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agreementS AND LEGAL OPINIONS
We provide up-to-date legal opinions and legal agreements across a range of industries. Our legal advisory and agreement drafting services have been utilized in the following industries: mining, gas, investment banking (corporate finance, structured finance, derivatives, securitizations and structured financial products; development finance, corporate financial services, steel manufacturing, info...
Path: AdditionalGibraltar criticizes Brexit agreement Draft
**The European Commission** released the first **post-Brexit agreement draft** and Gibraltar’s government had great expectations of this withdrawal agreement due to its position towards the Brexit. We have already informed you on this territory’s position, where 96 percent voted against leaving the European Union. At the same time, the United Kingdom promised its overseas territory any po...
Path: BlogAn upcoming new trade agreement between Australia and Indonesia
...gotiations on the matters of a new trade deal that will have a major impact on the economics of both countries. One of Australian representatives said that **relations between Australia and Indonesia would be greatly improved** by signing of the new agreement. Indonesian President Joko Widodo and Australian Prime Minister Scott Morrison officially declared the conclusion of the Indonesia-Austra...
Path: BlogStarting your own business in Saint Vincent and the Grenadines
...ntry supports two important concepts for offshore business: tax transparency and bank confidentiality. This means, business startups in St. Vincent and the Grenadines are able to enjoy all favors of offshore banking. Special Tax Information Exchange agreements is an international act that allows business avoid double taxation, distribute tax obligations, share all information with tax authorities ...
Path: BlogHow to Start Your Own Forex Brokerage Business
...at have experience in the Forex industry for reliable operations. 6. Prepare Legal Documentation Legal compliance is key to a successful Forex brokerage. You’ll need clear and transparent documentation for client interactions, including: User agreements KYC and AML policies Complaint handling procedures These documents will protect both your business and your clients while meeting regu...
Path: BlogDiversified reporting in no-deal Brexit scenario
The United Kingdom (UK) left the European Union (EU) on 31 January 2020. A transition period is now in place until 31 December 2020. If UK leaves the EU without an agreement (no-deal Brexit), it is important to ensure transaction reports are submitted to the correct Trade Repository (TR) and/or Approved Reporting Mechanism (ARM). At the moment there are no indications that Brexit deal will be...
Path: BlogNew requirements for Lithuania and UK EMIs
...larly EMIs, will retain the lowest level of their risk standard, while enabling a strong and stable risk management policy, specifically if company’s business activities are related to crypto currencies. Such precaution is required until the final agreement is reached between the EU and the UK. EMIs that have established accounts for cryptocurrency exchanges which are currently under final re...
Path: BlogNegative effects for Payment Service and E-money Institutions in case of no-deal Brexit
...possible outcomes: 1. The UK remains in the European Economic Area (EEA). This would keep the UK adapted with the EU legal framework, enabling it to uphold its participation in SEPA. 2. The UK leaves the EU and EEA but activates a free trade agreement. This would have the “functional equivalence” of the EU legal framework. 3. A no-deal Brexit or Hard Brexit. This would not necessar...
Path: BlogThe UK provides legal certainty for crypto assets and smart contracts
...kles the legal uncertainties concerning the cryptocurrencies, smart contracts and DLT (distributed ledger technology). The document provides regulatory clarity by recognizing crypto assets as tradeable property and smart contracts as enforceable agreements under the English and Welsh private law. The provisions of the paper undoubtedly will benefit consumers and investors by increasing the ...
Path: BlogCrypto aspirations: North Korea is holding cryptocurrency conferences
...rs. According to the source, North Korea was excited to learn about the smart contracts that operate on Ethereum platform. Since North Korea has some problems with the UN and the international community in general, it has troubles with enforcing agreements outside the country. Smart contracts that are digital, self-executing and allow the performance without intermediaries would facilitate dea...
Path: BlogTwo of Malta's blockchain acts came into force
...orce on the 1st November 2018. • **The Innovative Technology Arrangements and Services Act** establishes the framework for registration of auditors and administrators of DLT Platforms and the requirements for certification of the technological agreements. • **The Virtual Financial Assets Act** provides the framework for regulations in the sphere of initial virtual financial asset offeri...
Path: BlogLegal salary in crypto. New Zealand experience
...(IRD) states that released rules applies to salaries and wages paid up in cryptocurrencies such as Bitcoin, Ethereum or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment agreement is in place. As you may know, cryptocurrencies are mostly unregulated, and as it was explained by IRD, cryptocurrency, that would be pai...
Path: BlogThe BVI announced the main condition for the disclosure of beneficial owners information
...same time, the largest country without public registries of beneficiaries of companies is the United States. The decision of the British Parliament led to a protest in Road Town on May 24, 2018. People marched in protest and signed a petition of disagreement with the actions of London. The then-deputy premier, Kedrick Pickering, declared “open war against the U.K.” Read our blog to keep ab...
Path: BlogAustralian commision requires each and every piece of information about its brokers
...ion in regards to the manner of how the business is conducted – A-book and B-book division, usage of a hybrid model and what are the criteria for assignment of clients to one of the models. Liquidity partnerships, hedging counterparts, white label agreements, referral agents and every other aspect of a broker’s business is to presented for inspection. Read our blog to keep abreast of all in...
Path: BlogGood times are over. Russian owned Cyprus companies will have to prove their real economic activities within the country.
...evelopment (OECD) Multilateral Convention to Implement Tax Treaty Related Measures (MLI). From that moment **it will become more difficult to gain tax benefits in transactions with foreign companies**. The aforesaid convention concerns bilateral agreements on the avoidance of double taxation which companies can use in tax avoidance schemes. We would like to point out that among other countr...
Path: BlogCrutial amendments to the Polish tax legislation in 2019
... physical persons. The amount of CIT is based on the net income companies obtain exercising their business activity, and the PIT must be paid by every individual who obtains income, e.g. receives remuneration (under employment contracts or civil law agreements) often on a monthly basis. As you may understand inflows from the CIT and PIT are serious "money spinner" for the government of Poland. ...
Path: BlogTax storm. British Virgin Islands ceased to be a "haven" for shall companies
... of economic presence for foreign companies has entered into force in BVI, which will become a powerful barrier for the registration of shell business. **British Virgin Islands, beloved all over the world for zero taxation of legal entities, in agreement with the European Union, enacted the Law on Economic Presence, which entered into force on January 1, 2019.** In 2017, the Code of conduc...
Path: BlogCyprus has transferred to Moscow Russian bank account holders data for 2017
... Full name of the client, account number, name and details of the foreign bank, account status, cash flow for the year, the client’s investment income from the sale of shares, and interest on deposits and bonds should be disclosed according to the agreements reached on October 29, 2014. Doubts that Cyprus was honest with Russia in the context of new relations arose three months ago when Switz...
Path: BlogBusiness advantages of Belize offshore jurisdiction
...any exempts from capital gains, asset transfer and stamp duty taxes or having the ability to trade with local companies and individuals. If you are an owner of more than one business in different countries, it is important to check international tax agreements. There are countries that blacklisted Belize as a tax haven and just file you with double taxation for every business including Belize offs...
Path: BlogChinese court: bitcoin is a property with "economic value" and must be protected by law
...actives. A case review was published on Oct. 26 by way of WeChat. As it turned out, the unnamed claimant signed a contract with the defendant, permitting the latter to handle, trade, and invest in cryptocurrencies on his behalf. Nevertheless, the agreement turned sour after the defendant rejected to return the claimant’s crypto-actives post a determined term. Analyzing the case with all th...
Path: BlogWhy Moving Your Business Offshore Sounds Reasonable
...ry.** Those, involved in the International business, often consider how to avoid double taxation. This means how not to be charged twice for the same operation in two countries. Here you can find a legal solution: territory with a double taxation agreement with your home country. **Lower Organizational and Administrative Costs.** Incorporating company, finding office, director, hiring per...
Path: BlogHow to set up a Limited Partnership in Scotland?
... who is not a taxation subject according to the UK laws. So, starting a small business in Scotland in form of Limited Partnership is a reasonable and allows you both optimize taxes and use all advantages of legal entity like owning property, signing agreements and even borrow money from banks. Let us move on to Scottish company formation procedures. Starting a limited partnership does not ev...
Path: BlogWhy is Limited Liability Partnership a popular business structure?
...partners, operating premise and other. You should also check legal requirements if you want to set up a Limited Liability Partnership outside the UK. Main document that should be drafted before registering LLP is the Limited Liability Partnership agreement. It defines roles and responsibilities of both partners are defined in this agreement. Also, you can outline personal capital investments, d...
Path: BlogHow to choose a suitable company structure for your business?
... aspects. Closure procedure depends on the company structure too. Sole proprietor can easily close business by himself. Partnerships and LLCs require a special procedure, where all members should agree on dissolution procedure, terminate partnership agreement and file all needed paperwork. Corporations are more complicated: the more shareholders company has, the more people are involved in liquida...
Path: BlogHow did Brexit Affect Gibraltar Jurisdiction?
...ding to the statement, **Gibraltar and the UK will not stop cooperation** in any matters and will continue the development of the effective methods for work. Currently, the governments of the two countries are discussing creation of the **double tax agreement** between them. This might open a new opportunity in business cooperation between the countries. Brexit should also have no influence on cur...
Path: BlogOne...Two...Three...Brexit! The UK Takes Gibraltar Along
... information. These facts are reassuring everyone that doing business in Gibraltar remains safe and sound. Until the end of 2020, this territory will preserve all relations with the EU along by taking part in the negotiations. All future business agreements of the UK will make sure that Gibraltar’s economy, business sector and also society will not suffer from the inadequate conditions. **...
Path: BlogGibraltar Goes Fintech: Next Destination - Hong Kong
...ire for this jurisdiction to move into the Fintech sector. The majority of the Albert Isola delegation were businessmen, executives, investors and even financial regulators. They performed a number of meetings and a reception to make some crucial agreements on the future deals. Gibraltar Fintech Offering is a plan that is to be implemented in the nearest future. On May 9, 2017, Gibraltar publis...
Path: BlogPost-Brexit UK markets access for Gibraltar
... online gaming industry and financial services. What other cooperation areas have been announced between the UK and Gibraltar? First, students obtaining higher education degrees will have some fee status for both countries. There should be mutual agreements concluded on such students rights. Second, according to the current reciprocal arrangement, sick people from Gibraltar can get elective tre...
Path: BlogGibraltar and Hong Kong plan to work together on the fintech sectors development
The end of March was commemorated by the signing of the world’s **first financial Technology Cooperation agreement**. During recent years Financial technology sector has been rapidly gaining popularity all over the world, therefore, aiming to be Fintech pioneers, **Gibraltar** and **Hong Kong** were the first ones to enter into an official agreement regarding the development of this sector, th...
Path: BlogGibraltar protects its sovereignty during the Brexit negotiations
**The UK transitional draft agreement with the EU** was published on March 19th. We have analyzed the current state of Gibraltar and prepared a short digest on the latest news. The UK Secretary of State for Exiting the European Union, David Davis, officially announced that **Gibraltar** is included in the transitional agreement. At the same time, up till 2020 EU, UK and Gibraltar claim to supp...
Path: BlogPeru has joined two major OECD Conventions
**Peru has joined the multilateral agreement**, which is designed to increase transparency and combat cross-border tax evasion. Peru has taken all of the necessary steps to become a member of the **OECD Multilateral Convention on Mutual Assistance in Tax Matters** and also the **OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions**. This is...
Path: BlogNew hype or a real irreplaceable instrument. Contracts of digital age.
...delineation of property rights, etc.) can be embedded in the hardware and software we deal with, in such a way as to make a breach of contract expensive (if desired, sometimes prohibitively so) for the breacher.” Simply put, they represent any agreement between parties that is stored on and executed by a blockchain (this is the most common conception). A blockchain is essentially a decentral...
Path: Blog5 signs of booming blockchain innovation in Australia
...h suffered incessant DDoS attacks). Others suggest that a long-term commitment with just one provider may not be a good move. This could mean repeating the mistakes made in the dotcom boom at the turn of the century. Either way, the five-year IBM agreement is an indicator that neither the tech giant nor the Australian government believes that blockchain technology is going away any time soon. ...
Path: BlogDubai International Financial Center is planning to launch the world's first blockchain court
...ns recently announced that they are conducting researches regarding the blockchain technology and how it can be implemented, and used to enforce court rulings and separately on the resolution and mitigation of disputes relating to blockchain-enabled agreements. In a few words, **blockchain is distributed ledger technology (also known as DLT) which allowing digital information to be distributed ...
Path: BlogAustralia Crypto License
...r regulatory requirements. Directors' and Officers' Information: Personal details, qualifications, and criminal background checks for all directors and key personnel. Proof of Office: Evidence of a registered office in Australia, such as a lease agreement or ownership documents. Identity Verification: Copies of identification documents for all shareholders and directors. Operational Polici...
Path: LicensingHong Kong Type 9 (Asset Management) License
...t. There is no withholding tax on interest or dividends and no capital gains tax. A company, which carries on a business in Hong Kong, but derives profits from another place, is not required to pay tax in Hong Kong on those profits Double Taxation agreements: Hong Kong has comprehensive double tax agreements with Austria, Belgium, Brunei, Canada, Czech Republic, France, Hungary, Indonesia, Irela...
Path: LicensingEstonia Crypto License
... Key documents required for the application include: Company Charter and Articles of Association Proof of Identity for Directors and Shareholders AML/KYC Policies Business Plan and Financial Projections Proof of Local Office and Lease agreement Certificates of No Criminal Record for Key Personnel
Path: LicensingNew Zealand Asset Management License
...y registered in that enforcement country) Taxation 28% corporate income tax rate 15 % Goods and Services Tax rate (GST, similar to VAT), not applied to residential rents and financial services Around 40 Double Taxation Avoidance (DTA) agreements signed Accounting requirements Accounting year starts on the 1st day of April Annual Returns must be filed to the Compan...
Path: LicensingBahamas Payment Services Provider License
...ited", or its respective abbreviation "Ltd" * Prior to submitting an application for the Central Bank’s formal approval, all applicants must contact the Payments Unit of the Research Department to discuss their applications. ** Outsourcing agreements may provide the necessary additional people to run a proper business.In order to obtain a license, the following steps will be carried out:...
Path: LicensingLabuan Investment Banking License
...pture the Asia Pacific especially Asian businesses Excellent infrastructure, regulation and amenities of the Labuan IBFC Labuan is a “white” listed jurisdiction, endorses the bilateral exchange of tax info Access to more than 70 double tax agreements with Malaysia 100% ownership is permissible General information Company structure At lest 2 directors (with banking background)...
Path: LicensingLocal Design registration
...ain regions it may be possible to register an industrial design in the region concerned by filing a single application to the respective regional IP Offices. If you are a national or resident of a country, which is a member of: Bangui agreement, host institution: African Intellectual Property Organization (OAPI), Lusaka agreement, host institution: African Regional Intellec...
Path: LicensingGeorgia Crypto License
...ed for the application include: Company Charter and Articles of Association Proof of Identity and No Criminal Record for Directors and Shareholders Business Plan and Financial Statements AML/KYC Policies Proof of Local Office and Lease agreement Source of Funds Confirmation
Path: LicensingKazakhstan Crypto License
...name Passport copies of all shareholders and directors Utility bills from all shareholders and directors CVs of shareholders and directors Business model and business plan Financial plan for the first year Proof of local office and lease agreement
Path: LicensingLocal Trademark registration
...or license its use. To be entitled for trademark registration, the applicant must: have a real and effective industrial or commercial establishment in, or be domiciled in, or be a national of a country which is a party to the agreement and/or the Protocol. Applicants who have such an establishment or are domiciled in the territory of the European Union, or are nationals of ...
Path: LicensingWorldwide Trademark registration
...ix months before the renewal date due. To be entitled to use Madrid System, the applicant must: have a real and effective industrial or commercial establishment in, or be domiciled in, or be a national of a country which is a party to the agreement and/or the Protocol. Applicants who have such an establishment or are domiciled in the territory of the European Union, or are nationals of ...
Path: LicensingWorldwide Design registration
...or to a local Intellectual Property (IP) Office. This option is available for citizens or residents of the certain industrial design related treaties, making up the international legal framework for industrial designs, managed by WIPO: Hague agreement; Locarno agreement; Paris Convention; WIPO Convention. In order to use the benefits of WIPO Convention, the applicant must have p...
Path: LicensingLocal Patent registration
...ist of potential options, please contact our team members. If you are a national or resident of a country, which is a member of: ARIPO HARARE Protocol, host institution: African Regional Industrial Property Organization (ARIPO), OAPI Bangui agreement, host institution: African Intellectual Property Organization (OAPI), Eurasian Patent Convention, host institution: Eurasian Patent Organ...
Path: LicensingNew Zealand Forex License
...ny registered in that enforcement country) Taxation 28% corporate income tax rate 15% Goods and Services Tax rate (GST, similar to VAT), not applied to residential rents and financial services Around 40 Double Taxation Avoidance (DTA) agreements signed Accounting & Audit Accounting year starts on the 1st day of April Annual Returns must be filed to the Compani...
Path: LicensingLabuan Fund Management License
...ict requirements in order to attract to Labuan only experienced, reliable and dedicated financial services providers. One of such requirements is to appoint a Compliance officer or provide these services or from the head quarter with a service level agreement that need to be approved by the Authority Supervision department. Benefits Low level of taxation Beneficial owner’s details are...
Path: LicensingUSA Nevada Limited Liability Company Formation
...tion, also, it offers attractive taxation advantages, making Nevada a good destination to set up a company. Advantages of USA Nevada Limited Liability Company: - An LLC can distribute profits in any manner described in the LLC agreement, regardless of ownership share - The structure of the LLC does not provide for a Board of Directors - The relaxed reporting standards me...
Path: CompaniesVanuatu Dealer's in Securities License
...of Vanuatu Accounting and Audit requirements Financial statement must be prepared by an independent auditor and submitted 3 months after the anniversary date in accordance with the International Accounting Standard or other standard in agreement with the Commissioner. The licensee must obtain the approval of the Commissioner prior to engaging an independent auditor. The Commiss...
Path: LicensingCuracao Gambling License
...ne original professional reference letter on behalf of each ultimate beneficial owner Original certified copy of a utility bill or any other instrument/document that verifies the place of the main residence of the UBO(s) Management and Indemnity agreement duly signed by each of the UBO(‘s) Source of wealth statement executed by the UBO(’s) Detailed description of business activities an...
Path: LicensingCIM Bank Account Opening
...s: Certificate of Incorporation Minutes of First Meeting Share Certificates Memorandum and Articles of Associations Documents that approves the designation of company’s directors and secretary (if applicable) Declaration of Trust agreement for Nominee Provision Services (if applicable) Document address of the registered office Optional: Valid License (if applicable) If...
Path: BanksBoslil Bank Account Opening
...s: Certificate of Incorporation Minutes of First Meeting Share Certificates Memorandum and Articles of Associations Documents that approves the designation of company’s directors and secretary (if applicable) Declaration of Trust agreement for Nominee Provision Services (if applicable) Document address of the registered office Optional: Valid License (if applicable) If...
Path: BanksFidelity Asia Bank Account Opening
...s: Certificate of Incorporation Minutes of First Meeting Share Certificates Memorandum and Articles of Associations Documents that approves the designation of company’s directors and secretary (if applicable) Declaration of Trust agreement for Nominee Provision Services (if applicable) Document address of the registered office Optional: Valid License (if applicable) If...
Path: BanksLPB Bank Account Opening
...s: Certificate of Incorporation Minutes of First Meeting Share Certificates Memorandum and Articles of Associations Documents that approves the designation of company’s directors and secretary (if applicable) Declaration of Trust agreement for Nominee Provision Services (if applicable) Document address of the registered office Optional: Valid License (if applicable) If...
Path: BanksCanadian Limited Partnership Formation
...ame Government registration fee Registered office address in Ontario for one year Declaration Form 3 confirming registration of the LP Organizational Resolutions of the General Partners Resolution Admitting of Limited Partner Partnership agreement Register of General Partners Register of Limited Partners Please provide us with the following documents and data: Incorporati...
Path: CompaniesLimited Liability GmbH in Germany
... Registered office Required Company name Any name that is identical to or similar to an existing company is restricted. Incorporation Check with the Chamber of Industry and Commerce that the company is unique Draft the company agreement Notarization of all founding documents for banks, the internal revenue office, etc. Open a bank account for the business, remit the stoc...
Path: CompaniesAndorra Limited Liability Company (SL) Formation
...llowing it to enjoy many privileges available exclusively to the member states of the European Union without actually being a part of it. Such benefits include being treated as an EU member state for trade in manufactured goods and having a monetary agreement with the EU, which allows Andorra to issue euro coins and to make the euro its official currency. Since the major reform of the Foreign Inve...
Path: CompaniesCyprus Limited Liability Company Formation
...the Registrar of Companies in Cyprus have to pay by 30th June in every year an annual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry. Double taxation agreements concluded with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, H...
Path: CompaniesUnited Kingdom Limited Liability Partnership Formation
... UK, do not derive any income from UK sources, and are managed and controlled by Members who are not UK residents, are not regarded as residents for tax purposes in UK and therefore are not entitled to take advantage of international Double Taxation agreements concluded by the UK with other countries. Other benefits There are no restrictions on form of meeting for partners and no restri...
Path: CompaniesUSA Delaware Limited Liability Company Formation
...is liable only to the extent of his or her percentage of ownership in the LLC. Members may be an individuals or corporate bodies. There is no limit on the number of members allowed in a Delaware LLC. The management of a Delaware LLC is based on an agreement between its owners, who are known as members. A Delaware LLC allows a customized management structure, which dictates the economic relations...
Path: CompaniesSeychelles International Business Company (IBC) Formation
...shore companies being registered every month. The formation, tax benefits and general structure of a Seychelles IBC is regulated by the Seychelles International Business Companies Act 1994. Seychelles has not entered nor signed any contractual agreements with foreign nations in exchange for financial help. Foreign businesses and investors substantially contribute to the country`s development...
Path: CompaniesBelize International Business Company Formation
...estate, inheritance, succession or gift tax with respect to any shares, debt obligations or other securities of the Belize IBC. Other benefits Belize does not disclose its banking or fiscal information under any information-exchange agreements to any foreign parties on grounds of suspected tax evasion. The meetings of the directors and the shareholders need not be held in Belize...
Path: CompaniesMarshall Islands International Business Company Formation
...nies there are no requirements for audited accounts or annual returns to be provided to the governing authority. Moreover, the government of RMI has not signed double taxation treaties and does not cooperate with OECD on any tax information exchange agreements. NRDC of The Marshall Islands is attractive in terms of privacy for shareholders and directors since their personal information is not r...
Path: CompaniesHong Kong Limited Company Formation
...mpany, which carries on a business in Hong Kong, but derives profits from another place, is not required to pay tax in Hong Kong on those profits. Hong Kong sourced income is currently subject to a rate of taxation of 16,5 percent. Double Taxation agreements: Hong Kong has comprehensive double tax agreements with Austria, Belgium, Brunei, Canada, Czech Republic, France, Hungary, Indonesia, ...
Path: Companies