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Restrictions of servicing of shell companies in Latvian banks

On 26 April 2018 Seim of Latvia has approved an Amendment to Law on the Prevention of Money Laundering and Terrorism Financing in second reading (the Amendment). The Amendment will enter into force after being published officially. The main change is the prohibition of servicing of some shell companies in all Latvian financial institutions, including banks, insurance organizations, electronic money institutions, brokerage companies, etc. The prohibitions will not embrace all shell companies, but...

Modified: 10.05.2018
Latvia , offshores
Path: Uniwide / Offshore news and articles
Belize implements register of directors and beneficial owners and abolishes bearer share arrangements

New amendments under the International Business Companies (Amendment) Act 2017 were adopted in Belize in 21 of July in order to implement registers of directors and beneficial owners as well as to abolish bearer share arrangements. Regarding registers of directors and beneficial owners it should be taken into account that they are not open to the general public and are kept by companies incorporated under Belize IBC Act. The register of beneficial owners may be in such form as the director may approve...

Modified: 16.08.2017
Belize , offshores
Path: Uniwide / Offshore news and articles
Requirements for SLPs to disclose their beneficial owners

Since Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have come into force on 26 June 2017, Scottish Limited Partnerships (SLP) are required to disclose their people with significant control (PSC). Information about PSC should be delivered to the Companies House within 14 days from 24 July 2017. A PSC is an individual who meets any one or more of the following conditions in relation to a Scottish Limited Partnership: Directly or indirectly holds rights over more...

Modified: 11.07.2017
beneficial owners , offshores , Scotland , UK
Path: Uniwide / Offshore news and articles
Accounting and financial reporting duties of foreign (including offshore) companies

Accounting (or bookkeeping) is usually understood as formation of systematic documented information on facts of economic life, assets, liabilities, income, expenses, sources of financing of a business entity, and preparing financial statements (accounts) on their basis. In most countries accounting is one of the most important sides of business for the majority of entities. Only few of them enjoy exemption from accounting duties or simplified ways of accounting insofar as it is allowed by the law...

Modified: 10.07.2017
Path: Uniwide / Offshore news and articles
The United Arab Emirates signed the main convention against offshore tax evasion

On 21 April 2017 at the OECD Headquarters the Ambassador of the United Arab Emirates (UAE) to France signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. This Convention is the main instrument for international tax cooperation. It provides for all known forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection...

Modified: 24.04.2017
offshores , exchange of tax information , United Arab Emirates
Path: Uniwide / Offshore news and articles
New record keeping requirements for Panamanian companies

From 1 January 2017 Panamanian companies that do not carry on business in Panama are required to keep accounting records and underlying documentation in the office of their registered agent in Panama or in other place outside Panama as determined by a company’s management bodies. The ‘accounting records’ mean the information which reflects company’s transactions, assets, liabilities and capital, and allows to show the financial position of a company and to prepare its financial statements. The ‘underlying...

Modified: 22.03.2017
Panama , offshores
Path: Uniwide / Offshore news and articles
Seychelles ceased to have an offshore status for Latvia

The Regulations of the Cabinet of Ministers of Latvia No. 276 of 26 June 2001 “Terms on low-tax and tax-free countries or territories” contains the list of countries and territories that Latvia considers to be low-tax or tax-free. Seychelles are listed among them. The main consequence for a country of being “blacklisted” in the above document is a 15 per cent withholding tax in Latvia on payments made by Latvian companies to residents of such country (according to par. 8 of article 3 of the Latvian...

Modified: 31.01.2017
seychelles , Latvia , offshores
Path: Uniwide / Offshore news and articles
Seychelles: New IBC Act 2016

The Republic of Seychelles plans to bring into force the new International Business Companies Act which was approved by the National Assembly on the 26 of July 2016. International business companies (IBC) are non-resident (“offshore”) companies that may not run business in Seychelles. Since the enactment of the existing Act of 1994 over 175,000 companies have been registered in Seychelles, 70,000 of which remain active. According to the Seychelles Financial Services Authority (FSA), the new Act...

Modified: 25.08.2016
seychelles , offshores
Path: Uniwide / Offshore news and articles
Seychelles refuted creation of central register of company beneficial owners

The Seychelles Financial Services Authority (FSA) responded to the article published by the Reuters news agency on 6 July 2016, which reported the jurisdiction’s plans to establish a central register of company beneficial owners. In the press release dated 19 July 2016 the Regulator officially informed that “this is not the case”, and the authors of the article had wrongly interpreted the earlier expressed comments of the Finance Minister. In the meantime, Seychelles are indeed planning certain...

Modified: 24.08.2016
seychelles , offshores
Path: Uniwide / Offshore news and articles
Uniwide notifies of obtaining an international corporate services provider license on Seychelles

From June 1, 2016 the Seychelles office of Uniwide operates at the address: suite 3, La Ciotat Building, Mont Fleuri, Mahe, Seychelles. We are glad to inform of market representation and ready to offer our clients and partners even higher level of service in the sphere of international tax planning, incorporation and administration of companies in different jurisdictions. Our Seychelles office is specialized in registration and maintenance of international business companies (IBCs) and other types...

Modified: 06.06.2016
uniwide , seychelles , offshores
Path: Uniwide / Offshore news and articles
British authorities will discover beneficiaries in BVI and other jurisdictions

The Crown dependencies and overseas territories of the Great Britain have agreed to deliver information on company beneficial ownership to the UK competent bodies electronically within 24 hours, or within one hour in 'urgent' cases. These agreements have been achieved after months of negotiations. The leaders of the said territories promise the efficient cooperation with the UK agencies on access to this information – though all of them refused to make a central registry of beneficial ownership publicly...

Modified: 21.04.2016
UK , BVI , offshores
Path: Uniwide / Offshore news and articles
Antigua and Barbuda to abolish personal income tax

From April this year, the Government of Antigua and Barbuda plans to abolish personal income tax in its entirety. This tax was introduced in 2004 by the previous government. Currently the personal income tax is levied at a rate 10 per cent on income exceeding 36000 East Caribbean dollars (XCD) a year or 25 per cent on income exceeding 180000 XCD. Income that is less than 36000 XCD is exempt form tax. The exchange rate of East Caribbean dollar is pegged to US dollar (1 USD = 2,7 XCD). Prime Minister...

Modified: 25.01.2016
Path: Uniwide / Offshore news and articles
BVI Legislation News 2015

The important changes have been introduced in the legislation of the British Virgin Islands (BVI) at the end of 2015. I. The first set of amendments concerns the company law (Business Companies Act, 2004 and Business Companies Regulations, 2012). 1. Directors’ details will be filed with the Registrar. According to the new section 118А of the Business Companies Act, companies shall file for registration by the Registrar a copy of their register of directors. A company that has filed a copy of its...

Modified: 02.12.2015
BVI , offshores
Path: Uniwide / Offshore news and articles
Over 70 jurisdictions are planning automatic financial information exchange

As on October 29, 2015 the 74 jurisdictions have acceded to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information developed by the OECD. Under the standard, jurisdictions obtain financial information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The standard consists of two components: the Common Reporting Standard and the Model Competent Authority Agreement, which contains...

Modified: 16.11.2015
exchange of tax information , offshores
Path: Uniwide / Offshore news and articles

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