The Mauritius Revenue Authority on 27th January 2021 released a statement on income subject to partial exemption intended to provide clarifications to tax payers and practitioners on the application of partial exemption on specific income following amendments brought to the Second Schedule of the Income Tax Act by the Finance Act 2018 and to the […]
Investment Funds 2019: New Licensing Requirements & Obligations
The Investment Funds Act 2019 (IFA), brought into force effective September 1, 2019, represents a modern update to the current regulatory regime for investment funds in the Bahamas. The changes apply to all persons currently carrying on investment fund business in and from The Bahamas and those that intend to. An aim of the New […]
CSP – Company Service Providers Framework in Abu Dhabi 2020
The Abu Dhabi global market (ADGM) is set to introduce significant changes to its existing Corporate Service Provider CSP and registered agent regime. It has published Consultation Paper No.5 and is inviting feedback and comments on the proposal to introduce a framework for the regulation of Company Service Providers Framework. Subject to certain exemptions, […]
Mauritius FSC Guidelines On Fitness And Propriety 2020
The “Fitness and Propriety ” criteria make reference to requirements for evaluating managers, directors and shareholders. Particularly, the ability to fulfil their duties (“fitness”) as well as their integrity and suitability (“propriety”) are examined. This concept is a standard in corporate governance of financial institutions. On 29th September 2020, the Financial Services Commission (FSC) […]
International Tax Planning: The New Economic Substance Requirement
Recent initiatives by the Organization of Economic Cooperation and Development (OECD) are having a seismic effect on international tax planning. OECD Action 5, which has been adopted by almost all credible offshore financial centers (e.g., Cayman Islands, British Virgin Islands, Barbados, Bermuda, Bahamas, Liechtenstein, Isle of Man, etc.) requires all companies registered in a jurisdiction […]
Segregated Portfolio Companies in the Cayman Islands
Cayman Companies Law extended the scope of the segregated portfolio companies’ provisions by permitting any exempted company to apply to the Registrar of Companies to be registered as an exempted segregated portfolio company (“SPC”). Once registered, exempted companies can operate segregated portfolios with the benefit of statutory segregation of assets and liabilities between portfolios. The […]
Benefits of Forming Wyoming LLC
Wyoming is the first state in the USA that recognized the limited liability company as a permitted entity form in 1977. And since then, this company type has become one of the best ones for many businessmen around the state and country due to the multiple Wyoming LLC benefits. Wyoming has kept updating the laws […]
Nevis Changes in Offshore Tax Regimes and Economic Substance Requirements
Nevis is updating its legislative and regulatory framework commitments to the European Union Code of Conduct Group (EUCoCG) under its Tax Governance Initiative and at the same time to the OECD Base Erosion and Profit Shifting (BEPS) Inclusive Framework. The parliament recently passed the Nevis Business Corporation (Amendment) Ordinance, 2018, and the Nevis Limited Liability […]
Saint Vincent and the Grenadines Changes in Offshore Tax Regimes and Economic Substance Requirements
Saint Vincent and the Grenadines has amended its International Business Company Act and the International Trust Act to comply with the requests of the EU and the OECD. International Business Companies have changed their name to Business Companies (BCs) and are no longer ring-fenced, meaning both residents and non-residents will be able to operate with […]
Thinking of Registering a Family Trust. Think Cyprus?
Trusts are useful tools for estate and succession planning. Families use trusts to preserve and manage their wealth. Across a huge number of jurisdictions, trusts have a wide number of benefits for individuals who seeking complete confidentiality; asset protection; or low cost of establishment and administration; amongst other benefits. The world over, one of the […]