The Seychelles Government has introduced new legislation that significantly increases the accounting records keeping requirements for International Business Companies (IBCs).
Further to the BVI Business Companies (Amendment of Schedule 1) Order, 2021, a fee of USD75 will be introduced for filing of the first register of directors. Please note that a filing fee of USD75 will be added to the incorporation of all BVI companies incorporated on or after 1 Jul 2021.
Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2020-21 in the Budget Address on 24 February 2021 outlining measures to support enterprises, revive and stimulate the economy as well as tax policy. Highlights of the measures of particular interest to Hong Kong companies and our clients operating in Hong Kong are set out here.
The Singapore Accounting and Corporate Regulatory Authority (ACRA) has extended filing deadlines and is waiving late filing penalties for a period following system slowness and intermittent disruption issues with its business filing portal, Bizfile+.
In response to the concerns of Corporate Service Providers (CSPs) who had experienced difficulties filing annual returns and other transactions, ACRA has announced relief measures.
Singapore – With effect from 30 July 2020, all companies, foreign companies and limited liability partnerships (LLPs), unless exempted, are required to lodge with the Accounting and Corporate Regulatory Authority (ACRA) the same information that they presently continue to maintain in their Register of Registrable Controllers (RORC). This is part of ACRA’s on-going efforts to uphold Singapore’s reputation as a trusted financial hub, and to further enhance the transparency of ownership and control of corporate entities.