Category: News & Updates
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Legislation updates affecting Bermuda Companies
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
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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 Client Due Diligence and Licensing Regime for Providers
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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…
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Key tax takeaways from Hong Kong Chief Executive’s 2017 Policy Address
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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
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…
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BVI Business Companies: Change of Government Fees for 2018
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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…
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Should UK commercial property be held by non-UK residents through a UK company or a non-UK resident company?
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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…
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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…
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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…