Author: Admin
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Hong Kong Companies Ordinance (CAP622) & Personal Data – New Inspection Regime
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Arising out of social issues affecting office bearers in Hong Kong, the Hong Kong government determined in 2020 that company directors’ (and secretaries) sensitive personal information should be private. The Companies Ordinance (CAP622) (CO), has been amended accordingly. Under the amended CO, company directors’ and secretaries’ personal data will continue to be stored in the…
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UK Property – Register of Overseas Entities and Beneficial Owners
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The UK Government has now implemented legislation to create full transparency regarding the ownership by non-UK legal entities of title to property in the UK.
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Quick Alert – Four Big Amendments to the BVI Business Companies Act (2004): Effective 1 January 2023
Things are moving fast when it comes to increasing the transparency and effectiveness of company administration in the offshore centres. British Virgin Islands legislative council has now passed amendments to the BVI Business Companies Act, 2004.
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Updated De-registration rules for Cayman Islands Regulated Funds
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With effect from 17 August 2022 With the aim of streamlining the process for de-registering mutual funds and private funds, the Cayman Islands Monetary Authority (CIMA) has recently announced a list of updated Rules and Regulatory Procedures (the Rules) on the Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private…
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Cayman Islands Voluntary Liquidations
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If you have a Cayman company which you no longer require and would like to dissolve before 31 December 2022 in order to avoid paying the annual fees next year, on the basis that the company is not a regulated entity and is solvent, the voluntary liquidation process should commence by 31 August 2022. We…
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Impact of UK’s Economic Crime (Transparency and Enforcement) Act on British Virgin Islands (BVI) entities
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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.
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Seychelles: Additional Register of Directors requirements
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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…
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Anguilla: Enhanced companies regime
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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.
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Cayman Islands CRS FATCA upcoming filing deadlines, compliance dates and CRS Enforcement Guidelines
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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.
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Hong Kong: Reduction of Business Registration Levy
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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…