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How family offices benefit high net worth individuals

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.

Obtaining an EMI license in Singapore: pros & cons

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.

Obtaining an EMI license in Hong Kong: pros & cons

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.

Obtaining an EMI license in Cyprus: pros & cons

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.

Obtaining an EMI license in UK: pros & cons

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.

The Panama Papers: Implications for the offshore world

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.

International Trust Law & Foundations

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.

UK Business Insight: all you need to know about company registration and maintenance

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

Distributed Ledger Technology (DLT) - Regulatory standpoint

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

Know Your Client (KYC) – Practical Aspects of Procedure Application. Due Diligence

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.

Know-Your-Customer (KYC) Verification Procedure in Cryptocurrency market

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.

Corporate law and the division of powers within a company (UK)

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.

Company Law: Decision making procedures & Annual General Meeting

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.

Company Law: The role of Directors, Secretaries & Shareholders within an organisations

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.

Company Law Overview: An introduction to Company Law

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

What you should know about incorporation, maintenance and liquidation of a company in Hong Kong

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.

Hong Kong tax system

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

Opening, maintaining a corporate bank account in Singapore

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.

Cyprus International Trusts

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

Doing Business in Singapore

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

Singapore Company Incorporation, Maintenance and Liquidation

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.

Singapore tax system overview

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.

25
February
2019
Webinar
By
Dmitry Kucheryuk

Cyprus Citizenship Programme

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

18
February
2019
Webinar
By
Dmitry Kucheryuk

How to Get Your Yellowslip in Cyprus: Requirements & Process

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

11
February
2019
Webinar
By
Dmitry Kucheryuk

Cyprus Quality of Life & Cost of Living Compared to the UK

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.

04
February
2019
Webinar
By
Dmitry Kucheryuk

Tax Residency in Cyprus under the ''60 Day" Rule

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.

Cyprus, the doorway to Europe

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

What you should know about the incorporation, maintenance and liquidation of a company in Cyprus?

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.

An Overview of the Cyprus Tax System

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

25
November
2020
Webinar
By
Dmitry Kucheryuk

Doing business in Hong Kong

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

16
November
2020
Webinar
By
Dmitry Kucheryuk

Cyprus Permanent Residence scheme

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

04
November
2020
Webinar
By
Dmitry Kucheryuk

Competency based interview

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.

02
November
2020
Webinar
By
Dmitry Kucheryuk

Employer branding – Why do companies need it?

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

Increasing your business efficiency: the secrets behind KPIs life cycle

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

Strike-Off and Liquidation Procedure: Description and Special Aspects

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.

Suspicions Activity report (SAR)

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.

21
September
2020
Webinar
By
Dmitry Kucheryuk

Compliance Definition and Main Objectives

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.

Anti-Bribery Compliance

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part II

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part I

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.

23
September
2020
Webinar
By
Dmitry Kucheryuk

Corporate internal investigation: what you need to know

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.

21
September
2020
Webinar
By
Dmitry Kucheryuk

Corporate residence in the UK

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.

09
September
2020
Webinar
By
Dmitry Kucheryuk

Know Your Client (KYC) of Politically Exposed Person (PEP) and Linked Persons (LIP)

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.

07
September
2020
Webinar
By
Dmitry Kucheryuk

Directors’ Duties and Liability Insurance

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

02
September
2020
Webinar
By
Dmitry Kucheryuk

Classification of foreign companies. Onshore and offshore activities. The taxation and liquidation

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.

Applying for Visas and Work Permits in Cyprus and Singapore & Cyprus EU Passports by Investments

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

The Protection of Company Directors’ Rights

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

Initial Coin Offering

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

Intellectual Property Law: An introduction to Copyrights, Patents & Trademarks.

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.

Cryptocurrencies: an introduction and regulatory framework

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.

Automatic Exchange of Information: Theory and Practice

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.

Opening & Maintaining a Corporate Bank Account in Cyprus, Singapore & Hong Kong

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.

Contract Law: How to create a legally binding contract & deal with disputes.

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.

Immigration permit

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).

Obtaining an Epass and Entrepass in Singapore

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 registration 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.

The Singapore budget 2014

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.

Estimated Chargeable Income (ECI)

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.

Voluntary wind up of a Cyprus company

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.

International trusts in 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.

XBRL filing in Singapore

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.

Setting up funds in Cyprus

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.

Cyprus interest and royalties

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.

Information for Cyprus companies and service providers from CySEC

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.

Withholding tax in Singapore - introduction

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.

Cyprus company audit requirements

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.

When can a company be classified as dormant in Hong Kong

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.

Royalties in Singapore

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.

Withholding tax in Singapore: Interest

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.

Shareholder's continuity test: Singapore

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.

CySEC: information for Cyprus companies and service providers

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.

Withholding tax in Singapore: Royalties

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.

Withholding tax in Singapore: Rental income

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.

Cyprus banking: The current situation

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.

Trademark protection in Cyprus

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.

Withholding tax in Singapore: Management fees and services

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.

Withholding tax in Singapore: When to file and pay

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.

Cysec: impact of swiss franc on Cyprus investment firms

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.

Liquidation and voluntary winding up of a Cyprus company

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.

Liquidation and voluntary winding up of a Singapore company

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.

FATCA and its preliminary effects on Cyprus and Singapore banks

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.

Requirements for company liquidation in Singapore

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.

An overview of mandatory mortgage registration for Cyprus companies

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.

Russia set to launch total web control

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.

Complete withholding tax guide in Singapore 2015

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 amendment of the assessment & collection of taxes law in Cyprus

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.

Changes to the law which will impact Singapore based CSPS

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.

How Singapore’s 2015 budget will help SMES

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.

Shareholders’ agreements in Cyprus

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.

Registration of charges in the Republic of Singapore

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”.

Foundations vs. Trusts

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.

The European Union corporate tax reform action plan

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 announce important reforms to the Singapore companies act

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.

Taxation of rental income in Cyprus

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.

Taxation of Singapore investment companies

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.

Cyprus corporate and individual taxation law draft amendments: 2015

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.

Using sound trademarks as a successful marketing tool

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.

Singapore: applying for an extension to hold AGM & laying of accounts

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.

FATCA: active & passive non-financial foreign entities

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.

How family offices benefit high net worth individuals

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.

Obtaining an EMI license in Singapore: pros & cons

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.

Obtaining an EMI license in Hong Kong: pros & cons

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.

Obtaining an EMI license in Cyprus: pros & cons

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.

Obtaining an EMI license in UK: pros & cons

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.

The Panama Papers: Implications for the offshore world

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.

International Trust Law & Foundations

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.

UK Business Insight: all you need to know about company registration and maintenance

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

Distributed Ledger Technology (DLT) - Regulatory standpoint

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

Know Your Client (KYC) – Practical Aspects of Procedure Application. Due Diligence

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.

Know-Your-Customer (KYC) Verification Procedure in Cryptocurrency market

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.

Corporate law and the division of powers within a company (UK)

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.

Company Law: Decision making procedures & Annual General Meeting

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.

Company Law: The role of Directors, Secretaries & Shareholders within an organisations

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.

Company Law Overview: An introduction to Company Law

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

What you should know about incorporation, maintenance and liquidation of a company in Hong Kong

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.

Hong Kong tax system

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

Opening, maintaining a corporate bank account in Singapore

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.

Cyprus International Trusts

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

Doing Business in Singapore

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

Singapore Company Incorporation, Maintenance and Liquidation

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.

Singapore tax system overview

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.

Cyprus Citizenship Programme

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

How to Get Your Yellowslip in Cyprus: Requirements & Process

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

Cyprus Quality of Life & Cost of Living Compared to the UK

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.

Tax Residency in Cyprus under the ''60 Day" Rule

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.

Cyprus, the doorway to Europe

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

What you should know about the incorporation, maintenance and liquidation of a company in Cyprus?

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.

An Overview of the Cyprus Tax System

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

Doing business in Hong Kong

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

Cyprus Permanent Residence scheme

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

Competency based interview

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.

Employer branding – Why do companies need it?

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

Increasing your business efficiency: the secrets behind KPIs life cycle

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

Strike-Off and Liquidation Procedure: Description and Special Aspects

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.

Suspicions Activity report (SAR)

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.

Compliance Definition and Main Objectives

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.

Anti-Bribery Compliance

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part II

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part I

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.

Corporate internal investigation: what you need to know

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.

21
September
2020
Webinar
UK
By
Dmitry Kucheryuk

Corporate residence in the UK

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.

Know Your Client (KYC) of Politically Exposed Person (PEP) and Linked Persons (LIP)

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.

Directors’ Duties and Liability Insurance

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

Classification of foreign companies. Onshore and offshore activities. The taxation and liquidation

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.

Applying for Visas and Work Permits in Cyprus and Singapore & Cyprus EU Passports by Investments

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

The Protection of Company Directors’ Rights

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

Initial Coin Offering

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

Intellectual Property Law: An introduction to Copyrights, Patents & Trademarks.

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.

Cryptocurrencies: an introduction and regulatory framework

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.

Automatic Exchange of Information: Theory and Practice

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.

Opening & Maintaining a Corporate Bank Account in Cyprus, Singapore & Hong Kong

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.

Contract Law: How to create a legally binding contract & deal with disputes.

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.

Immigration permit

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).

Obtaining an Epass and Entrepass in Singapore

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 registration 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.

The Singapore budget 2014

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.

Estimated Chargeable Income (ECI)

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.

Voluntary wind up of a Cyprus company

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.

International trusts in 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.

XBRL filing in Singapore

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.

Setting up funds in Cyprus

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.

Cyprus interest and royalties

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.

Information for Cyprus companies and service providers from CySEC

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.

Withholding tax in Singapore - introduction

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.

Cyprus company audit requirements

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.

When can a company be classified as dormant in Hong Kong

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.

Royalties in Singapore

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.

Withholding tax in Singapore: Interest

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.

Shareholder's continuity test: Singapore

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.

CySEC: information for Cyprus companies and service providers

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.

Withholding tax in Singapore: Royalties

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.

Withholding tax in Singapore: Rental income

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.

Cyprus banking: The current situation

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.

Trademark protection in Cyprus

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.

Withholding tax in Singapore: Management fees and services

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.

Withholding tax in Singapore: When to file and pay

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.

Cysec: impact of swiss franc on Cyprus investment firms

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.

Liquidation and voluntary winding up of a Cyprus company

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.

Liquidation and voluntary winding up of a Singapore company

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.

FATCA and its preliminary effects on Cyprus and Singapore banks

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.

Requirements for company liquidation in Singapore

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.

An overview of mandatory mortgage registration for Cyprus companies

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.

Russia set to launch total web control

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.

Complete withholding tax guide in Singapore 2015

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 amendment of the assessment & collection of taxes law in Cyprus

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.

Changes to the law which will impact Singapore based CSPS

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.

How Singapore’s 2015 budget will help SMES

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.

Shareholders’ agreements in Cyprus

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.

Registration of charges in the Republic of Singapore

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”.

Foundations vs. Trusts

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.

The European Union corporate tax reform action plan

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 announce important reforms to the Singapore companies act

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.

Taxation of rental income in Cyprus

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.

Taxation of Singapore investment companies

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.

Cyprus corporate and individual taxation law draft amendments: 2015

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.

Using sound trademarks as a successful marketing tool

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.

Singapore: applying for an extension to hold AGM & laying of accounts

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.

FATCA: active & passive non-financial foreign entities

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.

How family offices benefit high net worth individuals

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.

Obtaining an EMI license in Singapore: pros & cons

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.

Obtaining an EMI license in Hong Kong: pros & cons

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.

Obtaining an EMI license in Cyprus: pros & cons

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.

Obtaining an EMI license in UK: pros & cons

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.

The Panama Papers: Implications for the offshore world

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.

International Trust Law & Foundations

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.

UK Business Insight: all you need to know about company registration and maintenance

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

Distributed Ledger Technology (DLT) - Regulatory standpoint

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

Know Your Client (KYC) – Practical Aspects of Procedure Application. Due Diligence

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.

Know-Your-Customer (KYC) Verification Procedure in Cryptocurrency market

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.

Corporate law and the division of powers within a company (UK)

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.

Company Law: Decision making procedures & Annual General Meeting

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.

Company Law: The role of Directors, Secretaries & Shareholders within an organisations

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.

Company Law Overview: An introduction to Company Law

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

What you should know about incorporation, maintenance and liquidation of a company in Hong Kong

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.

Hong Kong tax system

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

Opening, maintaining a corporate bank account in Singapore

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.

Cyprus International Trusts

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

Doing Business in Singapore

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

Singapore Company Incorporation, Maintenance and Liquidation

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.

Singapore tax system overview

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.

Cyprus Citizenship Programme

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

How to Get Your Yellowslip in Cyprus: Requirements & Process

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

Cyprus Quality of Life & Cost of Living Compared to the UK

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.

Tax Residency in Cyprus under the ''60 Day" Rule

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.

Cyprus, the doorway to Europe

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

What you should know about the incorporation, maintenance and liquidation of a company in Cyprus?

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.

An Overview of the Cyprus Tax System

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

Doing business in Hong Kong

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

Cyprus Permanent Residence scheme

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

Competency based interview

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.

Employer branding – Why do companies need it?

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

Increasing your business efficiency: the secrets behind KPIs life cycle

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

Strike-Off and Liquidation Procedure: Description and Special Aspects

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.

Suspicions Activity report (SAR)

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.

Compliance Definition and Main Objectives

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.

Anti-Bribery Compliance

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part II

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part I

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.

Corporate internal investigation: what you need to know

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.

21
September
2020
Webinar
UK
By
Dmitry Kucheryuk

Corporate residence in the UK

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.

Know Your Client (KYC) of Politically Exposed Person (PEP) and Linked Persons (LIP)

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.

Directors’ Duties and Liability Insurance

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

Classification of foreign companies. Onshore and offshore activities. The taxation and liquidation

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.

Applying for Visas and Work Permits in Cyprus and Singapore & Cyprus EU Passports by Investments

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

The Protection of Company Directors’ Rights

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

Initial Coin Offering

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

Intellectual Property Law: An introduction to Copyrights, Patents & Trademarks.

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.

Cryptocurrencies: an introduction and regulatory framework

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.

Automatic Exchange of Information: Theory and Practice

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.

Opening & Maintaining a Corporate Bank Account in Cyprus, Singapore & Hong Kong

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.

Contract Law: How to create a legally binding contract & deal with disputes.

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.

Immigration permit

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).

Obtaining an Epass and Entrepass in Singapore

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 registration 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.

The Singapore budget 2014

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.

Estimated Chargeable Income (ECI)

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.

Voluntary wind up of a Cyprus company

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.

International trusts in 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.

XBRL filing in Singapore

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.

Setting up funds in Cyprus

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.

Cyprus interest and royalties

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.

Information for Cyprus companies and service providers from CySEC

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.

Withholding tax in Singapore - introduction

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.

Cyprus company audit requirements

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.

When can a company be classified as dormant in Hong Kong

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.

Royalties in Singapore

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.

Withholding tax in Singapore: Interest

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.

Shareholder's continuity test: Singapore

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.

CySEC: information for Cyprus companies and service providers

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.

Withholding tax in Singapore: Royalties

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.

Withholding tax in Singapore: Rental income

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.

Cyprus banking: The current situation

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.

Trademark protection in Cyprus

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.

Withholding tax in Singapore: Management fees and services

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.

Withholding tax in Singapore: When to file and pay

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.

Cysec: impact of swiss franc on Cyprus investment firms

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.

Liquidation and voluntary winding up of a Cyprus company

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.

Liquidation and voluntary winding up of a Singapore company

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.

FATCA and its preliminary effects on Cyprus and Singapore banks

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.

Requirements for company liquidation in Singapore

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.

An overview of mandatory mortgage registration for Cyprus companies

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.

Russia set to launch total web control

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.

Complete withholding tax guide in Singapore 2015

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 amendment of the assessment & collection of taxes law in Cyprus

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.

Changes to the law which will impact Singapore based CSPS

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.

How Singapore’s 2015 budget will help SMES

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.

Shareholders’ agreements in Cyprus

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.

Registration of charges in the Republic of Singapore

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”.

Foundations vs. Trusts

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.

The European Union corporate tax reform action plan

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 announce important reforms to the Singapore companies act

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.

Taxation of rental income in Cyprus

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.

Taxation of Singapore investment companies

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.

Cyprus corporate and individual taxation law draft amendments: 2015

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.

Using sound trademarks as a successful marketing tool

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.

Singapore: applying for an extension to hold AGM & laying of accounts

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.

FATCA: active & passive non-financial foreign entities

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.

The Panama Papers: Implications for the offshore world

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.

International Trust Law & Foundations

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.

UK Business Insight: all you need to know about company registration and maintenance

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

Distributed Ledger Technology (DLT) - Regulatory standpoint

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

Know Your Client (KYC) – Practical Aspects of Procedure Application. Due Diligence

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.

Know-Your-Customer (KYC) Verification Procedure in Cryptocurrency market

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.

Corporate law and the division of powers within a company (UK)

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.

Company Law: Decision making procedures & Annual General Meeting

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.

Company Law: The role of Directors, Secretaries & Shareholders within an organisations

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.

Company Law Overview: An introduction to Company Law

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

What you should know about incorporation, maintenance and liquidation of a company in Hong Kong

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.

Hong Kong tax system

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

Opening, maintaining a corporate bank account in Singapore

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.

Cyprus International Trusts

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

Doing Business in Singapore

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

Singapore Company Incorporation, Maintenance and Liquidation

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.

Singapore tax system overview

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.

Cyprus Citizenship Programme

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

How to Get Your Yellowslip in Cyprus: Requirements & Process

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

Cyprus Quality of Life & Cost of Living Compared to the UK

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.

Tax Residency in Cyprus under the ''60 Day" Rule

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.

Cyprus, the doorway to Europe

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

What you should know about the incorporation, maintenance and liquidation of a company in Cyprus?

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.

An Overview of the Cyprus Tax System

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

Doing business in Hong Kong

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

Cyprus Permanent Residence scheme

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

Competency based interview

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.

Employer branding – Why do companies need it?

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

Increasing your business efficiency: the secrets behind KPIs life cycle

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

Strike-Off and Liquidation Procedure: Description and Special Aspects

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.

Suspicions Activity report (SAR)

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.

Compliance Definition and Main Objectives

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.

Anti-Bribery Compliance

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part II

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part I

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.

Corporate internal investigation: what you need to know

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.

21
September
2020
Webinar
UK
By
Dmitry Kucheryuk

Corporate residence in the UK

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.

Know Your Client (KYC) of Politically Exposed Person (PEP) and Linked Persons (LIP)

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.

Directors’ Duties and Liability Insurance

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

Classification of foreign companies. Onshore and offshore activities. The taxation and liquidation

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.

Applying for Visas and Work Permits in Cyprus and Singapore & Cyprus EU Passports by Investments

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

The Protection of Company Directors’ Rights

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

Initial Coin Offering

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

Intellectual Property Law: An introduction to Copyrights, Patents & Trademarks.

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.

Cryptocurrencies: an introduction and regulatory framework

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.

Automatic Exchange of Information: Theory and Practice

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.

Opening & Maintaining a Corporate Bank Account in Cyprus, Singapore & Hong Kong

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.

Contract Law: How to create a legally binding contract & deal with disputes.

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.

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How family offices benefit high net worth individuals

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.

Obtaining an EMI license in Singapore: pros & cons

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.

Obtaining an EMI license in Hong Kong: pros & cons

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.

Obtaining an EMI license in Cyprus: pros & cons

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.

Obtaining an EMI license in UK: pros & cons

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.

Immigration permit

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).

Obtaining an Epass and Entrepass in Singapore

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 registration 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.

The Singapore budget 2014

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.

Estimated Chargeable Income (ECI)

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.

Voluntary wind up of a Cyprus company

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.

International trusts in 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.

XBRL filing in Singapore

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.

Setting up funds in Cyprus

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.

Cyprus interest and royalties

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.

Information for Cyprus companies and service providers from CySEC

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.

Withholding tax in Singapore - introduction

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.

Cyprus company audit requirements

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.

When can a company be classified as dormant in Hong Kong

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.

Royalties in Singapore

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.

Withholding tax in Singapore: Interest

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.

Shareholder's continuity test: Singapore

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.

CySEC: information for Cyprus companies and service providers

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.

Withholding tax in Singapore: Royalties

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.

Withholding tax in Singapore: Rental income

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.

Cyprus banking: The current situation

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.

Trademark protection in Cyprus

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.

Withholding tax in Singapore: Management fees and services

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.

Withholding tax in Singapore: When to file and pay

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.

Cysec: impact of swiss franc on Cyprus investment firms

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.

Liquidation and voluntary winding up of a Cyprus company

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.

Liquidation and voluntary winding up of a Singapore company

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.

FATCA and its preliminary effects on Cyprus and Singapore banks

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.

Requirements for company liquidation in Singapore

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.

An overview of mandatory mortgage registration for Cyprus companies

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.

Russia set to launch total web control

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.

Complete withholding tax guide in Singapore 2015

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 amendment of the assessment & collection of taxes law in Cyprus

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.

Changes to the law which will impact Singapore based CSPS

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.

How Singapore’s 2015 budget will help SMES

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.

Shareholders’ agreements in Cyprus

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.

Registration of charges in the Republic of Singapore

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”.

Foundations vs. Trusts

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.

The European Union corporate tax reform action plan

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 announce important reforms to the Singapore companies act

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.

Taxation of rental income in Cyprus

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.

Taxation of Singapore investment companies

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.

Cyprus corporate and individual taxation law draft amendments: 2015

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.

Using sound trademarks as a successful marketing tool

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.

Singapore: applying for an extension to hold AGM & laying of accounts

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.

FATCA: active & passive non-financial foreign entities

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.

Amendment to the Singapore companies act 2014

After a recent review, changes have been made to the Singapore Companies Act 2014, which came into force on July 1st, 2015. These changes are to ensure that Singapore’s corporate regulatory framework will continue to meet changing business practices, to reduce the compliance and regulatory burden for companies.

The new legal framework of licensing insolvency consultants in Cyprus

On the 7th of May, 2015 a new legislation was published in the Official Gazette of the Republic of Cyprus, that of Insolvency Consultants Law of 2015 (64(I)/2015 (the “Law”). This new legislation outlines the criteria for qualification, regulation and monitoring of persons that have the role of insolvency consultant.

Cyprus-Iran double taxation treaty

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.

How the Cyprus IP regime can help you achieve effective tax planning

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.

Permanent establishment in Singapore: withholding tax & technical assistance fees

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.

Setting up a client’s economic profile

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.

UK annual requirements: dormant & small companies

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.

UK annual requirements: micro-entity & medium sized companies

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.

Shipping companies: why choose Singapore?

In a bid to make Singapore a shipping hub, various incentives were introduced to make it attractive to have shipping activities in Singapore. Essentially the provisions that govern the exemption of shipping activities in Singapore are found in Section 13A and Section 13F of the Singapore Income Tax Act (SITA).

Permanent establishment in Singapore: Branches & Dtas

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.

Registration of Singapore flagged vessels: how to guide

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.

An overview of corporate governance in Cyprus

The aim of Corporate Governance is to facilitate efficient, entrepreneurial and practical management that can deliver the long-term success of the Company. Corporate governance is about what the Board of Directors of a Company does and how it sets the values of the Company.

Taxation of shipping operators in Singapore

A shipping operator who operates Singapore ships or foreign ships can enjoy exemption of specified income as a ‘shipping enterprise’ under Section 13A of the SITA.

Singapore: taxation of shipping owners

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).

Different types of companies required to prepare financial statements under the IFRS

Nowadays, an increasing number of Russian companies are required to prepare their Financial Statements as per the International Financial Reporting Standards (IFRS).

Cyprus tax department introduces application for the issuance of tax residency certificates

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

6 important aspects of Singapore payroll for employers and business owners

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

25
January
2016
Singapore
By
Laura Deane

The ultimate guide to annual general meetings for Singapore companies

Being unaware of Compliance Matters in Singapore could end up with Business Owners and founders of Singapore companies heading to Court, as ACRA puts a stop on companies that consistently do not hold an Annual General Meetings or AGM.

Cyprus in early adopter group to implement the common reporting standard

In an effort to improve the global reporting standard of local tax systems and combat tax avoidance, governments from various jurisdictions will bring the automatic exchange of information in tax matters for all countries up to the same standard. This is referred to as the Common Reporting Standard (CRS).

Re-domiciliation of foreign companies in Cyprus

As a result of the 2006 amendment to the Companies’ Law Cap.113, foreign companies can be re-domiciled in Cyprus and companies registered in Cyprus can be re-domiciled abroad.

Electronic submission of tax returns for Cyprus companies

All Cyprus resident companies must return their income tax accounts in accordance with the Income Tax Law (Law No. 118(I) of 2002).

Important changes to UK tax legislation taking place in April

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.

Madrid convention on international registration of trademarks

The scheme was originally designed to make it possible to protect a trademark across a number of jurisdictions by obtaining an international registration that has effect in every participating country. The Madrid system provides a way to grant protection for a trademark in a simple, effective yet relatively inexpensive manner.

Obtaining a forex license for trading

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.

MAS: important changes to current legislation on company mergers

The Monetary Authority of Singapore (MAS) has issued amendments to the current legislation regarding company mergers and commercial take-overs as per section 139 of the Securities and Futures Act in Singapore.

The Singapore budget 2016

Singapore’s Finance Minister Heng Swee Keat unveiled the 2016 budget. This year the notable points for discussion focused on innovation and enterprise. A large section of the budget has been allocated towards the need for growth in Singapore businesses to an international level, as well as keeping up with developing modern technology.

Obtaining a Cyprus passport by investment or naturalisation

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.

Investment funds: a guide for first time investors

An investment fund is a common term used for when several investors use their own capital to collectively buy securities with each Shareholder retaining ownership and control over the individual shares.

Working in Cyprus: EU & Third country nationals

Immigrants wishing to live work or study in Cyprus are required to have either a valid work or residence permit. Fines may be imposed on anyone found to be employed in the country without valid and up-to-date paperwork. Citizens of any EU country can freely enter Cyprus with the correct passport/ID card.

Russian immigration advice: applying to live in the UK

The following article is intended to highlight the stages involved in the visa application process for Russian citizens wanting to immigrate to live in the UK. There are many different ways to apply, depending on each applicant’s circumstances and requirements.

Scottish limited partnership: the benefits of incorporating in Scotland

A Limited Partnership registration in Scotland offers different advantages than other company structures in the UK. Scottish LPs are considered a legal entity and as a result can hold assets in their own name, as well as having significant tax benefits that differentiate them from the structures available in England & Wales.

Accounting support for a Cyprus company located in Russia

When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.

Windows 10 update: having issues with the installation?

By now you have probably about Windows 10, the latest operating system developed by Microsoft. While coming with a huge range of benefits, including offering free downloads for a limited time, it has not come without complaints from numerous users about a variety of problems experienced during the installation of the system, and after.

Selecting a management information system

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.

To Brexit or not to Brexit?

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.

How to register a branch in Cyprus

Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.

Important 2016 reporting deadlines for BVI financial institutions

Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.

Panama law 52: updated legislation for all legal entities

The Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.

Key amendments to the Singapore companies act

Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.

New requirement for Scottish LPS to disclose all PSC information to the companies house

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.

Hong Kong establishes AEOI agreement with Indonesia

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

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, what's the catch?

The Finance Committee in Cyprus discussed the long-awaited and somewhat revolutionary new competition law that allows foreign individuals to have the possibility of obtaining Cyprus tax resident status while on the island only for 60 days in any calendar year.

What are the new beneficial ownership reporting requirements for BVI companies?

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.

The EC takes action against advocates promoting tax avoidance schemes

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.

2017 g20 summit: enforcement of taxation highest priority

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.

EU parliament committee release findings & recommendations for current offshore taxation measures

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.

OECD publishes compliance review for all non-compliant jurisdictions

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data.

European Commission publishes tax avoidance disclosure directive

The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.

How family offices benefit high net worth individuals

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.

Obtaining an EMI license in Singapore: pros & cons

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.

Obtaining an EMI license in Hong Kong: pros & cons

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.

Obtaining an EMI license in Cyprus: pros & cons

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.

Obtaining an EMI license in UK: pros & cons

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.

The Panama Papers: Implications for the offshore world

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.

International Trust Law & Foundations

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.

UK Business Insight: all you need to know about company registration and maintenance

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

Distributed Ledger Technology (DLT) - Regulatory standpoint

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

Know Your Client (KYC) – Practical Aspects of Procedure Application. Due Diligence

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.

Know-Your-Customer (KYC) Verification Procedure in Cryptocurrency market

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.

Corporate law and the division of powers within a company (UK)

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.

Company Law: Decision making procedures & Annual General Meeting

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.

Company Law: The role of Directors, Secretaries & Shareholders within an organisations

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.

Company Law Overview: An introduction to Company Law

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

What you should know about incorporation, maintenance and liquidation of a company in Hong Kong

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.

Hong Kong tax system

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

Opening, maintaining a corporate bank account in Singapore

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.

Cyprus International Trusts

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

Doing Business in Singapore

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

Singapore Company Incorporation, Maintenance and Liquidation

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.

Singapore tax system overview

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.

Cyprus Citizenship Programme

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

How to Get Your Yellowslip in Cyprus: Requirements & Process

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

Cyprus Quality of Life & Cost of Living Compared to the UK

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.

Tax Residency in Cyprus under the ''60 Day" Rule

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.

Cyprus, the doorway to Europe

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

What you should know about the incorporation, maintenance and liquidation of a company in Cyprus?

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.

An Overview of the Cyprus Tax System

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

Doing business in Hong Kong

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

Cyprus Permanent Residence scheme

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

Competency based interview

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.

Employer branding – Why do companies need it?

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

Increasing your business efficiency: the secrets behind KPIs life cycle

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

Strike-Off and Liquidation Procedure: Description and Special Aspects

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.

Suspicions Activity report (SAR)

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.

Compliance Definition and Main Objectives

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.

Anti-Bribery Compliance

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part II

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.

Double Taxation Conventions: Content, Recent Amendments & Application. Part I

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.

Corporate internal investigation: what you need to know

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.

21
September
2020
Webinar
UK
By
Dmitry Kucheryuk

Corporate residence in the UK

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.

Know Your Client (KYC) of Politically Exposed Person (PEP) and Linked Persons (LIP)

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.

Directors’ Duties and Liability Insurance

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

Classification of foreign companies. Onshore and offshore activities. The taxation and liquidation

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.

Applying for Visas and Work Permits in Cyprus and Singapore & Cyprus EU Passports by Investments

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

03
August
202