Over the past twenty years increasing client demand for International Financial Facilities and International Tax Planning solutions. The political and economic catalysts that influence the growth of our services are:
International Financial Service Centers: a business location possessing elements of the following four characteristics: Business is transacted mainly with non-residents. Financial regulation and corporate legislation are designed to attract international business. Confidentiality in financial affairs is paramount. Advantageous tax regimes are deliberately managed.
It is a common misconception that a company or an individual may only be tax resident in one jurisdiction at any one time. Most countries will tax an individual who spends between three and six months within their borders.
These general notes refer to companies incorporated in jurisdictions that follow UK law. Company Name: The registrar has the power to refuse registration of any name considered undesirable, confusing, offensive or too like that of an existing company. Words including trust, investment, bank and insurance can only be used if the company is specifically licensed to undertake the indicated activity. The criteria for name selection may vary by jurisdiction.
If you are an individual (natural person) who is resident in an EU Member State, and earn bank interest or other savings income on deposits or investments held in your own name in another EU Member State, third country or territory covered by the Directive, then it is likely that you will be affected by the STD. The Directive does not apply to persons (including EU Nationals) who are resident outside the 25 Member States of the EU or the Crown Dependencies of the UK (Jersey, Guernsey and the Isle of Man). Any new countries joining the EU will be obliged to accept the information-sharing variant of the Directive, and their residents will be caught by the STD as and when those countries accede to the EU.
The Directive came into operation on 1st July, 2005.
Switzerland is a 'code' country, and business entities are governed by the Civil Code. As in all civil law jurisdictions, formation and administration of companies tends to be considerably more bureaucratic than in common law jurisdictions. Although the Civil Code is at Federal Level, businesses are domiciled in a particular canton. Each canton maintains a Commercial Register (Registre de Commerce), and the mandatory entries in the Register of subscribers, directors, capital structure etc have strict legal force. The Register is a public document.
In July, 2006, the European Commission ordered the government of Luxembourg to dismantle its system of tax breaks for financial holding companies, after concluding that the preferential tax regime in favour of Luxembourg’s Exempt, Milliardaire and 1929 Financial Holding companies violates EC Treaty state aid rules. (The existing regimes are described in Offshore Legal and Tax Regimes.) "It distorts competition and trade by altering the level playing field between financial undertakings and induces them to create dedicated structures in Luxembourg to reduce their current tax liabilities," the EC stated.
Cyprus Private Company Limited by Shares: The relevant legislation is Cyprus Companies Law, Cap. 113, which is virtually a copy of the English 1948 Companies Act. A private company is one which by its articles: Restricts the right to transfer its shares. Limits the number of its members to 50. Prohibits any public subscription to shares or debentures. The Companies (Amendment) Law of 2000 (Law 2(I)/2000) introduced single-member companies. The Companies (Amendment) (No. 3) Law of 2000 (151(I)/2000) introduced new provisions as to the validity of transactions of companies and as to the information which must be included in the official documents of companies.
Belize International Business Company: An International Business Company (IBC) is formed under the International Business Company Act 1990. An IBC is formed by filing Articles and Memorandum of Association along with the required fees. The following are the main characteristics of an IBC: There is no minimum paid up capital requirement, and capital may be expressed in foreign currency; An IBC may issue bearer shares and shares of no par value; but bearer shares must be held in the custody of a local registered agent; Subscribers may include an individual, a corporation or a Trust;
The UK's three IOFCs, Jersey, Guernsey and the Isle of Man have developed in different ways; the Isle of Man is not dominated by any one particularly activity, but has across-the-board strength in the financial sector, with substantial business in banking, fund management and captive insurance. The Isle of Man has also encouraged manufacturing and trading operations, which can be fiscally offshore while staying within the EU's VAT regime.
Panama Corporation (Sociedad Anonima): The corporation limited by shares is the most frequently used corporate form in Panama, and is the usual choice for an offshore operation. Corporations are formed under the Law No. 32 of 1927 and the Commercial Code (Decree-Law No. 5 of 1997, Article 5). A corporation is formed by two subscribers (or nominees in the case of absent foreign subscribers) who execute the Articles of Incorporation (Statutes) before a notary and then record them at the Public Registry Office, paying a capital tax (minimum $60.20 on the usual capital of $10,000 - see Direct Corporate Taxation for details of tax on higher amounts of capital). There is an annual registration fee of $300 (2006 level).
The majority of companies formed in the Bahamas for offshore purposes are incorporated under the International Business Companies Act 1989 (see below). However this law did not supersede the existing companies law, most recently re-stated in the Companies Act 1992, which is based on English law and is used to form various types of company used by businesses trading in the Bahamas, and also for certain other special purposes.
Maltese company law derives chiefly from civil or 'Roman' law, rather than common law. A new Companies Act 1995 replaces the old Commercial Partnerships Ordinance, and sets up a new regime for commercial entities under the Registrar of Companies. Companies set up under the old regime had until 1st January 1998 to convert themselves into the new formats, except that 'Offshore Companies', which can now no longer be formed, have 10 years to adapt. Shipping companies, and, while they survive, offshore companies, continue to be subject to the old Commercial Partnerships Ordinance.
All Vanuatu companies, other than International Companies, are governed by the Companies Act, which is itself based on the UK Uniform Companies Act 1948, which has been used as the basis for company law in most Commonwealth countries.
Domestic companies are companies which trade locally or have local shareholders. All domestic companies must obtain a business licence under the Development Investment Act 1976 for which an annual fee is payable depending on the type of licence required. There are 2 types of domestic companies, resident domestic companies and non resident domestic companies, a distinction which is only relevant for the purposes of taxation.
Liberian corporations, registered business companies, LLC’s, limited partnerships, foundations and not-for-profit corporations are easily formed under the Liberian Associations Law.Non-resident Liberian entities are not liable for Liberian tax, unless beneficially owned by a person liable to taxation in Liberia, but cannot trade within Liberia or own real estate in Liberia, and cannot undertake banking, insurance, insurance broking or mutual fund business anywhere.
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