Seychelles: Additional Register of Directors requirements

To ensure that international regulatory standards of tax transparency are met, the Seychelles Government enacted a suite of new legislation over the last two years, including the International Business Companies (Amendment) Act 2021 (the Amendment Act) and the International Business Companies Act and Other Related Laws (Amendment) Act 2021. The legislation imposes a number of new reporting obligations on Seychelles companies (and their Registered Agents), and the Financial Services Authority recently issued the International Business Companies Guidelines to aid compliance. Under the Amendment Act additional mandatory fields relating to the Register of Directors (RODs) are required to be completed, along with an additional requirement to provide consent in writing by the persons/entities appointed. An overview of the RODs including the new requirements is set out below. Register of Directors (ROD) mandatory fields The following information relating to company directors are required to be filed with the Registrar as mandatory fields in the ROD: For individual directors name date of birth nationality service address for receipt of documents and residential address (if different to service address) For corporate directors date of incorporation place of incorporation service address for receipt of documents (ie registered office address) Dates relating to each person entered as a director, alternate director, or nominated as reserve director Appointment/Nomination date Cessation date Written consent to act as director Under the Amendment Act, every person appointed as a director or alternate director or nominated as a reserve director of a company from 6 August 2021 onwards must provide consent in writing. For persons appointed or nominated prior to 6 August 2021, this requirement is not applicable. Filing deadlines Whilst a company is not required to appoint a director within … Discover More

Anguilla: Enhanced companies regime

New legislation has recently been passed that will align Anguilla with international standards with regards to tax transparency and the associated beneficial ownership and economic substance requirements, through the creation of a more modern framework and supporting reporting system.

Hong Kong: Reduction of Business Registration Levy

It was gazetted on 10 June 2022, that the business registration levy will be reduced from HKD250 per annum to HKD150 per annum. Subject to the passing of the Business Registration Ordinance (Amendment of Schedule 2) Order 2022 (Order) by the Legislative Council on 15 June 2022, the new levy rate will apply to incorporation applications lodged on or after 17 June 2022. For registration of non-Hong Kong companies, the new levy rate applies to business registration certificates with the date of commencement on or after 17 June 2022 (i.e. the date of commencement of business in Hong Kong is on or after that date). This reduction of the business registration levy comes in addition to the waiving of the business registration fee for 2022/23 as announced for this year’s budget. The IRD’s updated business registration and levy fee table can be viewed here. Marbury clients who have already been billed for their business registration fees for the coming financial year will see a credit item on their October annual invoice (where applicable). Whereas our clients who are incorporating or commencing business from 17 June onwards will be charged according to the new levy of HKD150. For more information, please contact your usual Marbury advisor or info@marburys.com.

Are your entities compliant?

The Cayman Islands Monetary Authority (CIMA) has recently imposed USD365,000 in administrative fines on an asset manager for breaches of the AML Regulations, serving as a timely reminder on the value of effective compliance and the importance of registered entities having effective anti-money laundering policies and procedures in place.