News

REMINDER: 30 September Deadline for appointment of AML Officers under the Cayman Islands Anti-Money Laundering Regulations

07 September 2018

FUNDS, PRIVATE EQUITY AND INVESTMENT VEHICLES
Cayman Islands entities conducting relevant financial business are reminded they must appoint individuals as their AML Officers by 30 September 2018 under the AML Regulations (2018 Revision).

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Cayman Islands beneficial ownership regime

15 June 2018

Under the Cayman Islands beneficial ownership legislation and regulations, certain Cayman Islands companies are required to maintain details of each qualifying beneficial owner in a beneficial ownership register.

Each company that falls within the scope of the legislation is required to complete and maintain a register at its Cayman Islands registered office with a licensed corporate services provider. 

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Redomiciliation into the Cayman Islands

10 May 2018

Moving a business from one country to another could help alleviate overly onerous operational requirements under the current companies’ laws, reflect the changing nature of the business, offer administrative simplification for a business, or deal with unexpected regulatory or tax consequences arising from changes in law or the growth of the business.

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Legislation updates affecting Bermuda Companies

30 April 2018

Recent legislation changes in Bermuda see the increase to certain fees from 1 April 2018 and the formal introduction of a Register of Beneficial Owners.

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*UPDATED* Cayman Islands: AML Compliance Officer, MLRO and DMLRO

11 April 2018

CAYMAN ISLANDS FUNDS, PRIVATE EQUITY AND INVESTMENT VEHICLES – Late last year the Cayman Islands Monetary Authority (CIMA) issued updated Guidance Notes under the Anti-Money Laundering Regulations, 2017 which have just come into force. Marbury has been awaiting clarification on some parts of the updated Guidance Notes after feedback was provided from the industry…

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HK: New Requirement – Register of Significant Controllers

23 February 2018

The Companies Ordinance (Cap.622) has been amended to require a company incorporated in Hong Kong to identify persons who have significant control over the company and to maintain a register of significant controllers to be accessible by law enforcement officers upon demand.  This follows similar steps taken in the UK and other jurisdictions, and the Hong Kong RSCs will not be accessible to the general public.

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HK: New Client Due Diligence and Licensing Regime for Providers

23 February 2018

The Hong Kong government has now introduced amended legislation that regulates the provision of, until now, unregulated company services by accounting professionals, estate agents, legal professionals and trust and company service providers. The move is consistent with the government’s commitment to adopt common reporting standards, institute a register for persons with significant control and generally to the extension of enhanced client due diligence and record-keeping regarding private Hong Kong companies.

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Vietnam and Foreign Investment Structures

09 November 2017

The use of British Virgin Islands, Hong Kong and Singapore The British Virgin Islands, Hong Kong and Singapore provide attractive product offerings broadly characterised by cost effective incorporation and ongoing maintenance fees, a tax neutral investment platform, corporate flexibility, an English common law system that underpins the rule of law and contractual…

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Key tax takeaways from Hong Kong Chief Executive’s 2017 Policy Address

16 October 2017

Hong Kong Chief Executive, Carrie Lam, delivered her first policy address to the Legislative Council last week on 11 October, outlining the Government’s future policy initiatives. Among these were two key tax-related measures to maintain Hong Kong’s position as a leading business hub in Asia.

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After Hurricane Irma – Aid for BVI

13 September 2017

We are hearing first-hand from colleagues and friends across the financial sector that the devastation in the British Virgin Islands, including loss of life and property, is even worse than was ever feared possible. Whilst international aid agencies and the UK Government are assisting the BVI to restore the basic infrastructure and evacuate those requiring urgent medical assistance, it will be a long time until normal daily life resumes.

Marbury has selected a charity working on the ground in the BVI through which 100% of all donations received will go directly to helping support local BVI communities. Marbury has set-up a matching scheme for clients interested to donate with us.

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BVI Business Companies: Change of Government Fees for 2018

18 August 2017

The BVI Government has passed two Orders for the increase of fees and penalties applicable to BVI Business Companies. The new fees in the BVI Business Companies Act (Amendment of Schedules) Orders will apply to most Registry transactions for BVI Business Companies and will come into effect on 1 January 2018.

View the key changes related to the Amendment Schedules by clicking below.

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Should UK commercial property be held by non-UK residents through a UK company or a non-UK resident company?

09 June 2017

Recent changes to UK tax legislation have led to questions being raised as to whether non-UK residents should always choose to acquire commercial property in non-UK resident vehicles. It used to be the case that if you were a non-UK resident acquiring UK commercial property, it was generally better to structure the acquisition of such property so it was owned by a company in a non-UK, tax neutral jurisdiction. However, a number of recent developments have meant that this may no longer always be a sensible choice, particularly if there is a plan to develop land and sell it soon afterwards.

For more information please view the full guest article by clicking below.

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BVI extends CRS notification and reporting deadlines

20 April 2017

The Government of the British Virgin Islands has announced that the 2017 deadlines for notification and reporting obligations under the Common Reporting Standard (CRS) will be extended by two months.

Financial Institutions (FIs) will now have until 30 June 2017 to register with the BVI International Tax Authority (ITA) on the ITA’s reporting portal, the BVI Financial Account Reporting System (BVI FARS), without the ITA considering compliance measures or penalties.

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BVI cautionary tale: SME businesses and avoiding the gridlock of probate

29 March 2017

Small businesses tend to gravitate to the BVI as the choice of jurisdiction for incorporation due to its ease and cost-effectiveness. However, very often such companies will be established with a sole individual director who is also the sole shareholder of the company. Problems arise if this individual then passes away, regardless of whether the individual had a will or not.

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Cayman Islands to introduce centralised beneficial ownership register

24 January 2017

As foreshadowed in our Memo of 15 April 2016, the Cayman Islands will follow the BVI and other jurisdictions by adopting a beneficial ownership register system. The Cayman Islands government has now published draft legislation following public consultation, which took place during the course of last year. The proposed system…

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How to call a general meeting for a Hong Kong company

15 November 2016

At Marbury, we are commonly asked by clients for advice on the steps and procedure for calling a general meeting of a Hong Kong company. In this briefing, we explain the steps involved and the requirements for calling a meeting. This overview is not an exhaustive checklist as the Ordinance…

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Why do business in the BVI

02 November 2016

The advantages offered by the use of BVI companies and the positive impact of these on deal costs, and the expense and ease of ongoing maintenance and governance. British Virgin Islands (BVI) companies provide cost-effective solutions for investment and cross border transactions. In the vast majority of cases they…

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BVI – Beneficial ownership information and accounting records

18 October 2016

As we have previously advised, the British Virgin Islands (BVI) is now implementing anti-money laundering policies passed late last year regarding ultimate beneficial ownership (UBO). The changes add to the jurisdiction’s reputation with the international community and we are hopeful they will result in benefits such as easing the process…

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Mauritius: Changes in the tax treaty with India, what this means for investors

21 September 2016

Mauritius The Double Taxation Avoidance Agreement (DTAA) with Mauritius has been amended.  The new protocol gives India the right to tax capital gains arising from the sale or transfer of shares of an Indian company acquired by a Mauritian tax resident.  Investments made before 1 April 2017 are exempt and shares acquired…

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Cayman Islands approves Limited Liability Companies Bill

24 August 2016

The use of LLCs in the Cayman Islands will be of particular interest to asset managers seeking to establish fund structures. The flexibility of an LLC means that it is also ideal for purposes such as joint ventures, holding companies, and serving as the general partner to an exempted limited partnership. They can also be useful property holding vehicles.

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BVI: Distributions, share purchases and redemptions

19 May 2016

British Virgin Islands This briefing examines the key aspects of distributions, share purchases and redemptions under the BVI Business Companies Act 2004 (the Act). Distributions A company’s articles of association will contain provisions dealing with the payment of distributions. The Act imposes additional obligations relating to the payment of distributions. What is…

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BVI and UK Beneficial Ownership Platform

26 April 2016

The BVI Government has agreed to establish and maintain an electronic platform that will allow “the automatic right to unrestricted and timely” access for law enforcement agencies in the UK to accurate and current beneficial ownership information on corporate and legal entities incorporated in the BVI by the end of June 2017.

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Bermuda Company Law Amendment: Register of Directors

25 April 2016

The Bermuda Government has recently amended its company law affecting all companies both local and exempted. The amended Companies Act 1981 now requires a Register of Directors in respect of Bermuda registered companies to be kept by the Registrar of Companies. Every company registered in Bermuda will be required to file at the Registrar a list of its directors and their addresses.

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Cayman Islands and UK Beneficial Ownership Platform

15 April 2016

The Cayman Islands will set up a central platform of beneficial owners that will allow designated Cayman Islands officials to directly obtain details of beneficial ownership of companies incorporated in Cayman. Upon formal request, this information will be shared with law enforcement authorities in the UK. Commitment has been given to have the system in place by June 2017.

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Director’s illogical conduct leads to ban

05 April 2016

United Kingdom – A director of a company incorporated in the United Kingdom, has been disqualified from acting as a director for 5 years for breaching his duty to act in the best interests of the company by causing or allowing payments totalling £314,588 to be made to third parties.

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BVI: Announcement of Requirement to File Register of Directors

03 March 2016

British Virgin Islands – The BVI Business Companies (Amendment) Act, 2015 (the Amendment Act), which includes new requirements for the filing of director information with the Registry of Corporate Affairs was published on 31 December 2015, and came into force on 15 January 2016. Sections 27 and 28 of the Amendment Act in relation to the provisions/filing of the Register of Directors will come into force on 1 April 2016.

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Open-ended fund structures for Hong Kong

01 March 2016

Hong Kong Asset managers may soon have an alternative to unit trusts if they wish to set up open-ended investment funds in Hong Kong. Legislators are reviewing rules that would allow open-ended fund companies to operate in Hong Kong for the first time. Unlike regular companies, these entities are able to vary…

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Delay of the Implementation of Common Reporting System (CRS)

04 January 2016

British Virgin Islands FSC has confirmed that it will delay implementation of the Common Reporting Standard (CRS) in the BVI.

On the 1st of January 2016 legislation to implement the CRS rules came into effect. The BVI tax authority has now clarified that Financial Institutions will be required to notify that they will have reporting obligations for the 2016 reporting year by 30 April 2017, …

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Cayman Companies (Amendment) Law 2015

02 November 2015

Appointments and Notification of Changes to Directors – The Companies (Amendment) Law 2015 has now come into effect in the Cayman Islands and will have potential application to all Cayman Islands companies. The Law deals with appointments and notification of changes to directors.

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The Hong Kong Competition Ordinance

01 November 2015

14 December 2015 will see Hong Kong finally catch up with other free market economies when the much delayed Competition Ordinance comes into operation.

Your New Year’s resolution should be made a little earlier than normal, to ensure that 2016 doesn’t bring you some unfortunate surprises with the monkey of the Competition Commission on your back.

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BVI’s dynamic new fund products

26 October 2015

The Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 which came into force in the British Virgin Islands on 1 June 2015, creates two new, lightly regulated open-ended funds products – the Incubator Fund and Approved Fund. These dynamic new fund products complement the existing offering of Private Funds, Professional Funds, and Public Funds in the BVI. Incubator and Approved Funds are not required to obtain a licence, or be recognised or registered under the Securities and Investment Business Act, 2010, and will not be subject to the Regulatory Code, 2009.

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