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.

Whether a payment is considered “interest” depends on the substance of the transaction. The intrinsic nature of said interest is compensation for not being able to use or the delayed payment of money by another. The interest must be charged against a primary sum of money which must be owed to the person entitled to the interest.

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.

Why low-cost company formation can lead to banking, tax, sanctions, licensing and IP restructuring costs, and what to review before incorporation.

AGENDA: Main criteria for choosing of a bank, Corporate Bank account Opening, What you need to know for Singapore as jurisdiction, Main requirements for a bank account opening in Singapore, Corporate Bank Account Maintenance, Automatic exchange of Information, Closing of Corporate Bank Accounts in Singapore

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.

The EU Economic & Financial Affairs Council placed BVI in a list of countries with concerns however were actively working to resolve them. Appropriately, the BVI Government made a commitment to implement reforms by the end of 2018 to ensure that BVI businesses have adequate economic substance.

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.

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.

AGENDA: General information on Hong Kong, Company registration procedure and types of companies in Hong Kong,MCompany corporate documents, First directors, shareholders and company secretary, Nominee service, Compliance regulations, Options to liquidate a company

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 amendments of the Assessment and Collection of Taxes Law 78/2014, made on the 20th of June, 2014 with regards to the Law 4/1978, is a clear demonstration of the Cyprus Government’s commitment to the reforms proposed by the Troika.

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.

As per a recent STEP seminar in London, the UK government has released an outline of amendments to be imposed relating to both entrepreneurs’ relief and dividend tax relief that will be in effect from the 6th April 2016.

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

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.

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.

In order to apply for a work permit (also referred to as a working visa), the company must be eligible to apply for employing third country nationals. Eligible companies are considered where the majority of Shareholders are non-EU nationals; including Shareholders whose ultimate owners are foreign companies.

Strategic EU location & low taxes make Cyprus ideal for company formation in 2025. Enjoy Cyprus IP Box tax breaks, Golden Visa & the 60-day tax residency rule.

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.

Master EU sanctions compliance with our guide on ownership and control rules. Learn about the 50% rule, beneficial ownership, and due diligence strategies now. 

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

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.

Explore the role of trusts in wealth management for asset protection, tax planning, and inheritance. Learn about family trust structures and international strategies.

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 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.

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.

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 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.

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.

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 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.

With the increasing diversity of business ventures, Trademarks which have been traditionally comprised of words and/or logos that relate to visual representations, have given way to a plethora of other marks that are distinguishable by senses other than sight.

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.

Complete guide to the Cyprus Digital Nomad Visa. Learn about the €3,500 income requirement, step-by-step application, tax residency rules (Non-Dom status), and why Cyprus is a top remote work hub.

Compare Singapore’s Employment Pass, EntrePass, ONE Pass and Global Investor Programme, including family, PR, tax and substance considerations.

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 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.

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

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.

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.

Cyprus is likely to have repercussions as a result of Jean-Claude Juncker ’s favouring of a relaxation in EU regulation formation and monitoring schemes, reinforced by qualified majorities on matters including the additional synchronisation of blanket taxation rates across Europe.

Last month, the Court of Justice of the European Union (CJEU) issued a series of important judgments dealing with tax avoidance and beneficial ownership in the context of the EU Parent-Subsidiary Directive (PSD) and the Interest and Royalties Directive (IRD).

AGENDA: Introduction to Hong Kong Special Administrative Region (HK SAR), Company incorporation in Hong Kong, Company maintenance, Tax treatment, Key benefits

The Accounting and Corporate Regulation Authority (ACRA) of the Republic of Singapore defines the Charge as “a form of security interest usually taken by a lender or creditor (“chargee”) to secure the repayment of a loan”.

This 2 part series is part of a guide detailing Annual Requirements for UK registered companies. It will cover the rules governing filing of annual returns and accounts of UK registered companies, by company type.

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.

Law No. 7582 introduces a broad tax and investment incentive package for qualifying new residents, asset disclosure, technology start-ups, production companies and multinational service centres.

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.

Step-by-step guide to Hong Kong private company share transfer. Learn about stamp duty, board approval, share transfer form & legal requirements for shareholders.

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

Guide to Singapore's CSP Act 2024. Learn about mandatory ACRA registration, enhanced AML/CFT duties & 'fit and proper' tests for nominee directors. Ensure compliance.

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

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

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.

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.

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.

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.

In an attempt to recover the approximate 600B euros lost within various EU countries to tax evasion schemes each year; the European Union has released its first official blacklist naming 17 jurisdictions that have failed to meet international standards of implementing sufficient regulations and transparency measures.

Understand your Singapore Tax Identification Number (TIN). Our guide explains TIN formats (NRIC, FIN, UEN), who needs one, and how to use it for tax filing and GST registration with IRAS.

Hong Kong post-incorporation administration guide covering e-Services, BRN/UBI, paperless communication, company secretary, registered office and annual returns.

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.

Cyprus corporation tax after the 2026 reform: 15% rate, VAT, transfer pricing, substance, withholding, DAC8 and compliance points for inbound businesses.

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.

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.

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).

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

The new law states that an ABSD of 35% must now be paid in advance in such a case. However, a tax refund is possible if the sale of residential property is to a trustee who holds the assets of one or more identifiable beneficiaries in the trust. Testamentary trusts are also exempt from tax.

Hong Kong business relocation guide on bank account readiness, beneficial ownership transparency, SCR records and practical banking due diligence.

As companies develop and grow, in turn so their marketing priorities and budgets. What is required to obtain the first 10 clients will be entirely different to the first 100.

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.

How the renminbi is expanding in trade settlement, offshore liquidity and finance, and what CNY/CNH use means for contracts, treasury and investment.

Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.

A beneficial owner is a person (group of persons) who is the actual controlling owner of a legal entity. In this article, we will consider essential points regarding registers of beneficiaries and the regulation on this issue.

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 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.

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.

International business relocation is no longer exceptional. Companies restructure to enter new markets, obtain more reliable payment infrastructure, attract investors, diversify geopolitical and commercial risk, recruit internationally or move closer to customers and suppliers.

Navigate the Hong Kong MSO license application. Our expert guide covers requirements for Money Service Operators, AML/CFT rules, and how to obtain your money changing or remittance license.

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.