AML/CFT in Hong Kong is not only a bank account issue. Understand CDD, beneficial ownership, source of funds, sanctions checks and records.

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 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.

Cyprus remains one of the most attractive European jurisdictions for entrepreneurs, investors, family offices, internationally mobile executives and high-net-worth individuals.

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

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.

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.

This article is intended to help corporate service providers understand and identity how money launderers typically operate in order to successfully target and stop those who are facilitating crimes being turned into profit.

Non-EU nationals and foreign-controlled companies buying property in Cyprus should treat Cap. 109 as the operative starting point. In ordinary cases, acquisition may require permission before transfer. Investors should check title, deposit the sale contract correctly, prepare source-of-funds evidence, and monitor pending reform before committing to timing or structure.

The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.

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.

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.

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.

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.

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 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.

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.

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.

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.

Regardless of an individuals’ status of tax residency or domicile, an expat relocating to Cyprus from overseas qualifies for one of 2 income tax reductions on revenue generated from legitimate employment.

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.

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.

No withholding tax applies on interest and royalties when paid from a Russian Company to a Cypriot company. This was ratified on the Protocol and signed by Russia and Cyprus during 2012 and implemented in 2013.

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 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.

Understand the difference between source of funds and source of wealth, why Hong Kong TCSPs ask for evidence and what documents clients may need to provide.

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.

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.

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.

Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.

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.

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.

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

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.

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: 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

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

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

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.

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.

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.

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.

What the new EU AML framework means for CSPs, lawyers, accountants and tax advisers: CDD, beneficial ownership, source-of-funds evidence and defensible files.

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.

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.

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

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.

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.

A practical guide for foreign business owners on Singapore local resident directors, nominee-director arrangements, CSP compliance, substance and tax residence.

The sharing economy has become an important aspect of our daily lives, from Air BnB to Uber, some of the companies with the highest growth all involve an element of sharing resources; with many other products and amenities being shared and leased.

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.

Understand Singapore corporate tax compliance for private companies, including ECI, Form C-S, Form C-S (Lite), Form C and record keeping.

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.

Hong Kong company re-domiciliation guide for tax, accounting and legal advisers: profits tax, treaty residence, opening balances, exit tax and compliance.

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 doctrine of the corporate veil was developed in the UK, where it finds its most frequent usage in case law. In practice, there are three occasions when the court has lifted the veil: application of the terms of a contract or statute, or as a matter of common law.

Hong Kong company incorporation guide for non-resident investors: NNC1, IRBR1, business registration, BRN, directors, secretary and compliance readiness.

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.

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).

A practical guide to the EU AML reset, the single AML rulebook, AMLA’s common enforcement approach and what it means for CSPs, advisers, investors and business owners.

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.

Ship owners enjoy tax exemption on specified income derived from the operation of a Singapore-flagged or foreign flagged vessel under Section 13A and 13 F of the Singapore Income Tax Act (SITA).

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

As per the ACRA requirements for companies in Singapore, an Annual General Meeting (AGM) must be held once every calendar year. However, under Section 175, an application is available to apply for an extension.

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.

Complete guide to the Hong Kong MSO license for money transfer & exchange. Learn about AMLO compliance, application steps, and ongoing regulatory duties.

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

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.

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

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.

The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes.

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.

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.

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.

Hong Kong Articles of Association 2025 guide: essential for company setup and compliance. Covers purpose, mandatory content, and how to amend under new laws.

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.

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.

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.

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.

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: 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.

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.

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

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.

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.

Complete 2026 guide to obtaining a Cyprus Tax Identification Number (TIN) for employees. Essential for legal payroll, tax compliance, and social insurance in Cyprus.