The United Kingdom of Great Britain is made up of England, Scotland, Wales and Northern Ireland. From its history as a nation of explorers and traders it formed colonies around the globe which today make up 14 British Territories. Although they do not makeup the United Kingdom, they do fall under its jurisdiction, most of which are legally self-governing but are strongly influenced by the Government of Great Britain. Amongst the territories are: · British Virgin Islands (BVI) · Cayman Islands · Gibraltar · Turks and Caicos Islands
G8 Discuss Regarding the Transparency of Offshore Companies
Tax and in particularly tax of offshore companies as well as Beneficial Owners was high on the agenda at the G8 summit held in Ireland on June 2013. The leaders of the 8 nations signed an agreement pledging to stand together on international taxation policies and the beneficial owners of offshore companies, and the transparency of their Beneficial Owners, agreeing that the sharing of information and the transparency of which should be automatically done. This lead the British Prime Minister David Cameron to write a letter to the British territories.
British Prime Minister David Cameron’s Letter to the British Territories on a Central Register
The letter was published on the 25th of April 2014 from Mr. Cameron addressing all 14 territories where he praises the steps taken so far by the G8 and welcomes the opportunity to work together ‘to promote the application of high international, including EU and OECD, standards’. He goes on to talk about his belief and pride in the G8’s legacy that a publicly accessible central register on beneficial owners is a key step in the fight against ‘illicit finance and tax evasion’. He mentions that the UK will soon introduce legislation which he hopes will make it easier for the relevant parties to conduct due diligence checks on Beneficial Owners, and therefor stop illegal activities before they occur. He discusses concerns for personal information being accessible in a public domain on this central register for beneficial owners, and suggests that ‘information that could be used to facilitate fraud and identity theft will not be available on the public register, but will be held securely and made available to law enforcement and tax authorities’. He provides words of encouragement that each jurisdiction’s reputation as a trusted country will be enhanced by leading the way on this issue and therefore reassures potential investors. He has also written to the President of the European Council Herman van Rompuy and other heads of state discussing the benefits of a central register, and asking them to ‘match our level of ambition’ on the transparency of company ownership. If you would like to read the letter in full please follow this link: https://www.gov.uk/government/publications/prime-ministers-letter-on-beneficial-ownership
Assistance in the formation of Offshore Companies
Eltoma Corporate Services works with over 20 jurisdictions and has more than 10 years of experience dealing with them. We have an international team comprising of professionals in a verity of fields such as Incorporation, Legal, Taxation and Accounting, IT and Banking specialists. So if you are considering starting an offshore company and do not know which JURISDICTION, or if you would just like some free advice on taxation contact us to see how we can help.