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.
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.
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has implemented the Register of Registrable Controllers (RORC) to enhance the transparency of ownership and control of corporate entities. This initiative is part of ACRA's ongoing efforts to uphold Singapore's reputation as a trusted financial hub.
To align with global initiatives against tax evasion and ensure fair taxation, Hong Kong has revised its Foreign Source Income Exemption (FSIE) regime for passive income. The amendments were made in accordance with the European Union's Guidance on FSIE regimes, following Hong Kong's inclusion in the EU's watchlist of jurisdictions with potentially harmful tax practices in 2021.
Cyprus has successfully undergone a positive assessment and will officially become a part of the Schengen information system. This development signifies that Cyprus will now have the capability to exchange valuable information with other Schengen member states.
Filing annual returns can be risky for a small company just starting a business. Also, you will have to deal with other issues, such as compliance with the law. To simplify the process of filing annual returns, you need to know the essential requirements.
Paid-up capital refers to the amount paid on shares issued by a company. These may be ordinary, preference shares or shares of some other class.
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.
The exclusion of shareholders from the company as quickly as possible may be necessary if there are disputes between majority and minority shareholders, between directors and shareholders, etc. Such disputes with shareholders may affect business operations, such as the inability to obtain enough votes to make decisions at shareholders' meetings due to conflicting points of view.
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.
The European Commission is increasing pressure on EU countries to change residency programs. Portuguese Prime Minister said the country would likely abandon its citizenship-by-investment scheme, commonly known as the "golden visa".
The Minister of Finance of the Republic of Cyprus held a press conference dedicated to launching the Action Plan to attract companies to conduct activities and expand in Cyprus. The above Action plan is a significant improvement in promoting Cyprus as an international business centre.
The Hong Kong government has published significant changes to its tax laws over four decades in its Official Gazette. These amendments introduced a tax on the profits of multinational enterprises from foreign sources, which is currently not taxed.
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.
One of the requirements for registering a company in Singapore is that it has a registered address. Typically, legal entities rent a real space to use as their office. However, recently some companies have decided to use virtual offices, where a business address is rented and used as their own.
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.
Expats are people who do not live where they were born and not in the country whose citizenship they have - this is a separate class of people who follow a prestigious job and a comfortable life. And among many countries, they choose those that they like.
Some companies conducting a particular type of activity need to fill out notices of economic substance and submit reports. The Economic Substance Report/Notice must be submitted through the UAE Ministry of Finance Portal by the due date.
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.
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.
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 US Securities and Exchange Commission has indicted 11 individuals for their role in creating and promoting Forsage, an alleged fraudulent cryptocurrency pyramid scheme and Ponzi scheme that raised over $300m from private investors worldwide.
To make things easier for taxpayers, the Cabinet of Ministers of Cyprus has extended the filing tax returns deadline for a month. Recently, Finance Minister Konstantinos Petrides announced this decision.
The 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.
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.
This article will cover the main points regarding obtaining tourist and business visas, residence permits, work permits and other aspects of immigration to Singapore.
Nowadays, to enter the regional or global market, there are a vast number of attractive jurisdictions. Nevertheless, according to analysts, in the last decade, the attention of our compatriots has been increasingly attracted by a small country in Southeast Asia - Singapore.
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.
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.
HM Treasury has approved the final Consultative Committee of Accountancy Bodies (CCAB) on Anti-Money Laundering (AML) guidance 2022 for the accounting sector.
The European Commission (EC) has launched public consultations on a new draft directive on intermediaries that facilitate tax evasion and "aggressive tax planning".
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.
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