Knowledge Base

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.

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.

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.

The provision of Payment Services in Cyprus is regulated by The Payment Services and Access to Payment Systems Laws of 2018 and 2019, which transposed into national law regarding the provisions of the Payment Services Directive in the Cyprus market. With the license, an EMI in Cyprus may offer its services freely within the entire EU market.

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.

Agenda: Panama Papers: details about what happened and why. Offshore companies: are they legal. Mossak Fonseca. Worldwide reaction & response to the leak. Consequences: cause & effect.

Agenda: Why did Trusts & Foundations gain popularity. Modern offshore trust legislation was created following a demand from High Net Worth Individuals looking to protect their property. Trusts. Trusts in Modern Offshore Trust Legislation.6. Use of Trusts in asset protection as well as succession of wealth and distribution.

Agenda: Types of companies in UK and governing law. Limited Liability Company. Limited Liability Partnership. Limited Partnership. Short Tax overview: LTD/LLP/LP.

Agenda: Definitions. Regulatory framework in the US. Regulatory framework in the EU. Regulatory framework in Singapore.

Agenda: Relevant legislation requirements. What is Know Your Client and the KYC Procedure. KYC Procedure – Client Acceptance Policy. Categorisation of Customers. What is Due Diligence.

Agenda: KYC and its requirements. Definitions of Cryptocurrency and Blockchain. Advantages of crypto money. Cryptocurrency legality. What does KYC controls in cryptocurrency sphere. Know Your Customer Verification Procedure in Crypto Exchanges.

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.

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.

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. Company Secretary.

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

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

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

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: Part I: Definition, types and certainties of a trust. Part II: Analysis of the Cyprus International Trusts. Conclusion.

Eltoma Corporate Services in Singapore. Companies in Singapore. Company incorporation. Company maintenance. Tax treatment. Key benefits.

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.

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.

The agenda of our webinar is: The Scheme & the Benefits. The Criteria & the process. Documentation required. How Eltoma can assist.

Requirements for the Registration Certificate Application. Where to apply: the immigration buildings & office contacts. The full application procedure.

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.

Agenda: Tax Residency – general application, Cyprus Tax Residency rules, procedure to obtain Cyprus tax residency under “60 Day” rule, main tax guidelines for Cyprus tax residents.

Agenda: Eltoma Corporate Services in Cyprus, companies in Cyprus, company incorporation, company maintenance, tax treatment, key benefits.

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.

Agenda: Personal income tax, special contribution, corporate tax, back-to-back loans, annual levy, special defense contribution tax, capital gains tax, immovable property tax.

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

During our webinar, the following topics will be covered: Scheme, Benefits & Criteria. The Process. Next Steps.

Agenda: Different types of interviews & situations for different jobs. What does a competency based interview usually involve. The pros & cons of a competency based interview. How to use this method in practice & preparation tips. How to stand out from other candidates.

Agenda: Definition of the term brand and HR brand. The purpose of HR Branding for various organisations. Components of the HR Brand.

Topics that are covered in our webinar: The Role of KPIs. KPI definititon. Short & Long Term Goals.

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.

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.

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.

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. How to build anti-bribery compliance. Governing body’s duties in anti-bribery compliance. Top management’s duties in anti-bribery compliance.

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. Potential Implications of the latest amendments to DTTs.

Agenda: Purpose and definition of a Double Tax Treaty ('DTT'). Types of DTTs dealing with tax matters. History of DTTs. DTTs and domestic law. Format and structure of a DTTs. Tax covered and not covered by DTTs. Interpretation of DTTs.

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.

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.

Agenda: What is Know Your Client and the KYC Procedure. Relevant legislation requirements. Who is Politically Exposed Person (PEP). Types of PEPs. Who is Linked Person (LIP). Types of LIPs. Reliable PEP/LIP Data.

Agenda: Definition of Company Director. Duties of Company Director. Extent of such liability. D&O Insurance Liability.

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.

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

Agenda: Definition of Company Director. Laws imposed a liability on Company Directors. Extent of such liability. Consequences.

Agenda: Definition of ICOs. Cryptocurrencies vs Tokens. ICOs vs IPOs. Legal approach (U.S. – Singapore). Examples of regulation in Singapore.

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. Exploitation and use of trademarks. Infringement and possible remedies.

Agenda: Definition of Cryptocurrencies, where we will cover some of the definitions issued by a few regulators and we will provide the general technicalities of Cryptocurrencies. Cryptography. Blockchain. Distributed Ledger Technology. Regulatory outlook.

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.

Agenda: Criteria for choosing your bank. Corporate Bank Account Opening. Corporate Bank Account Maintenance & Bank Transfer Fees. Why Banks are closing Corporate Bank Accounts. Voluntary closing of a Corporate Bank Account.

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.

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).

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.

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.

This year’s budget did not emphasise on significant tax changes. The government wants to restructure the Singapore economy to achieve quality growth. Businesses that make investments in productivity to save manpower or achieve innovative breakthroughs will be actively supported by the government.

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.

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.

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.

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.

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.

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.

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.

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.

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 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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Following the recent commotion created by the Swiss National Bank’s decision to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect, the Cyprus Securities and Exchange Commission (CySEC) is endeavouring to instigate an assessment of how far Cyprus Investment Firms (CIFs) have been affected.

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.

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.

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.

There are various conditions a company must fulfil in order to be struck-off legitimately. One of the conditions is that the company must have filed all the tax returns until the date of the strike off. The Directors and Shareholders must ensure that any outstanding income, tax returns, accounts and tax computation have been submitted up to the date of cessation.

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.

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.

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.

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.

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.

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.

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.

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”.

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.

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.

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.

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.

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.

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.

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.

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 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.

Agenda: Panama Papers: details about what happened and why. Offshore companies: are they legal. Mossak Fonseca. Worldwide reaction & response to the leak. Consequences: cause & effect.

Agenda: Why did Trusts & Foundations gain popularity. Modern offshore trust legislation was created following a demand from High Net Worth Individuals looking to protect their property. Trusts. Trusts in Modern Offshore Trust Legislation.6. Use of Trusts in asset protection as well as succession of wealth and distribution.

Agenda: Types of companies in UK and governing law. Limited Liability Company. Limited Liability Partnership. Limited Partnership. Short Tax overview: LTD/LLP/LP.

Agenda: Definitions. Regulatory framework in the US. Regulatory framework in the EU. Regulatory framework in Singapore.

Agenda: Relevant legislation requirements. What is Know Your Client and the KYC Procedure. KYC Procedure – Client Acceptance Policy. Categorisation of Customers. What is Due Diligence.

Agenda: KYC and its requirements. Definitions of Cryptocurrency and Blockchain. Advantages of crypto money. Cryptocurrency legality. What does KYC controls in cryptocurrency sphere. Know Your Customer Verification Procedure in Crypto Exchanges.

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.

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.

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. Company Secretary.

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

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

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

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: Part I: Definition, types and certainties of a trust. Part II: Analysis of the Cyprus International Trusts. Conclusion.

Eltoma Corporate Services in Singapore. Companies in Singapore. Company incorporation. Company maintenance. Tax treatment. Key benefits.

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.

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.

The agenda of our webinar is: The Scheme & the Benefits. The Criteria & the process. Documentation required. How Eltoma can assist.

Requirements for the Registration Certificate Application. Where to apply: the immigration buildings & office contacts. The full application procedure.

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.

Agenda: Tax Residency – general application, Cyprus Tax Residency rules, procedure to obtain Cyprus tax residency under “60 Day” rule, main tax guidelines for Cyprus tax residents.

Agenda: Eltoma Corporate Services in Cyprus, companies in Cyprus, company incorporation, company maintenance, tax treatment, key benefits.

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.

Agenda: Personal income tax, special contribution, corporate tax, back-to-back loans, annual levy, special defense contribution tax, capital gains tax, immovable property tax.

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

During our webinar, the following topics will be covered: Scheme, Benefits & Criteria. The Process. Next Steps.

Agenda: Different types of interviews & situations for different jobs. What does a competency based interview usually involve. The pros & cons of a competency based interview. How to use this method in practice & preparation tips. How to stand out from other candidates.

Agenda: Definition of the term brand and HR brand. The purpose of HR Branding for various organisations. Components of the HR Brand.

Topics that are covered in our webinar: The Role of KPIs. KPI definititon. Short & Long Term Goals.

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.

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.

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.

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. How to build anti-bribery compliance. Governing body’s duties in anti-bribery compliance. Top management’s duties in anti-bribery compliance.

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. Potential Implications of the latest amendments to DTTs.

Agenda: Purpose and definition of a Double Tax Treaty ('DTT'). Types of DTTs dealing with tax matters. History of DTTs. DTTs and domestic law. Format and structure of a DTTs. Tax covered and not covered by DTTs. Interpretation of DTTs.

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.

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.

Agenda: What is Know Your Client and the KYC Procedure. Relevant legislation requirements. Who is Politically Exposed Person (PEP). Types of PEPs. Who is Linked Person (LIP). Types of LIPs. Reliable PEP/LIP Data.

Agenda: Definition of Company Director. Duties of Company Director. Extent of such liability. D&O Insurance Liability.

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.

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

Agenda: Definition of Company Director. Laws imposed a liability on Company Directors. Extent of such liability. Consequences.

Agenda: Definition of ICOs. Cryptocurrencies vs Tokens. ICOs vs IPOs. Legal approach (U.S. – Singapore). Examples of regulation in Singapore.

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. Exploitation and use of trademarks. Infringement and possible remedies.

Agenda: Definition of Cryptocurrencies, where we will cover some of the definitions issued by a few regulators and we will provide the general technicalities of Cryptocurrencies. Cryptography. Blockchain. Distributed Ledger Technology. Regulatory outlook.

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.

Agenda: Criteria for choosing your bank. Corporate Bank Account Opening. Corporate Bank Account Maintenance & Bank Transfer Fees. Why Banks are closing Corporate Bank Accounts. Voluntary closing of a Corporate Bank Account.

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.

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.

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.

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.

The provision of Payment Services in Cyprus is regulated by The Payment Services and Access to Payment Systems Laws of 2018 and 2019, which transposed into national law regarding the provisions of the Payment Services Directive in the Cyprus market. With the license, an EMI in Cyprus may offer its services freely within the entire EU market.

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.

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).

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.

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.

This year’s budget did not emphasise on significant tax changes. The government wants to restructure the Singapore economy to achieve quality growth. Businesses that make investments in productivity to save manpower or achieve innovative breakthroughs will be actively supported by the government.

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.

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.

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.

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.

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.

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.

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.

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.

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 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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Following the recent commotion created by the Swiss National Bank’s decision to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect, the Cyprus Securities and Exchange Commission (CySEC) is endeavouring to instigate an assessment of how far Cyprus Investment Firms (CIFs) have been affected.

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.

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.

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.

There are various conditions a company must fulfil in order to be struck-off legitimately. One of the conditions is that the company must have filed all the tax returns until the date of the strike off. The Directors and Shareholders must ensure that any outstanding income, tax returns, accounts and tax computation have been submitted up to the date of cessation.