Companies in the British Virgin Islands that have not reported particulars of their current director risk being struck off as the BVI registrar gains new powers. BVI legislation introduced over two years ago makes it compulsory for every company registered in the country to provide details on who is the director. Since 1 April 2016 companies are required to file particulars of their directors with the Registrar within 21 days of the appointment of their first directors. The register of directors is not public, but can be made available pursuant to a court order, or on the written request of a relevant authority acting in the exercise of its powers. Late filing fees and penalties were specified for any company that failed to comply.
However, there are still companies that have not provided the required information. Now authorities have decided to act – from 1 October, non-compliant companies will no longer be able to obtain a certificate of good standing from the registrar. If a company has still not supplied its directors’ particulars by 31 December 2018, it risks being struck off the register. If that happens, its directors, members and any liquidators or administrators will be forbidden to act for it in anyway. The maximum late-filing penalty payable by a non-compliant company has been reduced from $8,000 to $5,000.
We would like to shortly describe the situation with account openings for companies in currently most popular jurisdictions. As most probably you all are experienced in Latvia, Baltic States as well as in Cyprus it is challenging to open a bank account for typical offshore companies that do not require to prepare and file Financial Statements and limited partnerships. In Latvia we are currently working with Rietumu, LPB and Norvik banks that open accounts for clients having real trading activities of goods. Jurisdictions that can be used – Hong Kong, UK LTD, Cyprus, Singapore.
Regarding banks in Cyprus – the Central Bank of Cyprus’ procedures with shell companies is stricter even no final directive has been issued. However, they may examine requests for account allocation for companies registered in a jurisdiction in which the issue of audited Financial Statements is not required, if the company comply with ALL the following:
1) has proven physical substance in the country where registered, 2) has fully proven and legal economic activity, 3) can prepare audited financial statements when requested, 4) has a tax identification number, 5) the company has not been closed by any other bank for the reason Shell, 6) essential KYC information about the beneficial owner will be provided, 7) economic reason why operations is conducted in another country and bank accounts is opened in Cyprus.
Additional to the above, they require account statements and bank reference letter of the company with the bank, that the company was serviced so far.
Switzerland’s CIM bank is working with companies without nominee services, however, it is carefully studied the economic activity of the company.
Investment banks – if your company has amount starting from 300 000 EUR that you can invest in the bank investments products, it is possible to open a bank account in Liechtenstein, Gibraltar (from EUR 500 000) and Austria.
This is the perfect time for payment systems to enter the market, especially established in Lithuania such as Paysera from 2004 and new players from 2018 – Vialet and Satchelpay.
We will follow the latest news and overall situation and will keep you updated about the latest news.
While Paris, Frankfurt and Dublin compete to become the new hub for financial services after Brexit, Cyprus is setting its sights on a different race: to become a regional base for British businessman that want a European hub after the UK cuts ties with the EU. With one of Europe’s lowest corporate tax rate, at 12.5% and a double tax treaty network covering more than 60 countries, the island wants to capitalise its low cost of doing business as companies shift operations outside the UK because of Brexit. Britain’s Electronic Money Association has identified six jurisdictions, including Cyprus, that could enable its members to passport their services into the EU.
Cyprus can also offer mutually beneficial support to the British investment fund sector post – Brexit. By contracting a company in Cyprus, British – based investment managers could maintain their current operations without having to relocate staff. They would have a fully – EU compliant platform with a European passport to market their funds in the EU. The UK-based fund manager would also benefit from the Cyprus platform’s pre-existing structure in terms of sharing costs. As a former British colony, Cyprus has a British-based legal system and skilled staff, many educated at British universities.
The assets under management in Cyprus have tripled since 2013, totalling €3bn last year, with funds registration increasing by 18% year-on-year since 2014.
According to Economist Intelligence Unit’s (EIU) survey, this year Hong Kong has surpassed Singapore in the rankings of the world’s most liveable cities. Research ranked Hong Kong at 35th – up from 45th last year – which is two places ahead of the Lion City. Singapore is at 37th this year, dropping two spots from last year’s 35th.
Hong Kong performed better on cultural and environmental issues than Singapore although housing supply and healthcare services in Singapore was of better quality, according to Simon Baptist, global chief economist and managing director of The Economist unit in Asia.
While liveability scores for most Chinese cities did not change over the last year, Shenzhen (ranked 82) improved modestly after the city electrified its fleet of public transit buses.
The five most liveable cities:
- Vienna (Austria)
- Melbourne (Australia)
- Osaka (Japan)
- Calgary (Canada)
- Sydney (Australia)
The five least liveable cities:
- Damascus (Syria)
- Dhaka (Bangladesh)
- Lagos (Nigeria)
- Karachi (Pakistan)
- Port Moresby (PNG)