We are happy to announce that we are now officially licensed regulated by the Cyprus Securities and Exchange Commission. To celebrate this we present our February special offer: 20% off on Cyprus company incorporation, nominee fees and bank account!
In this issue we discuss the historical lifting of the sanctions of Iran, and point out the incentives that Cyprus has to offer as a location for business. We also cover an array of interesting topics such as the important amendments in the BVI Business Companies Act, the Common Reporting Standards (CRS) regulations, the recently signed DTA between Hong Kong and Russia and the signing of declarations on the Automatic Exchange of Information between Switzerland and Guernsey, Isle of Man and Jersey.
Finally, concerning the UAE we discuss the introduction of VAT in 2018 and present our Oneworld MidEast's informational corporate video which tells you how Dubai and our Oneworld MidEast team can assist you achieve your goals.
We hope you enjoy reading our newsletter and always happy to receive your feedback.
Incorporate a Cyprus company with our nominee service and open a bank account and receive 20% discount! The offer is valid until the 29th of February 2016. For more information please contact us. Terms and Conditions apply.
The historic agreement between Iran and the West has entered into force: On the 16 of January 2016 Iran ended years of economic isolation when the six world powers lifted all sanctions against the country in return for Tehran complying with a deal to curb its nuclear ambitions.
The announcement was made at a joint declaration by the High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini and the Iranian Foreign Minister Mohammad Javad Zarif following a confirmation by the International Atomic Energy Agency that Iran has complied with all the provisions required under the July Agreement. Read more
Hong Kong and Russia signed DTA: On the 18 of January 2015, Kong Kong and Russia signed a comprehensive Double Taxation Agreement (DTA). The DTA is intended to validate the allocation of tax rights between the two countries and enable businesses and investors to assess the incidence of taxation on their cross-border transactions. Read more
Switzerland signs joint declarations on Authomatic Exchange of Information with Jersey, Guernsey and Isle of Man: On the 15th of January 2016 in London, Switzerland signed joint declarations on the automatic exchange of information (AEOI) with the Isle of Man, Guernsey and Jersey. The signed declarations specify that each jurisdictions is satisfied with the confidentiality rules provided for in the other jurisdiction with regard to tax. Read more
Common Reporting Standards (CRS): In an effort to improve global tax transparency the Governments globally have adopted the Standard of Automatic Exchange of Information developed by the Organisation for Economic Co-Operation and Development (OECD) known as Common Reporting Standard (CRS). In order to comply with the requirements of the CRS, Tax Authorities will require that financial institutions confirm their clients' Jurisdictions(s) of Tax Residence and Respective Tax Identification Number, if applicable, among other fields where applicable. Read more
Amendments to the BVI Business Companies Act: The Government of the BVI recently enacted the BVI Business Companies (Amendment) Act 2015. The amendments are set to make important improvements and changes in the operation and requirements of BVI companies. In our article we set out the key amendments that will come into effect as of January 15, 2016. Read more
Cyprus for Iranian Business: At the beginning of August 2015, the governments of Cyprus and Iran signed a Double Tax Treaty. With the lifting of international sanctions against Iran, Cyprus is now uniquely positioned to act as a gateway for investments both into and from Iran. The island is expected to attract Iranian businesses as well as businesses wishing to do business in Iran. Apart from the many legislative and fiscal advantages, the island is also a Member of the European Union as from 1 May 2004. Read more
Oneworld MidEast Corporate Video
UAE to introduce VAT in 2018 between 3-5 percent: The Under-secretary at the United Arab Emirates’ Ministry of Finance, Younis Haji Al Khoori confirmed that Value-Added-Tax (VAT) will be introduced across the UAE and the GCC in 2018. With the introduction of the VAT, Al Khoori stated that the UAE hopes to earn estimated VAT revenues of u to Dh12 billion in the first year of its application. Read more
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