In this issue we cover the most important updates of the past month in terms of new legislations, amendments and updates of existing ones and double taxation and cooperation agreements. As always, we welcome your feedback and comments.
Internet Incorporate Team
Belize International Business Companies (IBCs) Fees Regulations 2016 Update: The Belize International Financial Services Commission have released a statutory instrument updating the fees for International Business Companies, effective from 1 July 2016. Some of the changes in fees are presented below. For the complete list of changes please click here.
Annual Licence Fee: US$200 for companies with authorised share capital up to US$50.000.
Amendment of Memorandum and Articles of Association: US$50 upon registration by the Registrar of an amendment to the Memorandum and Articles of a company incorporated under the Act, if the registration is within 30 days immediately following the passing of the resolution authorizing the amendment.
Articles of Continuation: US$500 upon the submission to the Registrar of articles of continuation for a company not incorporated under the Act, the authorized capital of which does not exceed US$50.000.
Articles of Continuation: US$1.000 upon the submission to the Registrar of articles of continuation for a company not incorporated under the Act, the authorized capital of which exceeds US$50.000.
Cyprus and Latvia Sign Tax Treaty:On 25 May 2016, Cyprus and Latvia signed the Treaty for the Avoidance of Double Taxation on income in Brussels. The treaty was signed, on behalf of the Republic of Cyprus, by the Minister of Finance, Harris Georgiades, and on behalf of the Republic of Latvia, by the Minister of Economics, Dana Reizniece-Ozola. According to an official statement, the treaty will contribute to the further developments of the trade and economic relations between the two countries. Read more
Cayman Islands: sharing beneficial ownership information:Under the agreement, Cayman Islands law enforcement officials will be able to obtain details of beneficial ownership of Cayman Islands entities directly from corporate service providers. The information will not be publicly accessible. Read more
Isle of Man: VAT Registration Amendments: On 17 May 2016, the Parliament of the Isle of Man approved the Value Added Tax (VAT) Order 2016. In accordance with the provisions of the Order, the VAT registration threshold is increased to GBP83.000 (previously GBP82.000) and in addition, the deregistration threshold is increased to GBP81.000 (previously GBP80.000) for taxable supplies and GBP83.000 (previously GBP82.000) for acquisitions.
National Bank of Ukraine: Changes to the Anti-Crises Measure:As of 11 May 2016 the National Bank of Ukraine, Board Resolution No.308 dated 5 May 2016 (the “Resolution"), came into effect. The Resolution amends the existing Resolution No.140 dated 3 March 2016 and abolishes a number of restrictions on the foreign exchange market. Read more
Mauritius and India sign double tax agreement amendment:On 10 May 2016, India and Mauritius signed a protocol amending their double taxation agreement. The amendments provides that India has the right to tax capital gains arising from the alienation of shares acquired on or after 1 April 2017 in an Indian company, with effect from the 2017/2018 financial year. Read more
Azerbaijan and Malta sign cooperation agreements:On 29 April 2016, Malta and Azerbaijan signed three agreements concerning the Convention for the Elimination of Double Taxation with respect to income and prevention of tax avoidance, the Agreement on Cooperation in Youth and Sports fields and the Memorandum of Understanding on Bilateral Consultations between the Ministry of Foreign Affairs of the Republic of Azerbaijan and the Ministry of Foreign Affairs of the Republic of Malta. Read more
Company Incorporations
We make company incorporations easy and straightforward. We incorporate, administer and maintain companies in more than 25 jurisdictions worldwide. To determine which jurisdiction is the most suitable for your business needs and a complimentary business consultation please contact us.
A growing number of countries now offer immigrant investor programs, exchanging residency rights or citizenship for a sizeable investment in their economies. From "cash-for-citizenship" to incentives to invest in private sector businesses or property, the market for investor immigration has become increasingly diverse.
Our citizenship and residency advisory for private clients involves fiduciary solutions for individuals and families who move internationally, possibly own property in different countries and who often have international situations and requirements. We offer Citizenship by Investment services in Cyprus, Dominica, Grenada, Antigua & Barbuda, Malta, St. Kitts & Nevis and St. Lucia. Read more.
For complete details of the investment requirements of the above jurisdictions please contact us. We are happy to provide a complimentary consultation in order to identify your requirements and tailor a solution for you and your family.
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