AGENDA: The division of power between the board of directors and the shareholders, Types of directors, their appointment and removal procedures, The purpose and extent of directors’ duties including to whom directors owe their duties, Nominee directors and risks that may arise, The regulation of directors contracting with their companies, The remedies and reliefs for breach of duty

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.

There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.

A Foundation is a non-governmental and non-profit organisation which is usually created by an individual or a business and whose funds are managed by its own Trustees or Directors, either as a non-profit corporation or as a charitable trust. One common type of a Foundation is a Family Foundation.

AGENDA: What is the Automatic Exchange of Information?, The purpose for using the Automatic exchange of information, The Automatic Exchange of information: Theory and Practice, Current procedures related to the Automatic Exchange of Information, Implications of the Automatic Exchange of Information

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.

ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.

AGENDA: Introduction To Copyrights, Patents & Trademarks, Nature of Rights, Rental and Lending Rights, Duration of copyright and moral rights, Exclusive rights, the fair use doctrine, Absolute grounds for refusal, Relative Grounds for Refusal, Exploitation and use of trademarks, Limitations, Infringement and possible remedies, Misrepresentation.

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.

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.

While the crypto-frenzy has significantly cooled down so far in 2019, with values in currencies like Bitcoin falling; meanwhile Fin-tech has continued to snowball, pioneering the likes of blockchain technologies, digital wallets and mobile applications.

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.

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.

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.

Registration is open to all types of ships which includes offshore vessels like oil rigs and floating platforms. The vessel should be less than 17 years old and classed with any of the nine recognised classification societies.

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.

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.

Pursuant to Part III of Chapter 113 of Cyprus legislation, Mortgage Registration with the Cyprus Registrar emerges as compulsory by law. Certain formalities need to be followed regarding the filing of such registration as well as any amendment, concession and any other alteration which takes place following the formation of a Company in the Republic of Cyprus.

A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament’s Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.

AGENDA: Definition of corporate tax residence, Circumstances under which a company can be considered as a UK resident, Tests to examine the residence of a company, Guidelines

The legislation for Scottish Limited Partnerships have changed regarding the disclosure of information. Going forward, Scottish LPs will have to register all information about PSCs and Business Owners with the UK Companies House from July 24th 2017.

According to the recently published Henley Private Wealth Migration Report 2023, the UK is projected to experience a net outflow of 3,200 high-net-worth individuals (HNWIs) in the coming year. In contrast, Australia is projected to attract the highest net inflow of HNWIs in 2023, with an estimated 5,200 individuals seeking to establish residence there.

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 tables detailing general expenses in Cyprus can help give you an idea as to how much it will cost you to live there. All figures have been converted into Euros and have been taken using the median from a set of data from 2019-2020 figures ranging from the most expensive to the least.

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.

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

AGENDA: What is compliance and what is it for?, Relevant legislation, Principles of implementing of the compliance function, How to organise compliance control in the company, The basic skills that an expert in the sphere of compliance should have, Example of good implementation of compliance function

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.

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.

Financial analysts and organisations are beginning to welcome the idea that in specific cases, tax efficiency isn’t enough when structuring a business vehicle that will be automatically placed under investigation by certain countries that are becoming increasingly wary of any tax avoidance patterns or practices.

AGENDA: Personal income tax, Special contribution, Corporate tax, Back to back loans, Annual levy, Special defense contribution tax, Capital gains tax, Immovable property tax

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.

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 Creditor may apply to court for the issuance of a liquidation order against a company that does not comply with a demand notice to pay any outstanding debts. The notice of demand is served to the registered office of the company, who then has 21 days to pay the fine.

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.

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.

AGENDA: The Role of KPIs, KPI definititon, Short & Long Term Goals

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.

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.

It should be noted that bookkeeping in new Singapore companies is not just keeping records and receipts. As an entrepreneur, you will need a vast amount of new knowledge in managing and reconciling these records. When taking the first independent steps in the accounting business of a Singaporean company, your actions must be verified and well thought out to avoid future financial complications.

Generally speaking, overseas or offshore banking has garnered a bad reputation in the financial world. Usually the term is synonymously used with embezzlement, money laundering and tax evasion. This article will discuss the benefits, associated with offshore banking as well as dispelling any myths.

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.

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.

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.

To Brexit or not to Brexit – this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in.

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.

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

Application of a manual process could work when managers have the persuasive skills and time to carry busy employees with them and apply the rigour required to consistently apply invoice approval and coding practices. Alternatively, the process can be significantly improved by introducing software.

Singapore is gaining more attraction as a trust jurisdiction internationally. A range of factors have contributed to achieving a reputable offshore trust status, including but not limited to the several reasons.

Dematerialisation of shares is not compulsory and an investor can still keep shares in the paper form. Shares are part of the ‘life’ of the company, so dematerialisation has both positive and negative aspects that affect corporate governance.

The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.

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 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.

Technology is transforming Singapore’s payments landscape and has reduced the obstacles to entry to running a payments business. This, as well as the prolific adoption of the use of smartphones and tablets, has made it easier than ever for companies to obtain clients digitally.

Payment for the management or assistance in the management of any trade, business or profession that are: borne by a person resident or with permanent establishment in Singapore; which are deductible against any income accruing in or derived from Singapore, have no statutory definition of management or assistance in the management of any trade, business or profession.

A Power of Attorney (POA) is a document created by a person who appoints another person to act on his behalf. The creator of the POA is called the donor, and the person appointed to act on behalf of the donor is called the donee. There are several types of POA, each with different functions. Powers of Attorney are used in a wide variety of transactions.

The combination of an exponential increase in potential blockchain applications has become a real reason for the emergence of a new format of the digital economy. It is an entirely new product that has launched a mechanism for additional control by regulatory authorities.

The foreign exchange market is where money in one currency is exchanged, purchased or sold for another. The fluctuation in value between one currency or amenity and another one can be a profitable hobby or business venture, if the correct expertise is applied.

On the 4th of August, 2015 Cyprus and Iran signed a Double Tax Treaty agreement during an official visit of the Iranian Finance Minister in Cyprus is hoped to strengthen and develop the economic relations and allow for the expansion of investment and business opportunities between Iran and Cyprus.

Cyprus is a favourable jurisdiction for creating international trusts which are governed by the 1992 International Trusts Law which regulates the establishment and administration of International Trusts. The International Trust Law compliments the Trustee Law which is based on the English Trustee Act 1925.

Category F immigration permit offers permanent staying in Cyprus without need to obtain any visas, residence permit renewals or re-entry permits. Category F immigration permit can be granted to a person who can secure an annual income of an adequate amount from abroad (not earned in Cyprus).

Singapore has established the Register of Registrable Controllers (RORC) as part of its ongoing commitment to fostering transparency and combating illicit financial activities. This article will delve into the critical aspects of the RORC, its significance, and how it reinforces corporate governance in Singapore.

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

Cyprus is considered the "Pearl of the Mediterranean". There are quite a few reasons for moving to Cyprus. If you want to improve the quality of your life or get away from the hectic modern life, you should consider moving to the island.

The financial and reporting requirements for Scottish Limited Partnerships (SLPs) vary depending on whether the company is a micro-entity, or a small, medium or large entity. Micro-entities and small companies benefit from less burdensome requirements.

AGENDA: Forms of Business Entities, Incorporation Procedure, Company documents, Director and Secretary of the Company, Shareholders and types of shares, Know Your Client (KYC), Filing Requirements for Companies, Liquidation & Strike Off

AGENDA: Classification of foreign companies, Company documents, Authorised capital, Offshores and offshore jurisdictions, Onshore companies, “Grey” and “Black” lists of countries, Nominee service, Beneficial Owner, Due Diligence & KYC, Company Tax Residency, Company liquidation

The following is a list that all employers should take into account when considering payroll for their workforce and required procedures.

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.

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.

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.

Cyprus is an ideal place for holding company location. The following factors described in the article are important when deciding the location of a holding company.

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: Tax Residency – general application, Cyprus Tax Residency rules, General Rule VS “60 Day” Rule, Procedure to obtain Cyprus Tax Residency under “60 Day” Rule, Main tax guidelines for Cyprus Tax residents

AGENDA:- Two options to close a company- Strike- Off Procedure- Strike- Off Procedure in Tax Heaven Jurisdictions - Liquidation Procedure- Voluntary Winding Up- Risks for Directors in Abandoned Cyprus Companies

UCITS is a pan-European Fund product which when established in one EU country can be sold cross boarder within the EU under a harmonised legislative framework without any requirement for additional authorisation. UCITS is the result of the evolution of mutual fund legislation to ensure better investor protection.

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

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.