The Monetary Authority of Singapore (MAS) has issued amendments to the current legislation regarding company mergers and commercial take-overs as per section 139 of the Securities and Futures Act in Singapore.

The Minister of Finance of the Republic of Cyprus held a press conference dedicated to launching the Action Plan to attract companies to conduct activities and expand in Cyprus. The above Action plan is a significant improvement in promoting Cyprus as an international business centre.

The Singapore authorities are not ready to completely give up market control. A free economy should not harm the legislative, judicial and executive systems of government. With the advent of new powers of the Monetary Authority of Singapore, doing business in the jurisdiction will become more complicated.

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data.

AGENDA: Definition of Cryptocurrencies, where we will cover some of the definitions issued by a few regulators and we will provide a the general technicalities of Cryptocurrencies, Cryptography, Blockchain, Distributed Ledger Technology, Legal approach, where we will discuss the regulatory approach towards Cryptocurrency around the world and with special focus in key jurisdictions, Regulatory outlook

We have compiled a list of answers to common questions regarding SLAs and basic tips on how your organisation or business can create effective SLAs with any vendors or business partners.

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.

The shareholders’ continuity test holds that the same shareholders must hold at least 50% of the company’s total shares as at both the relevant dates. If the test was not fulfilled, the losses would be dismissed permanently unless a waiver to fulfil the test is obtained from IRAS.

AGENDA: Cyprus Work Permit, Singapore Employment Pass, Cyprus Citizenship; scheme for naturalisation by exception of investors.

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.

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

A Shareholders’ Agreement (SHA) is a confidential legal document distinct from all other statutory documents of a corporation, applicable in cases where there are more than two shareholders and it is essentially an agreement between all the Company Shareholders that covers how the business is going to operate.

AGENDA: Definition of the term brand and HR brand, The purpose of HR Branding for various organizations, Components of the HR Brand, Work Environment, Compensation and benefits, Achieving appropriate work – life balance, Company culture and environment.

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

Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.

the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.

A Cyprus company might decide to wind up as a result of various reasons and such procedures may be a challenging and lengthy task. The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.

An analysis of the implications regarding some of the corporate structure elements in the British Virgin Islands (BVI) business companies and Cyprus companies, by explaining their key characteristics and evaluating how each jurisdiction is adhering to the increasingly strict compliance standards.

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.

The Monetary Authority of Singapore has released its plans to further control and regulate the current elusive virtual currency market and intermediaries that facilitate their online trade in Singapore. The anonymity surrounding so-called crypto currencies such as bitcoin raises questions over potential money laundering & terrorist financing risks.

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

Royalty is the consideration for the use of, or the right to use any copyright of literacy (Software), or any artistic or scientific work. It consists of patent, trade mark, design or model, secret formula, information or process which is usually a secret and not commonly available in the public domain. Information (know-how which is not registered) concerning industrial, commercial or scientific experience.

Notional Interest Deduction or NID is an estimated expenditure offered to all Cyprus-resident companies (including non-resident companies with a permanent establishment in Cyprus) against their taxable profit resulting from application of new equity introduced in their share capital.

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.

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

Filing annual returns can be risky for a small company just starting a business. Also, you will have to deal with other issues, such as compliance with the law. To simplify the process of filing annual returns, you need to know the essential requirements.

The aim of Corporate Governance is to facilitate efficient, entrepreneurial and practical management that can deliver the long-term success of the Company. Corporate governance is about what the Board of Directors of a Company does and how it sets the values of the Company.

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.

According to a recent report published by the US State Department’s Anti-Money Laundering (AML) unit, Cyprus continues to upgrade its established AML legal framework, while authorities successfully 26 individuals and entities for money laundering related offences in 2018.

Tether Ltd, the issuer of Stablecoin, a type of cryptocurrency under the ticker USDT, has been hotly debated for the past year. Many representatives within the crypto-community suspect the issuer of the “tokenised dollar” regarding the insufficient supply of the currency, as well as the regular “quantitative easing” of the market during periods of recession.

A Limited Partnership registration in Scotland offers different advantages than other company structures in the UK. Scottish LPs are considered a legal entity and as a result can hold assets in their own name, as well as having significant tax benefits that differentiate them from the structures available in England & Wales.

The Hong Kong government has published significant changes to its tax laws over four decades in its Official Gazette. These amendments introduced a tax on the profits of multinational enterprises from foreign sources, which is currently not taxed.

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

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).

A Singapore company might decide to wind up as a result of various reasons and such procedures may be a challenging and lengthy task. The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.

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.

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.

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.

When income is paid to a non-resident of a country, it is typical of the country to collect tax from the non-resident; the payee is required to withhold tax before paying the net amount to the non-resident. It is a tax subsidised by a non-resident on income derived or deemed to be derived from Singapore.

In the world of offshore, Nevis specialises in letting its clients create corporations with greater anonymity than almost anywhere else on earth. Since 2012, the island’s financial services sector has grown exponentially, as those wishing to retain anonymity relocated to a place that promises just that.

On July 1st 2015, the President of Cyprus Nikos Anastasiadis, has officially declared that the Cyprus taxation system needs rapid changes to increase the level of the country’s competitiveness. In order to achieve this goal, a number of amendments should be made to the tax law.

There are two types of VCCs in Cyprus; UCITS which we will discuss in the following article, and AIFS. A UCITS shall take the legal form of a limited liability company, its name shall include the reference: “Variable Capital Investment Company”, and it shall be in compliance with the provisions/requirements of the Law 78(I)/2012.

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.

One of many legal disputes resulting from the recent infamous Kazakhstan BTA bank fraud case has shed new light on a little-known immigration scheme colloquially known as the golden visa scheme and officially called a Tier 1 Investor visa in the UK.

The Honourable Dr. Orlando Smith, Premier and Minister of Finance has announced that the BVI Government will take all reasonable steps to address European Union concerns about economic substance and a new Legislation is intended to be in force by the end of December 2018 in order to avoid the European Union Black List of Tax Heaven Jurisdictions.

The European Commission (EC) has launched public consultations on a new draft directive on intermediaries that facilitate tax evasion and "aggressive tax planning".

Expats are people who do not live where they were born and not in the country whose citizenship they have - this is a separate class of people who follow a prestigious job and a comfortable life. And among many countries, they choose those that they like.

Applying for a residence permit (also known as the yellow slip) is a process which is to be completed by every EU citizen living and working in Cyprus. And once you have managed to obtain it, the permit does not expire and is valid indefinitely.

AGENDA: An in depth look at Corporate Governance, Annual general meeting (AGM): frequency, requirements & agenda, Convening & recording attendance during a general meeting, The voting procedure, Quorum, role of the Chairman, Motions & resolutions decision making process, Director Meetings, Written Resolutions, what are they?

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.

This article details a beginners guide to capital statements; what to include in them, what the figures mean and how to understand and interpret them; avoiding common pitfalls many individuals experience along the way with filing their own.

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 Foreign Account Tax Compliance Act well known as FATCA is becoming increasingly important and has as its main initiative the monitoring of the financial accounts of the persons who live outside the United States or whether US citizens, currently residing in the US or not, have earnings they do not report to the Inland Revenue Department.

Rapid advances in technology and the higher demands and increasingly complex international clients are forcing Singapore-based Lawyers to transform the way they work. An example of this is the huge of growth of Wi-Fi on airplanes, with many cities now providing coverage free of charge including on metros and trains.

Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.

The Cyprus banking sector is struggling with the overwhelming level of NPLs, no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket. More radical and revolutionary approaches and actions should be considered by banks and lenders in Cyprus.

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.

Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.

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.

Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

AGENDA: Why did Trusts & Foundations gain popularity?, Modern offshore trust legislation was created following a demand from High Net Worth Individuals (HNWI) looking to protect their property, Trusts, What is a trust? Common Law view: fundamental principles, Trusts in Modern Offshore Trust Legislation, Use of Trusts in asset protection as well as succession of wealth and distribution, Foundations, When is a Foundation used instead of a Trust?, Foundations: creation and management.

Some call it symbol, others name it as mark or logo but in reality, it is the way the public at large can identify and recognise a particular product and or service and has been considered by many people as the most valuable asset and as indicators of source.

Paid-up capital refers to the amount paid on shares issued by a company. These may be ordinary, preference shares or shares of some other class.

The Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.

ACRA announced that they will be making legislative changes to the Singapore Companies Act which will be taking effect in two phases; the first phase is effective from the first of July, with the second phase to be implemented in the first Quarter of 2016.

Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.

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.

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.

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.

AGENDA: Definition of ICOs, Users - Investors, Cryptocurrencies vs Tokens, ICOs vs IPOs, Legal approach (U.S. – Singapore), Examples of regulation in Singapore

In an effort to improve the global reporting standard of local tax systems and combat tax avoidance, governments from various jurisdictions will bring the automatic exchange of information in tax matters for all countries up to the same standard. This is referred to as the Common Reporting Standard (CRS).

The British High Commissioner outlined the processes currently being followed within government to prepare for the Brexit negotiations in order to find an outcome for the UK nationals living abroad in Cyprus.

One of the requirements for registering a company in Singapore is that it has a registered address. Typically, legal entities rent a real space to use as their office. However, recently some companies have decided to use virtual offices, where a business address is rented and used as their own.

HM Treasury has approved the final Consultative Committee of Accountancy Bodies (CCAB) on Anti-Money Laundering (AML) guidance 2022 for the accounting sector.

AGENDA: The Cyprus registrar of companies, The types of Cyprus companies, The KYC rule, Nominee service, Company incorporation procedure, Company maintenance and financials, The methods of dissolving a Cyprus company

Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate. Due to these factors, Singapore is one of the most optimal jurisdictions for Initial Coin Offerings (ICO) fundraising.

A Cyprus Company Director may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.

The transformation of the sector inevitably requires appropriate funding, and ship financing has become critical for the shipbuilding sector and shipping companies worldwide. The financing aspect of shipping includes the corporate financial management of shipping companies to refinance existing debts and the financing of new shipbuilding.