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Cyprus passport - new regulations and more demanding requirements
... the involved country. Cyprus, among other countries, has raised concerns about certain inherent risks of such programs, in particular as regarding security, money laundering, tax evasion, and corruption. As a result, **additional more demanding requirements for granting "golden passports" of the Republic of Cyprus to foreign citizens came into force on 15 of May 2019**. According to the Insid...
Path: BlogSingapore clarified new requirements for digital advisors
... latest move purposed at making life easier for digital investment consultants that operate as financial advisers. The MAS has made great progress in facilitating the use of modern technologies in the financial services area. The above-mentioned requirements apply to all financial organizations offering digital advisory services in Singapore. Digital advisory services involve the use of automa...
Path: BlogOffshore jurisdictions introduce strict requirements for tax residents
...are Anguilla, Bahamas, Bahrain, Bermuda, British Virgin Islands, Caymans, Guernsey, Maine, Jersey, Marshall Islands, Turks and Caicos, UAE and Vanuatu. EU threatened to "blacklist" the above-mentioned territories if they fail to implement additional requirements for their tax residents. In response to that, authorized persons and/or organizations of the aforesaid countries pledged to carry out ref...
Path: BlogEstonian government tightens up licensing requirements for cryptocurrency companies
...al experts, the new conditions will significantly complicate the procedure for getting a license. In addition, the regulator will have the right to invite a company’s responsible person for an interview to evaluate the applicant's knowledge of AML requirements. New rules will apply to both new applicants and those who applied earlier. Those companies that already have a license will have to b...
Path: BlogSlovakia Crypto License
...gulatory compliance standards. Once the license is granted, it allows the company to operate legally within Slovakia's crypto market, offering services such as trading, exchange, and custody of cryptocurrencies. Ongoing compliance with regulatory requirements, including regular reporting and adherence to AML/KYC standards, is essential to maintain the license. Engaging professional advisors fam...
Path: LicensingSeychelles International Business Company (IBC) Formation
International Business Company in Seychelles is an ideal solution for confidential and fully tax-exempted international business: no requirements to file annual returns, no taxes or stamp duties, no US or IRS interference, no public records. The Seychelles IBC is commonly used for international trading operations, investments and holding purposes, leasing of vehicles or aircraft, marketing and fi...
Path: CompaniesGeorgia Crypto License
...tional Bank of Georgia oversees the regulation of crypto activities, ensuring compliance with local laws and international standards. To operate legally, crypto exchanges and related businesses must obtain a license, which involves meeting stringent requirements such as robust anti-money laundering (AML) measures and thorough know-your-customer (KYC) procedures. Additionally, Georgia’s stream...
Path: LicensingNew Zealand Crypto License
...s robust regulatory framework and supportive environment. The Financial Markets Authority (FMA) regulates crypto activities, ensuring compliance with the Financial Markets Conduct Act 2013. Crypto exchanges must obtain an FMA license, meeting strict requirements for investor protection and market integrity, including AML, CTF, and KYC regulations. New Zealand's proactive crypto regulation shows...
Path: LicensingBulgaria Crypto License
In Bulgaria, obtaining a crypto license involves registering a company with the Bulgarian Commercial Register, typically as an LLC, and complying with the regulatory requirements set by the Financial Supervision Commission (FSC). The application process includes submitting a detailed business plan, AML/KYC policies, risk management procedures, and information about key personnel. The FSC reviews ...
Path: LicensingCzech Republic Limited Liability Company Formation (s.r.o)
Formation of Czech s.r.o. company with limited liability of shareholders, low registered capital, simplified corporate and administrative requirements.Incorporation: 1 week + delivery time for the courier Minimum paid up capital: The minimum contribution of each shareholder to the registered capital is CZK 1, however it is recommended to set-up an s.r.o with a minimum of CZK 1,00...
Path: CompaniesLabuan International Business Company Formation
Low capital requirements, and favourable tax regime (including absence of indirect taxes) supported by a network of treaties on avoidance of double taxation make Labuan company a popular choice for incorporation of regional headquarters, e-commerce enterprises and Islamic Finance businesses.Incorporation: 7 working days + delivery time for the courier Minimum paid up capital: No ...
Path: CompaniesScotland Limited Partnership Formation
Scottish LP features a flexible tax structure, confidentiality and no requirements to file financial statement.Incorporation: 3 working days + delivery time for the courier Minimum paid up capital: No minimum capital requirement Overview Scotland is the northern section of the United Kingdom that is leading global financial and business centre and an important jur...
Path: CompaniesUnited Kingdom Limited Liability Partnership Formation
UK Limited Liability Partnership is a flexible business tool for international companies with advantageous taxation for foreign partners, limited liability for members and no company structure requirements.Incorporation: 48 hours + delivery time for the courier Minimum paid up capital: No minimum capital requirement Overview Separated from the European continent b...
Path: CompaniesVanuatu Dealer's in Securities License
Vanuatu is a great place for launching forex brokerage company due to its low capital requirements and variety of tax benefits.Incorporation & obtaining license: 4-6 months Minimum paid up capital: No minimum capital requirement. Instead, government bond of approx. USD 50 000 is used. Overview Vanuatu, officially the Republic of Vanuatu, is an archipelago in the S...
Path: LicensingNew requirements for Lithuania and UK EMIs
Electronic Money Institutions (EMIs) will be facing uncertainty over regulations due to post-Brexit and Sixth Anti Money Laundering Directive (6 AMLD) which provides obligations that need to be transposed by European Union Member States by the December 20th, 2020. Due to the worldwide covid-19 pandemic Brexit was postponed for few months, however currently Brexit has been brought back and is ...
Path: BlogWhat is the reason behind the suspension of ePayments operations?
... Following a regulatory review of the company’s anti-money laundering system, the financial regulator forced the electronic money institution to freeze all accounts, suspend new account opening, and refrain from AIS or PIS for an undefined period. requirements placed on the company will have effect until the remedial measures have been taken to the satisfaction of the FCA. The announcement g...
Path: BlogImpact of New Legal Framework on Estonian Crypto Market
...e beginning of 2020, will amend their crypto regulations and ground rules regarding this matter. New Estonian framework introduced through the 5AMLD specially highlights AML field. Local regulator encourages Estonian crypto exchanges to adapt new requirements in order to avoid revocation of license. Companies with crypto that have obtained the license prior to the new amendments and changes wil...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...en for comment through May 15. Considering South Africa’s official’s intentions to introduce new crypto legislation, Offshorelicenese team are ready to assist our clients to apply for the South Africa’s FSCA license according to legislation requirements. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
It has been almost a year since the Financial Action Task Force (FATF) released its controversial crypto directives, which merged the cryptocurrency industry into existing banking policy, requiring firms to comply with the same requirements as traditional financial institutions. FATF stated that it would give 12 months to adopt the guidelines. FATF’s guidelines will: - increase transpare...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
... (ERTRs) under the FIEA. Despite the fact that Japanese officials have introduced amendments into local crypto legislation, Offshorelicenese team are ready to assist to our clients with Japan Crypto license obtaining according to new legislation requirements. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogPandemic effect on Cryptocurrency markets
... potentially snowballing outbreak. Also, concern over the possibility hackers might try exploiting the virus outbreak, and to consider implementing more robust security measures that could detect “fraudulent trading or withdrawal behavior.” Such requirements from NYDFS could be just an example how to proceed in current situation, so requirements may also be applicable in other jurisdictions. ...
Path: BlogFINMA provides guidelines on "stablecoin"
...nti-Money Laundering Act as a matter of course. FINMA suggests the golden rule of ‘same risks, same rules’ which implies that each and every specific feature and additional service provided by the project should be complemented by additional requirements. Given that additional services involve additional risks, additional requirement rule is embedded in the FMIA. As there are recognized...
Path: BlogASIC implements new rules for issuers of CFDs
...nd value test’**. Moreover, CFDs issuers have to review their wholesale clients and find out which classification test was used. If it was the ‘price and value test’, then another test should be applied. The client has to meet any of the other requirements. Other Wholesale Investor Tests include: - The large business test; - The net assets and gross income test; - The professional ...
Path: BlogSouth Korea to tax capital gains on crypto
...South Korea’s government will have to decide whether the crypto gains tax will be implemented in the line with stocks or real estate capital gains. South Korea is currently enhancing the know-your-customer (KYC) and anti-money laundering (AML) requirements and is moving towards the regulated crypto industry. It worth noting that the National Assembly greenlighted legislation that recogni...
Path: Blog6 reasons why best Forex brokers are regulated
...regulatory status adds credibility to a forex broker. If the broker was able to stand the test, meet all necessary criteria and obtain a license from the authority, it means that such broker adheres to guidelines and guarantees implementation of the requirements. Hence, a regulated dealer is viewed by potential customer as reliable and decent. **Transparency** In order not to fall into the...
Path: BlogEconomic Substance Regulations in UAE
**Starting from 2019, all UAE entities conducting “relevant activities” (explained further) will be obliged to meet certain legal requirements. These are “economic substance regulations” requiring the UAE companies to demonstrate actual economic activities** - the type and level of activity they undertake. Further, businesses carrying out “relevant activities” will have to produce the...
Path: BlogSingapore's new retail trading regulation cuts FX Leverage to 20:1
Singapore’s retail traders will no longer have access to 50:1 leverage. If previously traders only had to meet margin requirements of 2 percent, new retail trading regulations that came into effect this week cut FX leverage by more than half. **The Monetary Authority of Singapore issued new regulations that imply that retail investors now only have access to 20:1 leverage.** Nevertheless, as ...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...nce security will be required. In relation to these changes forex business participants will be required to assign responsible person who will supervise the company and will ensure the company remains in compliance with the law. Additional reporting requirements will be implemented specifically regarding CFD transactions, as well as standardized risk warnings and formats, which is similar to requi...
Path: BlogA new license assessment procedure will be adopted for certain AFS applicants
...icants that are (I) a body corporate; (II) that are regulated by the Australian Prudential Regulation Authority (APRA); or (III) proposing to provide certain financial services and financial products. The updated information with respect to the new requirements is outlined in Information Sheet 240. We should note that the new license assessment procedure will be applicable to the companies th...
Path: BlogThe Hong Kong Monetary Authority Has Issued New Online Banking Licenses
...rlier. Last August HKMA released an update stated it had received 30 applications for the newly created license. As a result, the HKMA stated in December that one third of those submitters failed the application process due to inability to meet the requirements needed to get relevant approval. In March, the regulator issued its first three licenses and, in the beginning of April, one more lic...
Path: BlogSFC Forewarns Retail FX Brokers To Stay Away From Doing Business In China
...istration of Foreign Exchange (SAFE) not long ago has prohibited a Mainland's China entities to get traders to deposit funds with brokers located outside of the country. The Mainland regulator (SAFE) in its statement informed that due to the new requirements, it is unlawful for any unapproved organization to conduct forex margin trading or for any client, either an organization or individual f...
Path: BlogCySEC Enhancement of Procedures Regarding Safeguarding of Client Funds
...he local regulator that they had no other option or solution but to conduct such business, considering as the risk to client’s funds in the case of the company’s insolvency is higher. If a CIF cannot assert to CySEC that it has fully applied requirements, CySEC may request from the CIF to segregate an equivalent amount of its own funds in a separately titled account in another jurisdiction...
Path: BlogThe great step towards China
...stance, the assistance in obtaining financial licenses such as but not limited to **Dealer in Securities License, Forex License, Banking License or Portfolio Management License**. Such solutions can be provided in various jurisdictions based on your requirements and a scheme of work that suits you the best. For those clients, who are aiming to **obtain gambling license**, we offer quite a few solu...
Path: BlogCovid-19 Effect on Growing Number of Crypto Related Scams
...percentage of funds sent to high-risk exchanges from US Bitcoin ATMs (BATMs) has seen exponential growth, doubling every year since 2017. Considering that, BATMs could become a greater point of regulatory focus and enforcement. Additional regulatory requirements in crypto industry could reduce frauds in a long run. However, investors, especially new investors, looking for high returns in blockchai...
Path: BlogBrand-new product - Crypto Exchange & Wallet License in Lithuania
...environment for crypto exchange and crypto wallet services provider companies, with clear regulations. This has become available in Lithuania in year 2020. It is important to note that the company and license setup can be both made remotely, with no requirements to travel to the country. The capital of Lithuania, Vilnius, is a well-known in Europe for its developed fintech services and now rec...
Path: BlogOld ways won’t open the new doors
OFFSHORELICENSE has developed new and more attractive markets that may substitute Vanuatu in terms of entry and maintenance requirements Thus far, a considerable number of OFFSHORELICENSE clients have chosen **Vanuatu** in order to obtain Forex license (Dealer’s in Securities license), however, due to the changes occurred in mid-June 2017, the bond deposit requirements increased from $2.000 US...
Path: BlogDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
...s established as part of this law, tasked with overseeing the burgeoning virtual assets sector, protecting investors, and ensuring that businesses comply with legal frameworks, including anti-money laundering (AML) rules and know-your-customer (KYC) requirements. While Dubai has embraced blockchain technology and crypto, it is also making clear that non-compliance with its regulatory standards ...
Path: BlogLabuan FSA Tightens Money Broking Rules Amid Growing Industry
... Enhanced anti-money laundering (AML) and counter-terrorism financing measures have been incorporated to align operations with global standards and keep financial crimes at bay. * **Stronger Oversight**: Stricter monitoring, audits, and reporting requirements will now be part of the regulatory framework to ensure money brokers are operating responsibly. * **Better Client Protection**: Transp...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...is part of the Eastern Caribbean Currency Union (ECCU) and is involved in a pilot program to test digital currency as legal tender. This guide provides a comprehensive overview of how to obtain a crypto license in SVG, detailing the necessary steps, requirements, and benefits. Overview of Cryptocurrency Regulations in SVG Regulatory Environment Saint Vincent and the Grenadines does not have...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
... and should comply with Seychelles naming conventions. 2. Appoint Directors and Shareholders A Seychelles offshore company requires at least one director and one shareholder, who can be individuals or corporate entities. There are no residency requirements for directors or shareholders, offering flexibility in company management. 3. Prepare and Submit Incorporation Documents The necess...
Path: BlogHow to Get a Crypto License in 2024
... Crypto Banking License A crypto banking license enables a financial institution to offer banking services such as deposits, loans, and payment services in cryptocurrencies. This license is typically harder to obtain due to the stringent regulatory requirements that come with banking operations. Crypto Broker License A crypto broker license permits an entity to act as an intermediary between bu...
Path: BlogVanuatu is Willing to Move Its Financial Dealers Onshore
- The Vanuatu Financial Services Commission has beefed up the requirements for FDL holders. - “Vanuatu wants to bring about a sea change in the way it does business," St-Hilaire, chairman of VFMA, says. Times, when offshore companies were operating remotely under Vanuatu’s Financial Dealer License (FDL), are a-changing. By the end of 2022, all Vanuatu security broker will be obliged to m...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...g interests in crypto assets are able to interact in the system in a way that results in a transaction. **Those businesses, which will be considered by CySEC as Crypto-Assets Service Providers, will face the necessity to comply with the following requirements for company registration and operation:** • Initial capital adequacy and own funds, which range from EUR 50,000 to EUR 150,000; ...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
...gulations took place. In order to strengthen security of exchange and protect investors from such attacks, the Financial Service Agency strictly mandated the registration of all crypto trading platform operating in the country. Despite the security requirements, the Japanese crypto exchange, Liquid was hacked recently when hackers stole around $80 million in cryptocurrency. The FSA has developed...
Path: BlogForex Markets Related Regulations After Pandemic
...ce and probably doesn’t really pass an integrity test. Coronavirus pandemic has highlighted many issues - infrastructure resilience, security and risk management, which has been identified as the biggest area for improvement in many businesses. requirements like preparing risk registers which analyses likelihood, impact, treatments and controls for a variety of risks are difficult to turn you...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...world are still assessing whether and how they should regulate the cryptocurrency industry, and the investor protection and preventing money laundering are particular concerns. The proposed legislation covers aspects like custody, know-your-customer requirements, anti-money laundering rules, and market manipulation, some of the key concerns for the crypto industry. Main objective with new regu...
Path: BlogDiversified reporting in no-deal Brexit scenario
...ll be concluded. Despite the result of transaction period, companies are required to handle European Market Infrastructure Regulation (EMIR), Markets in Financial Instruments Regulation (MiFIR) and Securities Financing Transactions Regulation (SFTR) requirements. Investment companies regulated in EU currently must submit their trades/transactions for EMIR, MiFIR and SFTR to an ARM and TR. TRs a...
Path: BlogNigeria’s Crypto regulation as a solution for financial services
.... These activities have led SEC to introduce and implement adequate legislation. Major activities have been observed by retail investors, but new legal framework could encourage institutional adoption also. Larger institutions have higher compliance requirements, but regulatory have not provided enough guidance on digital assets in the past and this unclear regulatory landscape has made it riskier...
Path: BlogCFTC Warns More Than 20 Forex Brands
... with charges being brought against a few of brokers and trading apps. In the end of the August, the commission hit OANDA Corporation with a $500,000 fine for failing to adhere to certain regulations, including that it failed to meet minimum capital requirements. The charges were that OANDA failed to meet the minimum financial requirements for Retail Foreign Exchange Dealers and FCMs and violated ...
Path: BlogOTC derivatives regime to be updated in Hong Kong
...list 17 jurisdictions from the list of assigned domains for the masking relief of the reporting responsibility. REGULATORS ARE CURRENTLY INTENSIFING THEIR COMPLIANCE EFFORTS Aforementioned regulations would help to improve Hong Kong’s audit requirements; to stop market manipulation and fraud, as well as to ensure that the country’s reporting and clearing systems would follow the interna...
Path: BlogLegalization of Cryptocurrencies in Russia
...and proposed law faced backlash from the industry participants. Therefore, Russia’s ministry of economy criticized the bill being considered in the State Duma, which seeks to ban the use of bitcoin and other cryptocurrencies in Russia by including requirements that would punish crypto dealers with prison terms and hefty fines. The authority believed that the adoption of previous law version woul...
Path: BlogCySEC Requires to Follow Recently Introduced FATF’s Policies
...nd on implementing the customer identification and due diligence procedures. Offshorelicenese team are ready to assist our clients to acquire ready-made CySEC licensed company or apply for the Cyprus Forex license taking into account new policies requirements from the regulator. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogPotential PayPal Entry into Cryptocurrency Market
...r payments – others are fluctuating and will be less used for payments but more for investment, saving and speculation. Company’s existing AML and KYC measures could be enough for crypto purchases, but there may be some additional regulatory requirements, in practically, there could be extra verification requirements for users in order to buy major cryptocurrencies and users will not be al...
Path: BlogNew 6 AMLD Compliance Conditions for EMIs
...encing enhanced enforcement, but the major difference between 5 AMLD and 6 AMLD, is that the concept of personal criminal liability is prevalent in 6 AMLD which will take effect in December 2020. With 6 AMLD EMIs will fall under even more regulatory requirements by the FIUs. With new measures directors and owners of EMIs will be personally criminally liable for AML breaches. In the high-risk indus...
Path: BlogTRANSLATION
...ation to be certified before they will accept a particular document as valid. At Offshorelicense LLP., we are able to certify our translations for almost any legal use. Our experienced account managers will work with you to understand the underlying requirements of your certified translation and will staff your project accordingly.
Path: AdditionalPakistan is planning to regulate crypto business
...ayment service firms, and in an effort to promote wider financial inclusion within the country. **Companies registering as EMIs will be required to follow a range of compliance measures.** Among other things, they will have to comply with capital requirements, endure the examination of executives, undertake protection of users’ funds and implement customer due diligence, including storing per...
Path: BlogThe New Labuan Tax Regime: Towards the Advancement
...me was created in 1990, things have changed and the Governor of the Central Bank of Malaysia mentioned this at the Labuan Industry Annual Dinner. He is aware that now international taxation practices have to grow gradually to correlate with the OECD requirements. Nowadays, respectful offshore jurisdictions are not outlaw or above the law and never try to avoid taxation, do not exploit gaps in the ...
Path: BlogGaming Bill in Malta. One gaming law for all.
...place every currently existing law related to the gaming industry. Malta offers a wide variety of services related to gaming industry and the main regulatory body is **the Malta Gaming Authority (MGA)**. This authority has developed key technical requirements and guidelines for those who work in gaming industry. This means that the MGA will be one of the authorities working on creation and adop...
Path: BlogWill Bahamas be removed from the EU tax blacklist?
...e list too. The deadline for implementing all changes is set to December of 2018. Taking into consideration abovementioned, Bahamas will become highly competitive tax jurisdiction de jure only in case they manage to adapt local legislation to new requirements by the stipulated date. This jurisdiction will comply with minimum requirements of the OECD's Base Erosion and Profit Shifting (BEPS) ini...
Path: BlogGST and Excise Tax Revision in Belize’s New Budget
...free zone, will apply for the goods imported to Belize's Philip S.W. Goldson International Airport. **For goods imported into Belize’s economic zones will raise from 2 to 3%.** The regime changes are implemented according to the OECD compliance requirements, and also to minimize abuse, tax evasion and any other negative factors for Belize’s Government.**International Business Companies will...
Path: BlogHow to Incorporate a Company and Why it is Beneficial
...ptions to add to your name. Important naming rule is also not to copy someone else’s name. Companies have to operate with a unique name, which is not used in the same jurisdiction. Business names also have to respond to all legal, moral and other requirements of a chosen jurisdiction. **Hiring personnel and directors** Depending on a company type, the creation of a governing body can diff...
Path: BlogThe British Virgin Island Authority declared a warning for CRS and FATCA
...n February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who are subject to this regulation that May 31st will be the deadline for all institutions to fill in the reports according to the abovementioned requirements. **The British Virgin Islands Financial Account Reporting System is an online service, which allows financial institutions to file all re...
Path: BlogSwitzerland puts a hand over supervising ICOs
...n between the startup and an investor. Finally, the utility tokens ensure providing a service or an access to the product for its purchaser. Considering this, FINMA, classifies both, utility and access tokens, as securities. This implies that the requirements for them are stricter than for payment tokens. However, the authority still controls all three types. The European financial regulator...
Path: BlogBlockchain regulations are on the way to Malta
...ce) and **IoT** (internet of things). Technologies are developing rapidly and today more and more habitual things have tech features. As for Malta, during the conference it was declared that the government had performed rigorous work to meet all requirements of the newborn industry. New legal regulations will meet the needs of both, technological companies’ as well as anti-money laundering (...
Path: BlogHow RootAnt Makes Brokerage in China Easier
Doing **brokerage business in China** can be a serious challenge for international companies. Due to the fact that the market is closed, it is hard to follow all legal requirements and at the same time earn traders’ trust. Trading platform **RootAnt** is now one of the best services that allows international financial institutions localize in China. It is a combination of services for broke...
Path: BlogVirtual Currencies’ Control in Singapore
...irtual currencies** is now a common practice between business representatives. Breadth of choice in the field of financial instruments makes regulators think of more and more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where they shou...
Path: BlogChina Bans Popular FX Broker Services
...perate, the financial services firm owners will have to be connected to Chinese market directly. For example, you will need a connection to the Chinese payment facilities, a physical office and a website hosted on Chinese servers and to follow other requirements, which are not yet officially indicated. An important part of doing business in China, is to always remember specific rules of this m...
Path: BlogChinese Giants: Which Payment System to Choose?
When **moving your business overseas**, it is very important to consider local rules, technical requirements and work facilities. For business in China, these features also include choosing a **payment system** suitable exactly for you. AliPay, WeChatPay and UnionPay are the biggest and the most popular payment solutions for the Chinese companies. Their technical features and scope of work a...
Path: BlogCyber risks rules compliance. New rules in Hong Kong
...t provides trading services in Hong Kong**. Such brokers as Monex Boom, Z.com, Phillip Securities (HK) Ltd and Guotai Junan International Hold. Limited have already informed their customers about these changes. In order to adhere to the newly set requirements, changes were made to the account access procedures and related mobile applications. New technologies allow receiving a one-time password...
Path: BlogHow to Offshore: Useful Tips and Tricks from Leaked Apple Inc. Papers
...here? Corporations whose incomes are measured in billions dollars are obliged to keep their fingers on the pulse in the offshore field. Before the law amendments, Apple used Ireland as a tax shelter. The changes were due to the European Union’s requirements to Ireland to update tax legislation. The EU considered that drawing corporations to your country is an improper action for the Union mem...
Path: BlogSecrets of starting a business in the UAE
...mportant point to consider when forming your company in the United Arab Emirates. It consists of seven Emirates, which have different free trade areas, customs rules and investment climate. Different zones have different control authorities, trading requirements and documentation. You should perform a detailed study of these aspects to choose the best Emirate for your company and decide which type...
Path: BlogMove business wisely. What to consider when choosing offshore jurisdiction?
...ess and raise its own economics. Harmonization of tax regulations and loyal conditions of cross-border trading might be a good reason for entrepreneur to choose this specific jurisdiction. In the UAE overview we have mentioned $135,000 compliance requirements for starting a company. Does it sound unbearable? Small and mid-sized companies are not able to handle this amount of money and need to t...
Path: BlogWhy should you invest in offshore business?
...tment and this point cannot be left behind. When you require setting up an offshore investment corporation, it might bring you to unexpected expenses. There is a need to establish a corporation, pay registration and other legal fees. If there are no requirements for an offshore corporation it means investor should open a special account. Offshore investment accounts require a minimum investment am...
Path: BlogBusiness advantages of Belize offshore jurisdiction
...ments. There are countries that blacklisted Belize as a tax haven and just file you with double taxation for every business including Belize offshore company that is not so offshore anymore. **How to open a bank account in Belize and what are the requirements?** Central Bank of Belize, which was established according to the Central Bank act is the main governmental bank in this jurisdiction....
Path: BlogPros and cons of Labuan company formation
...takes up to five working days but if you have inaccuracies in documentation, it might take a longer time. Most common fears of entrepreneurs while setting up a business in Malaysia are number and residency of shareholders and directors as well as requirements about starting capital and physical operating office. These factors are not deciding for Labuan offshore companies because minimal number...
Path: BlogHow to set up a Limited Partnership in Scotland?
...ed to develop and grow their company. In case you need any legal assistance or help with registration, OffshoreLicense Ltd is ready to help. Professional consultants are ready to explain you how to start business in Scotland. Analyze all details, requirements and perspectives – and this will help you not only to make money but also to become the most reliable company on the market. Effective ...
Path: BlogWhy is Limited Liability Partnership a popular business structure?
...d under the rules of the 200 Act. Let us describe how to incorporate LLP in legal way. First, you need to decide on main organizational matters. This includes company’s name, 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 t...
Path: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
...ich held $250 million of customers funds. The CSA and the IIROC have registered a joint consultation paper, called Proposed Framework for Crypto-Asset Trading Platforms last Thursday, looking for input from the fintech community on how regulatory requirements can be developed for cryptocurrency platforms. The regulators highlighted their main concerns at the beginning of the document: ***"Al...
Path: BlogStarting offshore business in Vanuatu
...es who can work for your company. Moreover, if you are forming a Vanuatu offshore international company only for carrying out small a business or financial management, you can confine yourself to being a single shareholder and director: there are no requirements for residence or number of founders and CEOs. Forex trading regulations as another common reason to enter Vanuatu offshore jurisdiction....
Path: BlogUsage of artificial intelligence for financial institutions in Singapore
...ion. What are the most common problems when using AI and what will be outlined in the MAS recommendations? First, there are problems with data transparency and ethical use of technology itself. Right now, big corporations are not limited by legal requirements, but by the end of this year The Monetary Authority of Singapore promises to release the abovementioned guidelines. Guidelines will co...
Path: Blog6 things to consider when going offshore in 2017
...ble time zone: to control and maintain your offshore company at any time and to avoid any urgent problems you cannot solve. 6. Avoiding double taxation for your company. Contract work is a significant part of any company’s work. Analyzing your requirements, you can choose treaty or non-treaty jurisdictions. Basically, if OffhoreLicense Ltd customers mostly work with contractors fr om differe...
Path: BlogSetting up an Online Gaming Business
...fact whether you have your own development team or need to hire one. After researching the market, you ought to know which software provider will work for your business. What has to be considered about your future contractor? • Meeting all your requirements and knowing what you, as a customer, need is a must; • Software company should provide you with a built-in payment module; • In...
Path: BlogICO vs IPO. Main differences
... In contrast, ICO’s are usually executed with the intention to raise first investments and enter the market. 2. II) **Documentation**. A legal document which is necessary for an IPO is called “prospectus”, it must follow precise standards and requirements. On the other hand, ICO’s have a document in the form of a white paper, this document only outlines the conceptual framework incorpora...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
...predefined conditions for formal authorization to provide crypto assets-related products or services".* The SARB is taking into account numerous aspects to respectively regulate crypto sector including the announcement of a mandatory registration requirements for all cryptocurrency exchanges and wallet platforms operation within the country. The SARB also clarified that a step-by-step approa...
Path: BlogTax storm. British Virgin Islands ceased to be a "haven" for shall companies
...ntities, 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 conduct group on the observance of the Code on business taxation conducted an analysis of the requirements of 92 jurisdictions, the results of which revealed a list of countries that heavily abuse their exclusive position in the field of tax an...
Path: BlogBusinesses will be required to meet criteria of physical presence in Belize
...lize residence shall be removed; * the Belize IBC will have the right to purchase and own land within the country; * Belizean companies will be subject to Income tax if income will be sourced from Belize; * local companies will face new filling requirements; * physical presence will be a mandatory requirement for licensees, hence any formation having any license will be obliged to maintain ...
Path: BlogOutsourcing accountants and bookkeepers for offshore business
...erything done on time and with the highest quality of services. ** 2. Minimum number of errors** Outsourced accounting specialist knows everything about chosen jurisdiction, company type and legal procedures. This means that on every level of requirements professional accountant will see potential errors and will avoid them. ** 3. Complying with industry requirements** Even if you ha...
Path: BlogEU Member States Granted Citizenship To Over 800 Thousand People In 2017
...313 people) were citizens of Russian Federation, 9.1% (502 people) were citizens of **United Kingdom**, and 8.7% (479 people) were citizens of **Ukrainian**. In February 2019, Parliament of Cyprus voted for a bill that would introduce more strict requirements for the issue of so-called ‘gold passports’ to investors. Similar to a residence permit these passports are granted in exchange for i...
Path: BlogCyprus has transferred to Moscow Russian bank account holders data for 2017
...d on October 29, 2014. Doubts that Cyprus was honest with Russia in the context of new relations arose three months ago when Switzerland decided not to share tax information with Cyprus. The Swiss concluded that Cyprus does not meet international requirements for data security and privacy. The Ministry of Finance of Cyprus assures that it is currently developing an "action plan" that will elimi...
Path: BlogBlack pearl of Caribbean. International business company at Saint Vincent and the Grenadines.
... physical presence in Saint Vincent and the Grenadines. **International business companies (IBC) in St. Vincent are well known thanks to a very simple and one of the fastest and cheapest incorporation procedures across the globe.** Undemanding requirements for an IBC formation make the St. Vincent option even more appealing. There is no minimum paid-up capital, the company may be incorporate...
Path: Blog5 reasons why you should form your own LTD in UK
Even though registration of a company may seem a simple and a straight forward process, but there are requirements that demand some time and thought. Due to that that we have prepared a **short check-list regarding the incorporation process in the UK**. **1. Fast start.** It’s very easy to proceed with a limited company formation in the UK and it is possible to do this online. Long gone a...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...d properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection.”* **The relevant companies, dealing in digital assets will be required to adhere to AML / CFT requirements, along with cybersecurity and other related measures.** In accordance with the statement of the Securities Commission and Bank Negara ...
Path: BlogTwo of Malta's blockchain acts came into force
...h of the above-mentioned acts (the Acts) came into force 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 ...
Path: BlogSouth Korea is planning to amend current tax legislation in order to boost blockchain startups
...s, a decision was made to expand tax benefits for companies that focus their research and development (R&D) on modern technologies. This move was made as a part of South Korea’s push for "innovation and growth". **The amendments will soften the requirements for companies to be eligible for tax benefits**. In the past, companies had to distribute 5% of their previous year’s gross sales to R&...
Path: BlogMalta as the new crypto bay
...angements and Services Act will provide the legitimate framework for blockchain and crypto, and The Virtual Financial Assets Act will set up methods and conditions for ICO projects, including Anti Money Laundering, Know Your Client and other related requirements. In the next two days Malta will hold the “Malta Blockchain Summit”, the most exciting blockchain event. Eman Pulis, CEO of Malta ...
Path: BlogNew anti-money laundering rules for crypto exchanges in Norway
**Norway Financial Supervision Authority (FSA) recently announced new requirements for virtual currency exchange providers and businesses that create, store and maintain cryptographic keys.** New money laundering rules shall come into force as of October 15, 2018, and will focus on reporting companies established in Norway, including branches of foreign companies. Also, the new requirements wi...
Path: BlogSwitzerland is going to amend anti-money laundering law
...n of a consultation draft to deal with the recommendations, at the same time reinforcing the integrity of the Swiss Financial center. As a result of the above, the Swiss Government proposed the following changes: i. The **updated due diligence requirements** for certain services regarding the establishment, management, or administration of companies and trusts. Activities for operating local...
Path: BlogA raising trend of investment scams in Australia
...stice & Regulation, within the Victorian government, announced its concerns about Bitcoin scams. The above-mentioned regulator received reports of people being deceived through fake cryptocurrency websites. Recently in Australia **new regulatory requirements entered into force** and the Australian authorities proceed to inform cryptocurrency exchange platforms, that they are now subject to thi...
Path: BlogA unanimous decision regarding Vanuatu delisting from FATF Grey List
...ested that there was enough progress made to change Vanuatu’s situation and all necessary steps were taken in order to ensure that its anti-money laundering and counter terrorism financing framework is strong enough and relevant to current AML/CFT requirements. In relation to these developments, Vanuatu was mentioned in a public statement, published on FATF official website under the title ...
Path: BlogThe new anti-money laundering law of the Island of Man
...rts, generally known as **MONEYVAL**. With implementation of the new law, upgraded codes of conduct will be applicable to foreign trustees and unregulated trustees who are resident of the IOM. There were also introduced additional record-keeping requirements for foundations and changes that clarify the powers of the Companies Registrar to examine and investigate relevant documents filed with t...
Path: BlogMauritius Global Business Category 1 (GBC1)
...any allow you to conduct Forex activities (money brokerage). As you may know, forex is tightly regulated by government authorities across the globe. It is getting more and more difficult for broking firms to enter in to new regions as the regulatory requirements have become more stringent. Choosing the right jurisdiction for setting up the Forex brokerage firm is very crucial as the success of the...
Path: BlogFresh breath of air for innovative financial services in Labuan
...s will resort to respective measures. Among the other things, having adequate safeguards to handle risks related to money laundering and the countering of terrorism financing. By doing this, Labuan entities committing IFS shall adhere to AML and CFT requirements issued by Bank Negara Malaysia and LFSA. Labuan entities implementing IFS have to assure that their trade operations can serve for suc...
Path: BlogThe new identification system for Australian directors
...numbers for directors. Proposed law amends the Corporations Act and the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI) to initiate a **director identification number (DIN) requirement**. In accordance with the proposed new requirements, from now on directors of corporations registered under the CATSI Act must apply for an identification number within 28 days as of the da...
Path: BlogiFX EXPO Asia, Hong Kong 2019
... Hong Kong 2019. It was a pleasure for us to see our long-term customers and meet new ones as well. We enjoyed meeting you and were glad that you had a chance to see our products and some of our news during the exhibition as well as to discuss your requirements. For those of you who did not have the opportunity to meet us in person to discuss your busniess - Nowadays we are developing a new pr...
Path: BlogNew legislation of Jersey will allow to form Limited Liability Company
...inance explains:** “As a forward-thinking jurisdiction, Jersey is keen to support the growth the US is currently experiencing and has recognized the demand amongst US institutions and fund managers for a vehicle that can meet their cross-border requirements. We are focused on supporting their needs, having announced earlier this year our intention to open an office in the US in the near futur...
Path: BlogSingapore authorities are planning to support crypto startups with receiving banking services
...anaging director, the **government of Singapore is currently trying to “bring the banks and cryptocurrency fintech companies together”**. The institution’s director mentioned that this approach does not mean that the MAS will reduce regulatory requirements in order to attract crypto startups. The nature of crypto business is slightly different from the classic types of businesses, so many...
Path: BlogMauritius Global Business License (GBL), PIS
...ion is lodged with the Financial Service Commission of Mauritius Minimum stated capital requirement: There should be paid up capital in amount of approx. 2 000 000 MUR (there are no regulations set, the authorities would provide conditions / requirements in the post licensing letter). This means that the capital amount is decided in case-by-case basis depending on the scale of business ...
Path: LicensingSt.Lucia Company Formation
... St. Lucia for Your Company Formation? Tax Efficiency: St. Lucia offers a competitive tax environment, ensuring your business maximizes its financial efficiency and growth potential. Benefit from favorable tax treaties, minimal reporting requirements, and more, paving the way for optimized financial performance. Unmatched Confidentiality: In today's digital age, confidential...
Path: LicensingComoros International Brokerage and Clearing House License
... license the applicant must first establish an International Business Company (IBC) in Comoros. This process takes approximately 48 hours from receipt of the relevant documentation.Timeframe: 10 business days Minimum paid up capital: no capital requirements Overview In order to apply for a license the applicant must first establish an International Business Company (IBC) in Comoros...
Path: LicensingSt. Vincent and Grenadines International Banking License
...st one resident director (can also serve as a Manager to the Bank) At least 1 Manager (Local) At least 2 additional employees (Senior Officers) Taxation The Bank pays no taxes and does not file any tax return Accounting and audit requirements - Audited financial statements must be submitted to the regulator every year Registered Agent - Required Registered offic...
Path: LicensingCzech Republic Electronic Money License
...gal entity) Minimum 2 Executive directors Taxation Corporate income tax of Czech Republic – 19%* *Czech resident companies are required to pay corporate income tax on income derived from outside (non-Czech) sources. Accounting requirements The registered EMI shall disclose in particular the following information on its financial situation: - A quarterly balance...
Path: LicensingSeychelles Securities Dealer License
...) must be accompanied by at least one authorized representative who must be an individual. A director can apply to be an authorized representative as long as they meet the fit and proper criteria to act as an authorized representative. Entity requirements The entity making the application is a Seychelles Domestic company under the companies’ ordinance 1972 or its successor. In orde...
Path: LicensingBermuda Digital Asset license
... to an application, product or service by means of distributed ledger technology. There are two classes of the License available for applicants: The Class M - is a restricted form of license intended as a regulatory "sandbox", with modified requirements and certain restrictions, and will be valid for a specified period, the duration of which will be determined by the BMA on a case-by-case...
Path: LicensingLithuania Payment Institutions License
... need to present a professional indemnity insurance contract and other documents confirming other comparable liability guarantees and details and substantiation of calculation of the sum insured or of other comparable liability guarantee. Audit requirements An audit firm is to be appointed that meets requirements of the Law on Financial Institutions and of the Law on Audit of Financial ...
Path: LicensingNew Zealand Asset Management License
...preferred destination for foreign investors searching for a well-reputed onshore jurisdiction with a favorable environment for establishing an entity allowed to provide a wide range of financial services.Timeframe: within 3 months Minimum capital requirements: is set on case-by-case basis Overview A company applying for a New Zealand Financial Service Provider’s (FSP) license m...
Path: LicensingCzech Republic small PSP License
...(the License), supervised by Czech National Bank (CNB).Timeframe: 6-9 months since the company’s establishment, depending on the documents provided Minimum paid capital: EUR 50 000 (it is advised to have 2-10% above the minimum; additional requirements may be set by the regulator) License application fee: EUR 40 000 Czech Republic Benefits Convenient access to European m...
Path: LicensingLabuan Investment Banking License
...oyalty and technical fees no import duty, sales tax and service tax for all international dealings no inheritance tax Registered office - Required Registered agent - Required Secretary - Required Accounting and Audit requirements Submission of accounts to Labuan FSA within 6 months after the close of each financial year Local Approved Auditor has to be appo...
Path: LicensingCzech Republic small Electronic Money Institution License
... Taxation Corporate income tax of Czech Republic – 19% (incl. capital gains from the sale of shares); Czech resident companies are required to pay corporate income tax on income derived from outside (non-Czech) sources. Accounting requirements The registered EMI shall disclose in particular the following information on its financial situation: A quarterly balance sheet;...
Path: LicensingEl Salvador Online Gambling Company Formation
...the shareholder’s citizenship or residence, it is important to take into consideration that a special withholding tax rate of 25% is applied when dividends, interests and royalties are payed to resident of tax havens. Benefits Low capital requirements At present the Online Gambling activity is not regulated in El Salvador Not blacklisted *Companies with this amount of capital w...
Path: LicensingCzech Republic PSP License
...the License), supervised by Czech National Bank (CNB).Timeframe: 6-9 months since the company’s establishment, depending on the documents provided Minimum paid capital: EUR 125 000 (it is advised to have 2-10% above the minimum; additional requirements may be set by the regulator) License application fee: EUR 50 000 Czech Republic Benefits Convenient access to European m...
Path: LicensingGeorgia Payment Service Provider Authorization (PSP)
...ystems and payment services.Timeframe: Within 3-5 months Minimum paid up capital: Case-by-case Overview In order for a company to apply for a Payment Service Provider license with the National Bank of Georgia, among other requirements, it is obligatory that the company provides payment services not only to foreign customers, but also to resident clients in Georgia. F...
Path: LicensingFiji Foreign Exchange Dealer License
...icial owners' details – not disclosed to the Authorities • Shareholders' details – not part of public record • Directors' details – not part of public record Taxation Taxes on net profits are 20% Accounting requirements • Filing annual report is obligatory Secretary - Required Registered office - Local office setup not needed. ...
Path: LicensingMalta Gambling License
...erators can advertise in United Kingdom Malta offers the possibility of free movement of goods and services as an EU member All forms of electronic devices can be used, including mobile phones and the internet Accounting and compliance requirements - The Malta Gaming Authority (MGA) will require reviews to take place on the following schedule: After the first year of opera...
Path: LicensingHong Kong Type 3 (Leveraged Foreign Exchange Trading) License
...be resident in Hong Kong. Taxation 0% tax rate if profits are derived from activities carried outside Hong Kong 16,5% tax rate if profits are derived from Hong Kong sources No tax on capital gains, dividends or interests Accounting requirements Accounting records may be kept at the local offices of the administrator or elsewhere at the discretion of the directors ...
Path: LicensingCyprus Investment Fund License
...mpanies in this jurisdiction. Also, it is a well-regulated EU member state, combines tax efficient features of a modern financial center with the necessary infrastructure for the investment fund industry.Timeframe: up to 4 months Minimum capital requirements: Third-party Managed €200,000 or €300,000 if self-managed. A Cyprus UCITS management company must have an initial minimum capita...
Path: LicensingLuxembourg Investment Fund License
...country can be attributed to political stability, the encouragement to foreign capital and investment, favorable and well-defined legislation, availability of multilingual staff and professional expertise.Timeframe: up to 4 months Minimum capital requirements: Management companies must have a minimum capital of EUR 1 250 000.00. plus additional own funds calculated as a percentage of the a...
Path: LicensingBahamas Payment Services Provider License
... tax, stamp duty on offshore instruments) Local office - Required Physical presence - Required (at least 3 local employees: Chief Executive Officer (CEO), Compliance Officer, Money Laundering Reporting Officer**) Accounting and Audit requirements All Payment Institutions Providers are required to produce annual audited financial statements. Such statements are to be prepared ...
Path: LicensingSwitzerland Crypto License
...license conditions set out in the Act (Art. 14 AMLA). A financial intermediary must: be entered in the Commercial Register as a commercial undertaking or be officially authorized to conduct business; be able to ensure compliance with AMLA requirements by having an appropriate organizational structure and internal regulations; and enjoy a good reputation and be able to provide assuranc...
Path: LicensingLocal Design registration
...an Union Intellectual Property Office (EUIPO), There is an option to file an industrial design application to a local IP Office in order to obtain a protection for the industrial design in any other member state as well. One of the most important requirements for an industrial design is its originality and/or novelty, so, in order to avoid any possible negative scenarios of destroying its novel...
Path: LicensingAustralia Crypto License
...s required, and they must be a resident of Australia. Public companies are required to have at least three directors, with at least two being Australian residents. Directors play a critical role in ensuring the company’s compliance with regulatory requirements, including those related to cryptocurrency activities. Confidentiality Beneficial owners' details – disclosed to the ...
Path: LicensingLabuan Accounting Services
... Services We provide both full and partial online accounting services. Trusting us with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team ...
Path: AccountingUnited Arab Emirates Accounting Services
...es both full and partial online accounting services. Trusting the team of Offshorelicense with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team ...
Path: AccountingMauritius Accounting Services
...es both full and partial online accounting services. Trusting the team of Offshorelicense with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team ...
Path: AccountingMauritius Audit Services
... team of Offshorelicense with the numbers will give you more free time to grow your business. The company provides the following services: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting Standards (IFRS) under ISA Audit of consolidated financial statements in accordance with applicab...
Path: AccountingLabuan Audit Services
...assistance services. Trusting us with the numbers will give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting Standards (IFRS) under ISA (International Standards on Accounting); Audit of consolidated financi...
Path: AccountingNetherlands Audit Services
...cepted in the Netherlands and are an accurate representation of the financial position and result for the year. A proper judgement can be made as to the solvency and liquidity of the company; whether the management boards’ report meets the legal requirements; and whether the adequate additional information has been provided. The auditor should report to the managing and supervi...
Path: AccountingBulgaria Audit Services
... statements and audit report with the Commercial Register by that date. Audit services provided by Offshorelicense team are the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting Standards (IFRS) under ISA; Audit of consolidated financial statements in accordance with applica...
Path: AccountingUnited Kingdom Accounting Services
... submit accounts to the local tax and registration authorities. Annual accounts, along with confirmation statement, have to be submitted to Companies House. Tax returns have to be sent to HMRC, which is the main tax authority in the UK. Different requirements apply for partnerships, limited companies and partners in a partnership. Moreover, anyone should be aware that penalties apply for late o...
Path: AccountingHong Kong Accounting Services
... Services We provide both full and partial online accounting services. Trusting us with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team ...
Path: AccountingVanuatu International Bank License
... in relation to a transaction and declaration in respect of shares, debt obligations or other securities of a licensee an instrument in relation to any other transaction of the international banking business of a licensee Accounting and Audit requirements Each financial year an auditor must be appointed to report on all financial statements prepared by the licensee in relation to that...
Path: LicensingHong Kong Audit Services
...circumstance. Audits of financial statements of non-Hong Kong companies may be performed in accordance with international auditing standards. In all cases, the auditors are required to comply with the code of ethics, particularly the independence requirements. Services We provide audit assistance services. Trusting us with the numbers will give you more free time to grow...
Path: AccountingVanuatu Accounting Services
... Services We provide both full and partial online accounting services. Trusting us with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team ...
Path: AccountingSouth Africa Crypto License
...sses in South Africa are subject to standard corporate tax rates. Profits from crypto trading and operations are taxed as part of corporate income. There are no specific tax incentives or benefits for cryptocurrency businesses Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in South Africa is n...
Path: LicensingVanuatu Audit Services
...assistance services. Trusting us with the numbers will give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting Standards (IFRS) under ISA; Audit of consolidated financial statements in accordance with applica...
Path: AccountingNetherlands Accounting Services
...ros, but to maintain its own functional currency as well as chosen language. Depending on the company size the company may be required to submit the following: Balance sheet and notes; Profit and loss account and notes; Special requirements regarding notes to the financial statements; Other. The financial statements must be prepared and made generally available within ...
Path: AccountingGibraltar Accounting Services
... Services We provide both full and partial online accounting services. Trusting us with the numbers will give you more free time to grow your business. Offshorelicense Accounting team would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. The companies in Gibraltar, you may encounter the following dead...
Path: AccountingCyprus Audit Services
...assistance services. Trusting us with the numbers will give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting Standards (IFRS) under ISA; Audit of consolidated financial statements in accordance with applica...
Path: AccountingCyprus Accounting Services
...e. Services Offshorelicense team provides both full and partial online accounting services. Trusting us with the numbers will give you more free time to grow your business. We would ensure both that you meet your reporting requirements and that you are compliant with the local legislation. Accounting services provided by Offshorelicense Accounting team also i...
Path: AccountingBulgaria Accounting Services
...favorable tax regime, but also of low costs of doing business and great access to different markets. Due to its locations Bulgaria provides a direct access to European Union, Turkey, CIS, Middle East and North African markets. Bulgarian accounting requirements are governed by the new Accountancy Act (AA) and the main criteria for its application to companies is either the use of International Fi...
Path: AccountingWorldwide Design registration
...lly suggest to incorporate a company in low maintenance fee jurisdictions, and then to file an application as a legal entity. For a list of potential options, please contact our team members. Before applying it is important to define what are the requirements for the industrial design to be eligible for protection. The design must: be new and unique; have an individual character; b...
Path: LicensingLabuan Money Broking License
...osen on or the other) Other benefits There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting. It is possible to open a variety of Banks in Malaysia for the company. Accounting requirements - A Labuan Offshore Company needs to have an audit performed by an approved auditor. An annual return must be filed 30 d...
Path: LicensingNorway Crypto License
...record Taxation Cryptocurrencies are treated as assets in Norway. Profits from cryptocurrency transactions are subject to a capital gains tax of 22%. Income from mining and staking is taxed as ordinary income. Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in Norway is mandato...
Path: LicensingKazakhstan Crypto License
... Kazakhstan offers a favorable tax regime for crypto businesses operating within the Astana International Financial Centre (AIFC). These businesses enjoy tax exemptions for Corporate Income Tax (CIT) and VAT until January 1, 2066. Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in Kazakhstan is mandatory to com...
Path: LicensingCyprus Crypto License
...ils – part of public record Directors' details – part of public record Taxation The corporate tax rate in Cyprus is 12.5%. There are no additional taxes specifically for cryptocurrency businesses. Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in Cyprus is mandato...
Path: LicensingUK Crypto License
...rd corporate tax rates. Capital gains tax applies to the disposal of cryptocurrencies, and income tax is applicable if cryptocurrency is received as payment for goods or services. Mining activities are also considered taxable. Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in the UK is require...
Path: LicensingBoslil Bank Account Opening
... products clients can access are multicurrency accounts, demand deposits, money market accounts, sweep accounts, term deposit accounts and credit cards. As one of the Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory enviro...
Path: BanksCayman Islands Securities Investment Business License
...ictions with regards to citizenship or residence) The company must appoint an auditor Taxation No corporate tax No income tax on money earned outside of its territory No interest tax No dividend tax Accounting and Audit requirements Submission of quarterly returns Submission of annual audited financial statements Registered office - Required ...
Path: LicensingNetherlands Limited Liability Company (LLC) Formation
... be residents of the Netherlands (although not with respect to certain provisions, such as the participation exemption and fiscal unity). Other benefits Meetings of the board of directors may be held outside the Netherlands. Accounting requirements Required to prepare and file financial statements and tax returns with the Trade Register Secretary Not Required Registered A...
Path: CompaniesLimited Liability GmbH in Germany
...verage tax burden is 30% 0.8% solidarity surcharge (5.5% on corporate tax) The median rate in Germany is approximately 14% business tax — depending on location, business taxes can be higher or lower 15% corporate tax Accounting requirements Annual Returns or Audited accounts are not required to be filed with the authorities. However, it is necessary for the companies to ma...
Path: CompaniesCayman Islands Company Formation
The Cayman Islands are well known as a tax haven because it has no income taxes and has an easy process for offshore incorporation.Incorporation: approx. 5-6 working days Minimum capital requirements: US$ 1 Overview The Cayman Islands offer their corporations many benefits including political & economic stability, fast incorporation, low registration fees, and...
Path: CompaniesAndorra Limited Liability Company (SL) Formation
...10% or more of the company’s capital. It is possible to become the shareholder and director of an Andorran company without physically residing in Andorra, but then it is highly recommended to hire a local employee. To meet local and OECD substance requirements we also suggest the residence of one of the shareholders or directors in Andorra. Residency is available to company shareholders that ful...
Path: CompaniesSaint Kitts and Nevis Limited Liability Company (LLC) Formation
...l person, no nationality restrictions) Taxation Corporate tax –0% * * In case if transactions or business operations are not carried out in Saint Kitts and Nevis. Other benefits No annual reporting, financial or accounting requirements, but company is required to keep financial records to reflect a company's financial status. International offshore companies are not su...
Path: CompaniesIreland Private Limited Company Formation
Starting your business in Ireland is a great choice for high-tech industries, trade, and investment companies.Incorporation: 2-4 weeks + delivery time for the courier Minimum paid up capital: No requirements, usually EUR 100 Overview Ireland is a well-reputed jurisdiction, attracting foreign investors with its stable and modern economy, good investment climate...
Path: CompaniesEstonia Private Limited Liability Company (Osaühing or OÜ) Formation
...state fees. Opening the bank account Estonian legislation allows to open account in any foreign jurisdiction. We can assist you with the opening of bank account in any chosen jurisdiction among those we offer. Please note that bank requirements and time frame vary from bank to bank. Transmission of documents Hard copies of company incorporation documents will be sent t...
Path: CompaniesRAK ICC or Ajman Offshore Company Incorporation
...l Bank account in Dubai No public records Easy to liquidated anytime Can do multiple activities Bank account opening: Clients are required to come to Dubai for a personal visit with the Banks; There are different minimum deposit requirements depending on the bank; Additional documents such as business plan, supporting documents of financial transactions may be required. Inc...
Path: CompaniesCyprus Limited Liability Company Formation
...dines also there is no requirement for an Annual General Meeting. All meetings may be held outside St. Vincent & the Grenadines, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. ACCOUNTING requirements A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law req...
Path: CompaniesIsle of Man Limited Liability Company Formation
... recognized in Europe “GB” prefix. Other benefits The Companies Act 2006 require a Limited Company to hold an annual general meeting. A meeting of the members, directors and officials of the company can be held anywhere. Accounting requirements All Isle of Man registered companies require to keep reliable accounting record which: correctly explain the transactions of the...
Path: CompaniesSwitzerland Limited Liability Company Formation
...stantial tax savings. Swiss GmbH is exempt from all taxation if structured as Holding company. If regular business activities are conducted the Federal taxes apply with 7,83%. In any case Swiss companies underline accounting and auditing requirements. The GmbH is in principle subject to audit.General information Company structure IMPORTANT: At least one director must be a re...
Path: CompaniesUnited Kingdom Limited Company Formation
...ove £300,000 (‘main’ rate) - 26% from April 1, 2011; 24% - from April 1, 2012; 23% - from April 1, 2013 Other benefits There are no restrictions on form of meeting for partners and no restriction for place of meeting. Accounting requirements Companies House will send a ’shuttle’ annual return form to a company’s registered office each year containing details of the in...
Path: CompaniesPanama Offshore IBC Formation
...des almost no tax liability for the companies incorporated in the country. Advantages of Panama Offshore IBC: - Exemption from all local taxes, when income received outside of Panama - Inexpensive annual support - No requirements requirements of a minimum paid up capital - Information about shareholders and beneficial owners is not filed with the Public Registry ...
Path: CompaniesGibraltar Limited Liability Company Formation
...ept for corporate tax on profits remitted to Gibraltar. Non-resident controlled companies are permitted to trade within Gibraltar and with Gibraltar companies, but in this case will be subject to Gibraltar corporate tax at 10%. The requirements for non-resident status include: The company must be completely owned by non-residents. Residents and Gibraltarians may...
Path: CompaniesQuebec Company Formation
...ders must be called within 18 months following incorporation. After the first meeting, the directors must call an annual meeting not later than 15 months after its last meeting and not more than 6 months after its financial year end. Accounting requirements A fiscal year-end is the official last day of the fiscal year of a company. The fiscal year-end does not necessarily need to be 31st o...
Path: CompaniesUSA Delaware Limited Liability Company Formation
...ersonal income basis. Non-resident aliens are not taxable by the U.S. on income derived out of the U.S. If an LLC derives its income outside of the U.S., the non-resident aliens do not file tax returns. Other benefits There are no statutory requirements concerning meetings of members or record keeping. It is recommended that with two or more members, Members’ Agreement be entered into. ...
Path: CompaniesSt.Lucia International Business Company Formation
...ndering and anti-fraudulent policies that has kept the St. Lucian offshore banking and company formation industries both secure and reliable. A St. Lucian IBC is popular because it offers client confidentiality and anonymity, no audit or reporting requirements, with low annual government fees and flexible corporate arrangement possibilities. While St. Lucia has a history of strategic importance,...
Path: CompaniesBritish Virgin Islands International Business Company Formation
...in the British Virgin Islands; also there is no requirement for an Annual General Meeting. All meetings may be held outside the BVI, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. Accounting requirements Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financia...
Path: CompaniesBelize International Business Company Formation
...ers need not be held in Belize; also there is no requirement for an Annual General Meeting. All meetings may be held outside Belize, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. Accounting requirements Whilst there is no requirement to file audited financial statements or annual returns with local authorities, a Belize IBC is required...
Path: CompaniesAntigua and Barbuda International Business Company Formation
...gua & Barbuda also there is no requirement for an Annual General Meeting. All meetings may be held outside Antigua & Barbuda by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy. Accounting requirements Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financia...
Path: CompaniesSt. Vincent and the Grenadines LLC Company Formation
St. Vincent LLC enjoys tax-free regime and high degree of confidentiality.Incorporation: 2 weeks + delivery time for the courier No minimum paid up capital requirements Overview Part of the Windward Islands located in Eastern Caribbean, about 1,600 miles south-east of Miami, St. Vincent is the largest of the more than 30 islands that comprise the nation state of Saint ...
Path: CompaniesMarshall Islands International Business Company Formation
...e Republic of the Marshall is governing law for RMI corporations. Most popular offshore company type in RMI is International Business Company (IBC) that is also referred to as Non-Resident Domestic Corporation (NRDC). For such companies 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 t...
Path: CompaniesVanuatu International Business Company Formation
...ions such as the BVI, Bermuda, Cayman Islands and Jersey. An Offshore or International Company, is commonly set up in an offshore financial centre like Vanuatu, where there are no corporate or personal income taxes, capital gains taxes, reporting requirements, or restrictions on company employment policies. As tax laws differ from country to country it is important to seek proper professional a...
Path: CompaniesHong Kong Limited Company Formation
...ration. A company can dispense with the holding of AGM if everything that is required or intended to be done at the meeting is done by resolutions. Companies may dispense with the holding of AGMs by unanimous shareholder's consent. Accounting requirements A Hong Kong company must keep accounting records, which may be kept at the registered office address or elsewhere at the discretion of...
Path: CompaniesPoland Limited Liability Company Formation
... popular form of doing business in Poland or investing in Poland by foreigners. Director of a Polish company may be a foreigner, and you may choose employees of business for yourself, according to your mentality and appropriate for your professional requirements. Your company in Poland will bring the real profit with minimal investment and a positive business climate.General information Company...
Path: CompaniesLimited Liability Company in Latvia
A company in Latvia is well positioned to be an effective European tool for trade between Western and Eastern European countries.Incorporation: approx.2-3 working days + delivery tome for the courier Minimum capital requirements: EUR 2800 (where only 50% must be paid before registering) Overview A Latvian SIA (limited liability company) is a privately owned ...
Path: CompaniesEstonia Crypto License
...ails – part of public record Directors' details – part of public record Taxation Estonia offers a favorable tax regime with no tax on reinvested profits. Corporate tax is 20% on distributed profits only. Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in Estonia is mandat...
Path: LicensingCosta Rica Gambling License
...-Rica tries to recover from it and in 2015 it presented new anti-money laundering policy. Some benefits of Online Gambling Company: No public records (anonymity); Highest level of privacy protection; Legal tax exemption; No accounting requirements; No requirements on professional or financial standing; Business can be conducted internationally General information Company str...
Path: LicensingLabuan Crypto License
...ity or residency restrictions*). *Restrictions may be imposed by Bank instead. Taxation 3% of audited profits or fixed price per year MYR 20 000 (based on company’s preference can be chosen on or the other Accounting & audit requirements - A Labuan Offshore Company needs to have an audit performed by an approved auditor. An annual return must be filed 30 days prior to...
Path: LicensingGibraltar Crypto License
...n Gibraltar offers a favorable tax regime for businesses. Companies are subject to a flat corporate tax rate of 10% on profits derived from activities within Gibraltar. There is no capital gains tax, VAT, or inheritance tax Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A physical office in Gibraltar is requ...
Path: LicensingSingapore Crypto License
...x: The corporate tax rate is 17% on profits. No Capital Gains Tax: Profits from crypto trading are generally not subject to capital gains tax. GST Exemption: Cryptocurrencies are exempt from Goods and Services Tax (GST). Accounting requirements Filing annual report is obligatory Secretary - Required Registered office - A local office is mandatory. The busin...
Path: LicensingBulgaria Portfolio Management License
...d the MiFID Directive.Overview The Financial Supervision Commission of Bulgaria allows a licensed entity to conduct various types of investment activities. Depending on the scope of business activity of a particular applicant, different licensing requirements may apply; in this respect, we advise to consult us before the final decision to apply for a particular license. Holder of portfolio m...
Path: LicensingHong Kong Type 9 (Asset Management) License
...r year and not more than 15 months after the last preceding AGM. However, a company need not hold its first AGM until 18 months of its incorporation Companies may dispense with the holding of AGMs by unanimous shareholder's consent Accounting requirements - A Hong Kong company must keep accounting records, which may be kept at the registered office address or elsewhere at the discretio...
Path: LicensingSwitzerland Portfolio Management (ARIF Registration)
... restrictions) Min. 1 director (can be only natural persons, at least one must be of Swiss nationality) Details of shareholder(s) and director(s) – part of public record; Timeframe Within 3 months Capital Minimum paid-up capital requirements: CHF 20,000* (~EUR 18,000) Taxation Average 12% – (exact tax rate depends on corporate structure of a company, nature of busin...
Path: LicensingLabuan Fund Management License
...nager is authorized to provide management and administrative services (managing client’s discretionary accounts, acquire or dispose a portfolio of securities), advise on investments, deal in securities.Timeframe: within 8 months Minimum capital requirements – US $90,000 Overview Labuan Fund Management License will allow you to provide management services which include in...
Path: LicensingSouth Africa Forex License
...pproximately 1 (one) year Taxation Corporate income tax – 28% No withholding taxes Capital gains tax - 18,6% Capital The FSP shall maintain current assets which are at least sufficient to meet current liabilities Accounting requirements - Annual submitting of audited financial statements Local office - Not Required Registered office - Required Loca...
Path: LicensingBritish Virgin Islands Forex License
... in the British Virgin Islands; also there is no requirement for an Annual General Meeting. All meetings may be held outside the BVI, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy Accounting requirements - Annual audited financial statements are required Registered Agent - Required Local office - Not Required Local ...
Path: LicensingBelize Money Transmission License
...be provable. Company Website –must be equipped with all necessary and required information that fully informs customers about services, products, terms and conditions and other indispensable things in order to meet the interests of customers and requirements of regulator. Website can be in draft version but most of the information should be ready and in order. N.B. *The capital has to ...
Path: LicensingAlderney Gambling License
... the Office of Utility Regulation - 20% - income derived from Guernsey land and buildings - 20% Other benefits There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting Accounting requirements - Every year before 31st January annual return must be submitted together with general information about company and its directors a...
Path: LicensingBelize Forex License
...s, Belize is now an attractive place for starting business. For aforementioned reasons this Central American country has become a “one stop shop” jurisdiction. However, recent changes (in 2016) in the legislation resulted in increase of entry requirements for newcomers. For example, license fees were increased and new reporting requirements introduced. Thus, this allows to highlight compani...
Path: LicensingMacau Offshore Commercial Company (OCC) Formation
...x, stamp duty, inheritance tax, or gift tax Other benefits Stable financial system Satisfactory trading environment Platform for economic and trading cooperation between mainland China and Portuguese-speaking countries Accounting requirements Every company must file annual financial statements Registered Agent Required Registered office Required Secretary R...
Path: CompaniesNew Zealand Forex License
...es: Portfolio Management on behalf of third parties Provision of credit under a credit contract Foreign currency exchange Recently, the Financial Markets Authority or FMA and the Registrar of Companies have implemented New significant requirements for a licensee to have a mandatory local office and to be actually physically present at the business address. In other words, physical o...
Path: LicensingCuracao Gambling License
...m the E- zone guarantee such a status. According to the OECD permanent establishment is established provided that the server is located in Curaçao. Local Data Center can assist in the purchase of a server. The most important requirements which need to be complied with are: Ultimate beneficial ownership of the legal entity should be disclosed (upon request) to the tax...
Path: LicensingBulgaria Forex License
...e export are free of VAT Personal income tax - 10% Bulgaria is a European Country so a Bulgarian Financial Services License or Forex License will allow you to operate in all EU Bulgaria has a 10% corporate income tax rates only Accounting requirements - Regular accounting and Audited accounts submission is required Registered office - Required Local employee - Requi...
Path: LicensingCyprus Forex License
...ces in other EU member stateswithout having to obtain a local license.General information Company structure Only one shareholder (can also be a legal person, no nationality restriction) 2 executive and 2 non-executive directors. There are requirements in terms of their residency Beneficial owners' details – disclosed to the authorities Shareholders' details –part of public recor...
Path: LicensingDeltec Bank Account Opening
... Highest ranking nation for civil liberties and political rights by the World Bank Home to approximately one third of the world’s top 100 banks – and easily accessible to international financing and global capital markets Account relationship requirements Clients are expected to maintain a minimum of USD 300,000 (or equivalent) in investments and/or cash with Deltec. Minimum fees apply f...
Path: BanksDeltec Bank Account Opening
... Highest ranking nation for civil liberties and political rights by the World Bank Home to approximately one third of the world’s top 100 banks – and easily accessible to international financing and global capital markets Account relationship requirements Clients are expected to maintain a minimum of USD 300,000 (or equivalent) in investments and/or cash with Deltec. Minimum fees apply f...
Path: BanksBoslil Bank Account Opening
... products clients can access are multicurrency accounts, demand deposits, money market accounts, sweep accounts, term deposit accounts and credit cards. As one of the Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory enviro...
Path: BanksLPB Bank Account Opening
...n money-laundering and terrorism financing. That is why the Bank, on a regular basis, carries out measures to prevent money-laundering and terrorism financing in order to ensure that Customer account operations are in compliance with the requirements of Latvian legislation and the international standards in this area. LPB Bank was founded in 2008.Payment processing options ...
Path: BanksLPB Bank Account Opening
...n money-laundering and terrorism financing. That is why the Bank, on a regular basis, carries out measures to prevent money-laundering and terrorism financing in order to ensure that Customer account operations are in compliance with the requirements of Latvian legislation and the international standards in this area. LPB Bank was founded in 2008.Payment processing options ...
Path: BanksComert Bank Account Opening
...k dedicated to serving corporate clients. The Bank aspires to cooperation with companies, with owners and managers who are oriented towards a successful development, socially and financially responsible, who respect its obligations faultlessly legal requirements. Among the bank's clients are representatives of various fields, such as industrial enterprises, investment, pharmaceutical, agricultural...
Path: BanksComert Bank Account Opening
...k dedicated to serving corporate clients. The Bank aspires to cooperation with companies, with owners and managers who are oriented towards a successful development, socially and financially responsible, who respect its obligations faultlessly legal requirements. Among the bank's clients are representatives of various fields, such as industrial enterprises, investment, pharmaceutical, agricultural...
Path: BanksSingapore Private Company Formation
... be held in Singapore. A new company must hold its first Annual General Meeting (“AGM”) within 18 months. Thereafter, the company must hold its subsequent AGM in every calendar year, and not more than 15 months from the last AGM. Accounting requirements For companies with annual turnover over S$5m, annual audited accounts are required to be filed with the Singapore Registrar; the accou...
Path: Companies