Category: News & Updates
-
HK: New Client Due Diligence and Licensing Regime for Providers
—
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…
-
Key tax takeaways from Hong Kong Chief Executive’s 2017 Policy Address
—
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.
-
After Hurricane Irma – Aid for BVI
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…
-
BVI Business Companies: Change of Government Fees for 2018
—
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…
-
Should UK commercial property be held by non-UK residents through a UK company or a non-UK resident company?
—
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…
-
BVI extends CRS notification and reporting deadlines
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…
-
Key Singapore legislative amendments
Singapore Key legislative amendments taking effect from 31 March 2017 The recent amendments to the Companies Act and the Limited Liability Partnerships Act, new requirements will be introduced which will affect companies and limited liability partnerships (LLPs). (a) Maintain non-public register of controllers and register of nominee directors To make the beneficial ownership and control of…
-
Cayman Islands to introduce centralised beneficial ownership register
—
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…
-
BVI – Beneficial ownership information and accounting records
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…
-
Mauritius: Changes in the tax treaty with India, what this means for investors
—
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 between 1 April…