Businesses across Europe are unprepared for the EU’s General Data Protection Regulation (GDPR), which comes into force next May, with some 92% of business managers saying they’re not ready for it, according to just-published research carried out on behalf of RSM, the global accountancy firm and consultancy. The research, based on a survey completed by some 400 business leaders, was carried out …

If the US were to replace its citizenship-based taxation regime with one that is based on an individual’s jurisdiction of residency – like almost the entire rest of the world uses – it could be “revenue neutral”, a just-released survey commissioned by the  American Citizens Abroad Global Foundation has found. The findings are seen as of potentially major significance for …

Gibraltar’s parliament has passed a new Legal Services Act, to modernize the legal framework for legal professionals. The Government said the new law replaces existing legislation based on provisions that are 50 years old. Announcing the new regulatory framework, Gibraltar’s Government and its Bar Council said the Act, when it enters into force, will “ensure a more comprehensive, modern, and …

A financial legal structure created in the West Indies’ island of Puerto Rico in 2012 has enticed a wave of private bankers to set up shop there, leading some to suggest that the offshore territory of the US could become the world’s “next hot tax haven”, a published report has said. What is attracting the banks is legislation that has …

Jersey’s financial services regulator, the Jersey Financial Services Commission, is consulting on proposed changes to the Codes of Practice that registered persons on the island must comply with. The Codes of Practice are issued by the Commission and set out regulatory requirements for registered persons, including funds, insurers, deposit-takers, and other entities. Contravention of a Code of Practice can result …

According to University of Amsterdam study, Netherlands takes the first place in the list of jurisdictions for money transfer to zero or low tax jurisdictions. The authors of study have concluded that 47% of all money transferred to low or zero tax jurisdictions go through top 5 countries: Netherlands (23%), United Kingdom (14%), Switzerland (6%), Singapore (2%) and Ireland (1%). …

In recently published OECD Luxembourg’s economic survey the jurisdiction’s tax regime was praised for its predictability. The OECD assessed that Luxembourg’s economy is growing also due to business-friendly environment. Government is able to reduce corporate income tax, and to introduce new tax credits for investors. The corporate tax currently is 19 percent and will decrease to 18 in the next …

European Union and Japan on 6th of July agreed to a free trade pact. The deal was finalised by signing political agreement. Although there are certain issues that are being left for future negotiations, still the main consensus was reached this week. The negotiations for what will be known as EU-Japan Economic Partnership Agreement began in 2012. According to Japanese …

Joseph A. Field discusses asset management and asset protection challenges and opportunities in China and, more widely, for the Chinese I am afraid that my speciality is not asset management; I am a lawyer. Nor am I situated in China, and I do not tend to deal with investors solely interested in domestic investment in China. That being said, the …

China’s State Council has agreed to plans of the liberalization of the Shanghai Free Trade Zone. This comes as part of the government’s initiative to increase China’s involvement in global trade flows. The plan approved by the State is for the period to 2020 is aimed at advancement of the transparency and innovation as well as offshore tax arrangements. The …

The Cayman Islands government’s plans to “enhance its existing arrangements” with the UK government, on the exchange of beneficial ownership information in relation to Cayman Islands companies have been published. The proposed enhancement, was originally signalled in December 2015 and introduced in April last year, following months of discussions between the UK and Cayman Islands authorities, is now live and …

All trusts held within the European Union could be forced to name beneficial owners if new rules proposed by the European Parliament are formally approved later this month. Two European Parliament committees have voted to amend the Fourth EU Anti-Money Laundering Directive (AMLD), which will require trusts and trust-like entities to publicly identify their beneficial owners. The original form of the directive was …

China’s National People’s Congress last week has agreed to proposals to ease taxes on businesses by over USD50.7bn. For instance, for small and medium high-tech businesses, the proportion of research and development expenses covered by the additional tax reduction is to be raised to 75 percent from initial 50. The Chinese Finance Minister Xiao Jie has announced earlier that the …

The Kingdom of Bahrain is making changes to its corporate laws and government procedures to allow for easier company incorporation and administration. The changes will also ease restrictions on foreign ownership. The Bahrain government announced that it is to allow 100% foreign ownership in most business activities. All types of Bahraini companies give the shareholders or the directors an Investor’s …

Under a signed new double tax agreement Hong Kong and Belarus have agreed to lower withholding tax rates on cross-border income. Any Belarusian tax paid by Hong Kong companies will generally be allowed as a credit against the tax payable in Hong Kong on the same profits, and vice versa for Belarusian companies in Hong Kong. In addition, Belarus’s withholding …

The double taxation agreement between two jurisdictions was signed in January this year and entered into force at the end of July. In Hong Kong the year of assessment for it is 2017/2018. The agreement’s aim is to support the Chinese Government ongoing efforts to expand its tax treaty network among Eurasian countries. Under the agreement, double taxation of Hong …

UK government, while pursuing its goal to make London a hub for the financial technology development, has had gone through first licensing of a virtual currency company. UK’s financial regulator granted an electronic money license to a USA company that uses Bitcoin in conjunction with a mobile app.  The app enables consumers to make payments to other consumers. The company …

Geography, Population, Languages The British Virgin Islands (BVI) are located in the West Indies, in the Eastern Caribbean. They are a group of small islands and coral reefs (about 100 in all) in the northern part of the Lesser Antilles archipelago, to the East of Puerto Rico. The BVI lie to the North-West of the United States Virgin Islands and …

To begin with, the Seychelles is a group of islands in the Indian Ocean. It‘s financial sector has expanded, thanks to the progressive laws. The Seychelles have successfully developed as an alternative to offshore jurisdictions such as British Virgin Islands or other well-known places for it’s business – friendly and tax – free environment. The Seychelles offers successful offshore formation …

There is a great possibility to start your own bussines by buying a shelf company, which is better known as a ready made company. Shelf Companies are simply ready – made companies that are pre-registered with the Companies House by your choice. The best things about this kind of companies are two: you can buy them easily and start your …

To begin with, British Virgin Islands (BVI) are one of the greatest spots in the whole world to begin your own business, as it is called “tax heaven”, which means that the taxes are the lowest, so you can easily save up a lot of financial sources and become more successful with all the money you saved up, if you’re …

International Business Company known as “offshore company” is a corporation or a company which is registered in offshore financial centre. Companies have different reasons why company use offshore jurisdictions but the main reasons are tax minimization, confidentiality and protection. Most of the time corporations are searching for a safe place to optimize their taxes, protect assets and investments. British Virgin …

Liechtenstein and Switzerland have reached a new double tax agreement which should enter into force from January 2017. According to Switzerland’s Federal Department of Finance, the talks concluded on the 2nd of February. It is expected that the agreement will be signed this summer and will become active from the 1st of January, 2017. The DTA is based on the …

As of January 1, 2015 Cyprus has three new active double tax avoidance agreements (DTA) with Spain, Norway and Lithuania. The agreements were created based on the Organisation for Economic Co-operation and Development Model Tax Convention framework with a number of modifications. All three treaties apply to taxes on income and gains arising from the disposal of immovable and movable …

Geography, Population, Languages The Bahamas are a group of about 700 low-lying islands and 2,300 coral reefs scattered over 250,000 sq. km in the Atlantic Ocean, in the West Indies, to the east of Palm Beach, Florida and to the north of Haiti and Cuba. The three largest islands are Andros (with an area of 6,000 sq. km), Abaco (1,685 …

At the 15th annual International fund and product awards, the jurisdiction of Jersey has been recognized as the best financial centre. The awards are held annually by B2B publishing group Incisive Media. The awards are held in order to acknowledge the international financial centres. The judging committee considered several factors before making their decision, such as the level of service …

At the beginning of July last year, an agreement between the two countries was signed in Beijing.  Switzerland was represented by the economy minister Johann Schneider-Ammann and the commerce minister Gao Hucheng signed the agreement on behalf of China. The Agreement came into force at the beginning of July this year and it is understood that the agreement will allow …

Belgium’s Federal Public Service Finance (FPS) has clarified in their statement that certain domestic digital currency transactions will be VAT exempt. However officers of the agency say that there is a chance that this tax relief may be only temporary. The Belgian position may change depending on the stance of the European Commission. The latter are trying to work on …

Geography, Population, Languages The British Virgin Islands (BVI) are located in the West Indies, in the Eastern Caribbean. They are a group of small islands and coral reefs (about 100 in all) in the northern part of the Lesser Antilles archipelago, to the East of Puerto Rico. The BVI lie to the North-West of the United States Virgin Islands and …

Geography, Population, Languages Cyprus is located in the north-eastern part of the Mediterranean, at the cross-roads of Europe, Africa and Asia. It is the largest island in the Eastern Mediterranean. It covers an area of 9,251 sq. km and lies 65 km south of Turkey, 96 km west of Syria, 385 km north of Egypt and some 980 km south-east …

Geography, Population, Languages The British Isles is the name for a collection of about 4000 islands, including Great Britain and Ireland. The United Kingdom of Great Britain and Northern Ireland (the UK), which consists of England, Scotland, Wales and Northern Ireland, lies off the west coast of Europe. It has an area of some 244,100 square kilometres (94,250 sq. miles) …

A new non-profitable organisation is planned to operate as an association of all free trade zones in the world. It is registered in Geneva, Switzerland but it is headquartered in Dubai, UAE. The World Free Zones Organisation will try to increase public awareness of the advantages of the free zones and reach for the standardisation of practices across the industry. …

The government of the Grand Duchy of Luxembourg has drafted a regulation that allows for lowering ship registration duties. The duties will be calculated based on the vessel’s tonnage, during the first registration in the jurisdiction. The Luxembourg government hopes to boost the competitiveness of jurisdiction’s ship registry by making first registration and renewal fees even. Currently, if a ship …

On January 27th 2014 a double taxation agreement between Guernsey and Seychelles was signed in London. The Bailiwick of Guernsey was represented by the Minister for Treasury and Resources, Gavin St Pier and the Republic of Seychelles by the High Commissioner for Seychelles, Marie-Pierre Lloyd. The Double Taxation Agreement will provide more certainty in tax matters between the two nations …

Geography, Population, Languages New Zealand lies in the South Pacific Ocean and consists of two main islands (called the North and South Islands) and a number of smaller islands. The land area is 268,680 km2. Additionally, New Zealand has extensive marine resources, including the Exclusive Economic Zone, covering over 4 million km2. New Zealand is easily accessed by air travel …

Last year the largest U.S. based companies added $206 billion to their profits held in low-tax countries. That is almost 12 percent more than a year earlier according to data from 307 corporations. The untaxed money keeps piling up and some of the U.S. corporations are choosing to bring it home, but borrowing for any domestic cash needs is preferred. …

Geography, Population, Languages The Republic of Panama occupies an area of 75,990 square kilometres and is situated between Costa Rica in Central America and Columbia in South America. Panama forms the narrowest isthmus between North and South America, with the Pacific Ocean on one side and the Atlantic on the other. Its capital, Panama City, is on the Pacific coast …

The beginning of 2014 was remarkable for the Republic of Cyprus because five double taxation avoidance agreements took effect. The countries that have expanded their economic relationship with Cyprus are Portugal, Spain, Finland, Estonia and Ukraine. All countries except Ukraine had implemented brand new agreements but after a long wait. The earliest was signed with Estonia in October 2012. The …

Geography, Population, Languages The Seychelles are a group of 115 small islands and coral reefs located in the Indian Ocean to the north of Madagascar. The total area of the islands is 451 sq. km. The largest island is Mahe (143 square km), which is also the site of the capital city, Victoria. The population of the Seychelles is about …

The Head of the Association of International banks in Cyprus and the Russian Commercial bank Kirill Zimarin, told the press about his optimism. After the meeting with one of the political parties, he stated that the banking system in Cyprus has demonstrated its viability. Mr. Zimarin said that the international financial sector is still strong and there is still a …

Geography, Population, Languages Located midway between Indonesia and Hawaii, the Marshall Islands are the easternmost island group in Micronesia. The Marshall Islands are spread over approximately 2 million sq. km in the Central Pacific, with two 1,280 km long parallel chains of atolls and volcanic islands separated by 179 km of sea. The islands have a population of just over …

In an interview, Cyprus finance minister Harris Georgiades said that the state is likely to lift its controls within months. The capital controls established in March were gradually being relaxed since April. According to Mr Georgiades, the restrictions that are currently in place are much looser than they were in March. The control of the capital movement within Cyprus is …

Delaware is a popular choice for organizing corporations and limited liability companies (LLCs), both large and small. Among the reasons for this, it has (i) relatively simple and inexpensive organizing documents and procedures; (ii) relatively low annual fees and franchise taxes, (iii) relatively simple compliance forms/procedures, (iv) an excellent and efficient registration authority, and (v) an excellent/well-developed corporate law and …

On September 27th 2013 Malta and Liechtenstein representatives in New York have signed a double taxation agreement. The document was signed by Malta’s Minister of Foreign Affairs, Mr. George William Vella and his Liechtenstein counterpart Aurelia Frick. The Organization for Economic Cooperation and Development’s Model Convention served as basis for the treaty between two countries concerning taxes on wealth and …

On 28th August in London during a ceremony, the TIEA was signed by Switzerland’s Charge d’Affaires Frank Grutter and Eddie Teare, the Isle of Man’s Treasury Minister. The deal marks another step in the Isle of Man’s ongoing government plans to expand its economic and taxation co-operation with other countries. Minister Eddie Teare greeted signing of the agreement by stating …

Geography, Population, Languages The Republic of Singapore is situated on the Island of Singapore and a group of small islands. The state is separated from Malacca by the Johore Strait and from Indonesia by Singapore Strait. The total area of the country is over 622 sq. km, and the population is about 5.3 million. 77% of the population are of …

Company Express (UK) Ltd is pleased to announce that the company has become a member of United Kingdom Advisory Network (UKAN). UKAN was set up by the United Kingdom Trade and Investment government agency (UKTI) to provide support to investors setting up in the UK and to UK companies working overseas. UKAN consists of members with essential knowledge and invaluable …

Bernard Arnault, the CEO of Louis Vuitton Möet Hennessy (LVMH) started to amass French rivals Hermes shares in 2002. In October 2010, it was announced that his stake in Hermes has risen up to 14 per cent. At present LVMH owns 22.6 per cent of shares in the rival luxury house. The French Law says that any shareholder whose stake …

Geography, Population, Languages The Isle of Man is not part of the United Kingdom. The Isle of Man is located in the Irish Sea equidistant from England, Scotland and Ireland. Its area is 588 sq. km. The population is about 70,000 resulting in a population density of roughly 120 people per sq. km. A third of the population live in …

Marks & Spencer (traditionally known as M&S) the British clothing and food retailer, has been actively expanding its online store operations. The website claims that ordered goods can be delivered to 80 international locations. The website can also be specifically tailored to customers from Austria, Luxembourg, Spain, Belgium, France, Netherlands, Germany, and Spain. The retailer has arranged its operations in …

Federal Decree 15 of 2013 was passed in Abu Dhabi this February. The Decree sets in motion the formation of the territory’s first financial free zone. It will be called the Abu Dhabi World Financial Market. The regulations for the zone will be revealed later. The Free Financial Zones in the UAE allows for the incorporation of 100% foreign-owned companies …

According to Cyprus Mail, the Central Bank of Cyprus and a statement issued by Eurogroup, the following things can be said about the future of the jurisdiction. Cyprus, as well as its banks,  has avoided default. The Bank of Cyprus will be restructured and fully capitalized. The Bank of Cyprus will also take performing loans, insured deposits and other assets …

The report made twice a year by the initiative Long Finance has not only outlined the spectacular performance of Jersey in the global financial centres’ list but also highlighted Malta as a jurisdiction, which rivals with such prominent cities in the finance world as Luxembourg, Zug and Geneva. Malta Financial Services moved from 70th to 72nd place. But the island …

Vodafone, one of the world’s largest telecommunication companies, has continued its dispute with tax authorities in India. The reason for this situation was the fact that in 2007 it has purchased the Indian telecommunication company Hutchinson Essar. Indian authorities took issue with the way the deal was structured. The 11 billion USD were wired to the Cayman-registered HTIL in order …

The think tank Z/Yen, based in the City of London, has published the first Global Financial Centres Index for the year 2012. The list is published every 6 months and includes onshore as well as offshore financial centres. According to the Z/Yen instrumental factors to determine the place of the financial centre in the list are people (as the availability …

According to UK press investigation Isle of Man has topped the list of offshore jurisdictions for the UK homeowners. The rules for acquiring residential property in UK are such that a buyer of a house or an apartment valued over 1mln. pounds must pay a stamp duty of 5%. But as a matter of fact one can avoid stamp duty …

About a week ago Russian Duma (the lower house of Parliament) has approved the double taxation agreement with Cyprus. The project was first introduced to the members of Duma as early as the end of June last year. At the moment the agreement is awaiting its signing by the President of Russian Federation. This document removes Cyprus jurisdiction from Russia’s …

As Facebook IPO is getting close, details about the company’s finances and corporate structure are being revealed. The American company has a subsidiary in Ireland called Facebook Ireland Ltd, which employs 151 people. In 2010 the company shifted 15 per cent of its profits to the Irish subsidiary, where it triggered jurisdiction’s corporate tax rate of 12,5%. To compare, in …

Economic research and consultancy company Bak Basel has released a study called “Financial Centre Zurich 2011” in which it has somewhat negatively forecasted the future for the Switzerland’s finance industry. The study was commissioned by the Office of Economics and Labour. Despite the fact that at the moment the financial industry contributes healthy 11% to the Gross product of the …

Premier of Cayman Islands William McKeeva Bush in his new year’s address announced the plans for the territory to attract additional investments. It will be done through the means of a ready to operate economic zone in the islands known as a Cayman Enterprise City. It is ready to accept companies. According to Mr. Bush, since singing the Memorandum of …

In 2011 citizens of foreign countries have spent 4 billion pounds on London real estate. According to the real estate firm Savills, in 2010 the number was 2,1 bn pounds. This surge of buyers among other things is influenced by favorable tax treatment and comparatively small amount of paperwork required to proceed with the deal. Companies, incorporated in the offshore …

Guernsey’s Chief Minister Lyndon Trott in his address to the state’s parliament also known as State of Deliberation has expressed his continued support for the island’s zero-ten tax regime. He will not waver even after the European Union’s review of the island’s tax regime, Mr Trott assured. In his speech, Mr Lyndon Trott has said: “As I have made very …

State statistics office of Ukraine has published a study of direct foreign investment to the state during January-September of 2011. According to the list available on the office’s website there are 14 leaders in the field. Cyprus takes the top spot. The country leaves Germany, the occupier of second place, in quite a distance. The latter is responsible for 15% …

Guernsey jurisdiction is moving forward with plans of establishing an aircraft registry. At the moment one cannot register an aircraft in the jurisdiction. For some time there were ongoing talks to establish a united Channel Islands registry, but alas, the idea was not greeted with too much warmth among Guernsey politicians. The plan concerning independent aircraft registry was perceived somewhat …

Starting from 2012 January the 1st the states of Russia, Kazakhstan and Belarus enter common economic space. The prime minister of Russian Federation Vladimir Putin wrote an article, in which he described the future structural changes in the economic lives of 3 countries the integration project of the utmost importance. In the article, which is available on the website of …

Company Express is happy to announce the start of the new service, specifically designed for the companies in the UK. The process of accounting is an integral part of any business entity. Maybe it is not the most pleasant part of it but still it is vital. If entrepreneur wants to ensure the successful business performance, then he will pay …

Last week there was an announcement that Cayman Islands government has green lighted the project for Special economic zone which is called the Cayman Enterprise City (CEC). The purpose of the project is to create a special territory on the Island where special conditions to attract global science, technology, derivatives, media and education specialists will be created. Islands Prime Minister …

Cisco, the world’s biggest data networking products supplier, based in San Jose, California, has managed effectively cut its corporate tax rate and save itself 7 billion US dollars in corporate taxes since 2005. Last year the company in its home country reported an effective tax rate of 17,5%. That is half of the U.S. statutory rate. Since 2008 the company …