NEWS & UPDATES
Things are moving fast when it comes to increasing the transparency and effectiveness of company administration in the offshore centres. British Virgin Islands (BVI) legislative council has now passed amendments to the BVI Business Companies Act, 2004 (the Act). The
New obligations on BVI entities holding property or land in the UK are now in force with the introduction of a Register of overseas entities and beneficial owners.
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
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.
A key requirement related to the Automatic Exchange of Information (AEOI) regime which includes CRS and FATCA, is the annual reporting requirement of reportable accounts. Entities that are classified as FIs under CRS and FATCA must file their annual report before the 31 July 2022 deadline.
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
Fund clients are reminded about the 30 June 2022 filing deadline to submit the required information. Please see our overview below. v Jump to the requirements summary table. v Financial statements Pursuant to the Securities and Business Act (Revised) (SIBA),
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.
The British Virgin Islands has long been a jurisdiction of choice for the establishment of companies for use as asset holding vehicles. The development of the inter-connected global economy has led further to the widespread adoption of BVI companies as private equity or investment funds. Today, the BVI is home to over 2,000 registered and recognised investment funds.
The BVI’s popularity was earned through its effective regulatory platform that is aligned to global regulatory standards, and its immensely flexible funds framework.
The Hong Kong Government has launched a third round of financial support to aid employers retain their current employees, or even employ more staff, as part of its continued Anti-epidemic Fund measures. Eligible employers can receive subsidies of up to
Scrutiny faced by directors of companies for possible breaches of their fiduciary duties has been further clarified by the Privy Council in a case involving actions of a director leading up to the insolvency of the company. Key takeaways regarding duties
Hong Kong Budget Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2022-23 in the Budget Address on 23 February 2022. Included in the measures to support enterprises through the difficult pandemic period was the continuation of the business