Author: Admin
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Reminder: BVI investment funds regulatory deadlines approaching – 30 June 2022
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 Mutual Funds Regulations (Revised) and the Private Investment Funds Regulations, 2019, all BVI private,…
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Are your entities compliant?
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.
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Summary of BVI open-end investment funds
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…
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Employment Support Scheme 2022 (ESS 2022)
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 HKD8,000 per employee for three months whilst eligible self-employed applicants can receive a one-off payment.…
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Directors’ Duties: Payments made by Insolvent Shipping Company
Scrutiny faced by directors of companies for possible breaches of their fiduciary duties has been further clarified by the Privy Council in a case[1] involving actions of a director leading up to the insolvency of the company. Key takeaways regarding duties are: The Privy Council dealt with the following questions regarding the actions of the director…
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Hong Kong Business Registration Fee Waiver 2022/23
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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 registration fee waiver. Click for more details.
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Considerations in selection of your fund administrator
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Launching a new fund or investment structure can be an exciting but daunting experience. The right choice of partner to help set up and service the structure can make all the difference. Here are a few things we focus on, because they make a huge difference to the manager and the LPs.
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BVI Economic Substance – Significant amendments to BOSS Act
The most recent amendment to the Beneficial Ownership Secure Search System Act (the BOSS Act) applies to those financial periods beginning on or after 1 January 2022. Below is summary of the most significant amendments. It is expected that the BVI International Tax Authority (ITA) will publish version 3 of its ES Rules and Explanatory…
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Singapore: File your Annual Lodgments on time
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Penalty for late filing beyond 3 months increases to SGD600 from 14 Jan 2022 Under the new 2-tier penalty framework, the penalty for late filing of the annual lodgments will be SG300 within the first 3 months after the due date or SGD600 if the lodgment is filed more than three months after the filing…
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Seychelles: New accounting records obligations
The Seychelles Government has introduced new legislation that significantly increases the accounting records keeping requirements for International Business Companies (IBCs).