow to the offshore havens. This concerted campaign has threatened the stereotypical tax haven business model.

The UAE recently released their own version of CFC legislation: The Cabinet of Ministers Resolution n.31/2019 which came into effect in April earlier this year, in order to better regulate Economic Substance (ES) in the United Arab Emirates.

AGENDA: What is the purpose of compliance?, The different types & reasons behind briberies, International legislation on anti-bribery compliance, The impact of UKBA & the FCPA, ISO 37001 and its main objectives, How to build anti-bribery compliance, Governing body’s duties in anti-bribery compliance, Top management’s duties in anti-bribery compliance, Anti-bribery compliance functions, Suspicious reporting, who & in what circumstances, Tipping off procedure.

The Cyprus Securities and Exchange Commission has recently released information to all Cyprus Investment Firms, Management Companies and Administrative Service Providers regarding fraudulent tax evasion, and also a proposal on the prevention of use of the financial system for the purpose of money laundering and terrorist financing.

AGENDA: What is Know Your Client and the KYC Procedure, Relevant legislation requirements, Who is Politically Exposed Person (PEP),mTypes of PEPs, Who is Linked Person (LIP), Types of LIPs, Reliable PEP/LIP Data

AGENDA: Reasons for conducting an internal investigation, Key success factors of an effective internal investigation, Productive cooperation with top-level managers- Penalties under the FCPA and UK Bribery Act, Basic skills an expert in the sphere of corporate investigation should hold

There are two types of Variable Capital Companies in Cyprus; UCITS and AIFS. Read on to find out more about Alternative Investment Funds.

As a result of the 2006 amendment to the Companies’ Law Cap.113, foreign companies can be re-domiciled in Cyprus and companies registered in Cyprus can be re-domiciled abroad.

AGENDA: Types of companies in UK and governing law, Part I: Limited Liability Company: General overview, Registration procedure and standard documents, Company management, Annual maintenance requirements (Annual Returns/Tax Return/Accounting and Audit requirements), Strike off, dissolution and liquidation, Limited Liability Partnership, General overview, Registration procedure and standard documents, Company management, Maintenance requirements (Annual Returns/Tax Return/Accounting and Audit requirements), Liquidation and insolvency, Limited Partnership, General Overview (England VS Scotland), Main characteristics and annual maintenance requirements, Part II: Short Tax overview: LTD/LLP/LP, Examples of most common international structures

The MAS issued a statement clarifying that the offer or issue of digital tokens in Singapore will be regulated by the MAS, if the digital tokens fall within the definition of “securities” regulated under the security laws. MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency.

AGENDA: What is a contract?, How is a contract made?, What is required for a legally binding contract?, When does a contract become effective?, Illegal and voidable contracts, Remedies

AGENDA: Eltoma Corporate Services in Cyprus, Companies in Cyprus, Company incorporation, Company maintenance, Tax treatment, Key benefits

The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of ICOs for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as “securities” and as such are therefore governed by the relevant securities legislation of Hong Kong.

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has implemented the Register of Registrable Controllers (RORC) to enhance the transparency of ownership and control of corporate entities. This initiative is part of ACRA's ongoing efforts to uphold Singapore's reputation as a trusted financial hub.

The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.

At the request of a Cyprus company’s Shareholder, where it is proven that a more comprehensive investigation is required regarding a company’s activities, the court can issue a declaration of investigation by an inspector appointed by the Cyprus Council of Ministers.

GST is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him and on the importation of goods into Singapore.

There are many factors that influence an investor to obtain a second citizenship in another country. Aspects such as relocation, retirement, security or even long-term plans for future generations are all benefits and considerations in the prospectus for investment. Several countries now offer this option through different investment schemes.

Singapore has a government who recognises the potentials of what SMEs can do for the economy and likes to support them accordingly. Since June 2014, Singapore has been chairing the ASEAN SME Working Group. Singapore hopes to lead fellow ASEAN members into the realisation of the ASEAN Economic Community for SMEs in 2015.

The recent shift to software-driven accounting allows businesses from the UK and mainland Europe to shift their processes to Russia & Ukraine; taking advantage of cheaper office upkeep and facilitating the cloud to share data across offices on an international level.

The European Commission has published proposals to tighten its rules on emergency freezing, return and confiscation of assets, including confiscating the wealth of unknown origin without a conviction.

The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.

The exclusion of shareholders from the company as quickly as possible may be necessary if there are disputes between majority and minority shareholders, between directors and shareholders, etc. Such disputes with shareholders may affect business operations, such as the inability to obtain enough votes to make decisions at shareholders' meetings due to conflicting points of view.

Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.

A new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

The European Commission proposed an ambitious and comprehensive package of measures to tackle non-performing loans (NPLs) in Europe, making the most out of the promising progress already made in reducing risks in the banking sector.

To align with global initiatives against tax evasion and ensure fair taxation, Hong Kong has revised its Foreign Source Income Exemption (FSIE) regime for passive income. The amendments were made in accordance with the European Union's Guidance on FSIE regimes, following Hong Kong's inclusion in the EU's watchlist of jurisdictions with potentially harmful tax practices in 2021.

AGENDA: Definitions, Regulatory framework in the U.S., Regulatory framework in the E.U., Regulatory framework in Singapore

The new MAS platform will strengthen the regulator's ability to exchange information in the field of AML/CTF, preserve the existing achievements, enhance protection against illegal activities such as money laundering or terrorist financing, and ensure economic stability.

In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.

The fact that money can be transferred from one jurisdiction to another means, that money laundering as a concept involves the entire modern world. In the United Kingdom, banks are always under the supervision of strict regulatory bodies.

The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.

AGENDA: The Scheme & the Benefits, The Criteria & the process, Documentation required, How Eltoma can assist