This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.

This article contains updated answers to the most frequently asked questions regarding the requirements for Cayman companies to be registered for FATCA.

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.

Being unaware of Compliance Matters in Singapore could end up with Business Owners and founders of Singapore companies heading to Court, as ACRA puts a stop on companies that consistently do not hold an Annual General Meetings or AGM.

Any person who withholds tax from interest, royalties, management fees, Directors’ remuneration or other payments paid to a non-resident person must complete and submit the IR37 form to the Comptroller together with the relevant amount of tax withheld.

Demand Generation marketing efforts refer to the various marketing approaches companies of different sizes and stages of commerce need in order to drive attention and interest in products & services, to acquire clients. Essentially what turns a good idea into a sustainable business.

As per new legislation, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.

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.

AGENDA: The most common methods of Double Tax Treaty (‘DTT’) abuse, The current practical problems associated with the application of DTTs, The OECD’s Base Erosion and Profit Shifting (BEPS) Project: proposed amendments to DTTs, The OECD’s 01/07/18 Multilateral BEPS Convention: global changes to be made to DTTs, Potential Implications of the latest amendments to DTTs.

After a recent review, changes have been made to the Singapore Companies Act 2014, which came into force on July 1st, 2015. These changes are to ensure that Singapore’s corporate regulatory framework will continue to meet changing business practices, to reduce the compliance and regulatory burden for companies.

Amendments to the Intellectual Property Bill, which came into force in May 2022, were passed in Parliament. The bill amends the existing Patent Law, Trademark Law, Registered Designs Law, Geographical Indications Law of 2014, and Plant Variety Protection Law to improve business friendliness, operational efficiency, and clarity of law and procedure.

The Income Tax Act does not give a definition for royalties. However, royalties can be defined as a payment for the right to use a patent, copyright and other intellectual property. E.g. payment for every book sold or an artist album sold on VCD.

The bank’s obligations to keep the bank secrecy are usually implied within client contracts. The contract does not protect the client when a third party has retained and disclosed confidential information, whether it happens accidentally, with the intention or with consent.

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 key for a successful Financial Organisation and/or Administrative Service Provider is to have a completed and accurate profile for each new and existing client they have a business relationship with.

Under Section 12(7) (d), rent or other payments under any agreement or arrangement for the use of any movable property shall be deemed derived from Singapore.

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.

In light of recent global events, Vladimir Putin, the Russian President, has declared that no measures restricting the Russian Web such as censorship or government-driven heavy regulations are to be undertaken. According to Mr Putin, the Government should take steps to provide Internet security for the purpose of state sovereignty.

During 2013 the Cyprus Banking sector faced its most challenging period to date. As a result of a sequence of events, see below information, several Cypriot banks were left with significant imbalances.

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 Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018.

HM Revenue and Customs (HMRC) is consulting on a proposal to expand the existing Investment Manager Exception (IME Exception) to include crypto assets. The IME exemption defines the types of investment transactions that UK collective investment agreement managers may undertake on behalf of non-UK resident investors.

The list is an EU-provided of high-risk third countries; including the non-cooperative and other monitored jurisdictions that have been officially identified by the Financial Action Task Force (FATF).

The Cyprus Securities & Exchange Commission (CySEC) has revealed new details about its efforts to increase oversight of cryptocurrencies and related assets by integrating EU anti-money-laundering rules into Cyprus legislation.

As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

AGENDA: What is SAR, Importance of SAR reports, When do I need to send a SAR?, Sending SAR in non-regulated sectors, Reliability of information specified in the SAR, The concept of Tipping off, SAR Online

Some companies conducting a particular type of activity need to fill out notices of economic substance and submit reports. The Economic Substance Report/Notice must be submitted through the UAE Ministry of Finance Portal by the due date.

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.

AGENDA: Definition of Company Director, Laws imposed a liability on Company Directors, Extent of such liability, Consequences, Conclusion

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.

Since the report on the collapse of the Cooperative Credit System was released recently, everyone seemed to have an opinion on the matter about who was to blame for the whole debacle. The report was fairly conclusive, giving a general overview of what the public enquiry discovered.

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.

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

Technically speaking, anyone can write a will for themselves or on behalf of others. However, just because you’ve written your own will doesn’t mean it’s necessarily valid.

Following Circulars No.2011/11 and No.2011/5, this article will explain what a “dormant company” is, its symptoms and consequent requirements. The following is an extract from PART 1.7 of the “Company Income Statement” form (EP 4), whereby a definition of a dormant company is considered to be a company that meets certain conditions.

Nowadays, an increasing number of Russian companies are required to prepare their Financial Statements as per the International Financial Reporting Standards (IFRS).

AGENDA: Cyprus vs. Singapore, Tax systems overview, Main tax principles in Singapore, Tax exemption of foreign income, Tax exemptions for the newly incorporated companies (Start-Up Co), Tax Residency Certificate, Administration of tax system in Singapore, Calculation of Estimated Chargeable Income (ECI), Minimizing of taxes and avoiding of taxation, Goods and Services Tax (“GST”), How to use the company in Singapore

AGENDA: Relevant legislation requirements, What is Know Your Client and the KYC Procedure, KYC Procedure – Client Acceptance Policy, Categorization of Customers, What is Due Diligence

AGENDA: Characteristics of a Company, Company formation & related issues, Separate Legal Entity: meaning and relevance, The corporate veil, Share Capital, Company constitution, Company objects

Malta and Cyprus undeniably have the most favourable citizenship by investment programmes in Europe. This article will compare the passport programmes on offer by Cyprus and Malta, as well as the differences in the tax regulations for both countries.

On the 7th of May, 2015 a new legislation was published in the Official Gazette of the Republic of Cyprus, that of Insolvency Consultants Law of 2015 (64(I)/2015 (the “Law”). This new legislation outlines the criteria for qualification, regulation and monitoring of persons that have the role of insolvency consultant.

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.

Cyprus has seen rapid growth in the number of startups. This increase is due to tax incentives and favourable conditions for intellectual property and innovative companies offered by Cyprus, making it a pleasant country for the development of startups.

Initial Coin Offerings (“ICO”) have gained increasing attention by cryptocurrency users, the media and the regulators. The rising price of Bitcoin, one of the most widely known and used cryptocurrencies, along with fraud scandals in different countries, have raised attention by the public and concern by the regulators.

Section 2(1) of the Singapore Income Tax Act (SITA) defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

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 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.

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.

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.

AGENDA: Corporate Tax, Personal Income Tax, Real Estate Tax, Stamp Tax, Other taxes (are not covered in this presentation)

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.

Cyprus is a European country that is attracting the most interest from critics of the scheme due to Cyprus being the jurisdiction granting the highest number of passports. Opponents of the scheme are also alluding to the prospect of using potentially recycled or laundered funds to keep Europe a float.

AGENDA: Shareholders: appointment & requirements, Officers’ duties, roles & responsibilities within a company, Company Directors their duty within the company, Distribution of profit, capital & duties within a company, Ultra vires: common law, modern legislation, Company Officers: Secretary & Registered Agent, Company Secretary: powers & potential liability.

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.

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.

According to the Singapore regulations the digital tokens can be classified as “securities” or as “utilities”. The real nature of the digital token identifies the rights attached to it and the terms of its regulation.

Cyprus Minister of Finance Mr Harris Georgiades released a statement condemning critics of the Cyprus passport by investment programme that has seen raise over €4 billion since the launch of the scheme in 2013 which was implemented to attract foreign investment to mitigate damage in light of the banking crisis.

Intellectual Property (IP) is one of the most valuable assets of an organisation. Choosing the right location for the management of Intellectual Property is an imperative strategic business decision.

Family offices are essentially private wealth management advisory firms that serve high-net-worth (HNW) investors. They are different from traditional wealth management advisories in that they offer a total outsourced solution to managing the financial and investment side of affluent individuals or families.

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.

Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.

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.

The Cyprus Ministry of Finance has released a statement regarding the IMF (the International Monetary Fund) & the European Commission is recommending Bills regarding the islands longstanding issue with Non-Performing Loans.

An Electronic Money Institution (popularly known as an EMI for short) is a fully licensed financial institution which engages in electronic payment services. The full license for a Hong Kong electronic money institution currently has no restrictions to either trading period or sector of activities.

This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.

Representatives from the troika of Cyprus’ international lenders recently visited Cyprus for conducting their 4th post-scheme investigation following the islands recent withdrawal from the economic adjustment programme as agreed with the terms of the bailout.

The Finance Committee in Cyprus discussed the long-awaited and somewhat revolutionary new competition law that allows foreign individuals to have the possibility of obtaining Cyprus tax resident status while on the island only for 60 days in any calendar year.

An individual is not regarded as a shadow Director solely because the Company Directors act on the advice given by that individual in a professional capacity. There are various exceptions and whether or not a person is a shadow director is a question of fact and dependent upon all the relevant circumstances.

AGENDA: Criteria for choosing your bank, Corporate Bank Account Opening, What you need to know for each jurisdiction, Corporate Bank Account Maintenance & Bank Transfer Fees, Costs, Why Banks are closing Corporate Bank Accounts, Voluntary closing of a Corporate Bank Account

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

Money laundering is the act of transforming money or other money obtained as a result of any illegal activity, in money or investments that appear legal, so that their illegal source cannot be traced.

By failing to report any incorrectly filed records, is breaking the law, with the service provider or intermediary also potentially becoming liable for the assistance and enabling of tax evasion accordingly.

On 17th June 2015 the European Commission has presented the Corporate Tax Reform Action Plan which signifies the second and more comprehensive step towards remodelling corporate taxation in the European Union.

As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.

COVID-19 and related quarantines and restrictions have damaged the image of Hong Kong, considered the international centre of Asia, provoked the departure of expats and spurred the ambitions of rival cities to replace Hong Kong and take its place as the preeminent financial centre of the region.

The Cyprus Assessment and Collection Law, as amended in 2002, introduced a regime with a provisional income tax system. Corporate tax in Cyprus is levied at a rate of 12.5% and can be paid through the JCC Smart platform. Based on the current period's results, companies that do not expect taxable profits do not submit a tax calculation.

The Ministry of Manpower requires foreign highly skilled professionals, Managers, Executives, specialists or entrepreneurs who wish to work in Singapore need an Employment Pass to commence employment. The Entrepreneur Pass is a type of employment pass for foreign entrepreneurs who would like to start and run a company in Singapore.

Since 1 November 2007, companies in Singapore are required to file financial statements with ACRA, and filing financial statements in XBRL. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system apply.

The US Securities and Exchange Commission has indicted 11 individuals for their role in creating and promoting Forsage, an alleged fraudulent cryptocurrency pyramid scheme and Ponzi scheme that raised over $300m from private investors worldwide.

Section 2(1) of the SITA defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

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 following article is intended to highlight the stages involved in the visa application process for Russian citizens wanting to immigrate to live in the UK. There are many different ways to apply, depending on each applicant’s circumstances and requirements.

ECI means Estimated Chargeable Income. It is an estimate of a Singapore company’s chargeable income for the given Year of Assessment (YA). The amount of ECI declared is based on the amount before the deduction of any exempt amounts under the partial tax exemption or tax exemption schemes for new start-up Singapore companies.

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.

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.

AGENDA: Advantages & Disadvantages of UK life, Advantages & Disadvantages of Cyprus life, The Cyprus Island Divide: Reunification prospects & what it means in 2018, Cost of living comparison: basics, What constitutes quality family life?, Why do so many UK expats relocate to Cyprus?, Buying a holiday or second home in Cyprus? Main considerations, Considering retirement in Cyprus?

A shipping operator who operates Singapore ships or foreign ships can enjoy exemption of specified income as a ‘shipping enterprise’ under Section 13A of the SITA.

Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.

The European Commission is increasing pressure on EU countries to change residency programs. Portuguese Prime Minister said the country would likely abandon its citizenship-by-investment scheme, commonly known as the "golden visa".