Tax and accounting regulations
Summary of Requirements for a Limited Liability Company (SIA):
|Type of Company||Limited Liability Company|
|Timescale to incorporate||Approx. 14 working days|
|Taxation||The rate of corporate income tax is 15%. Corporate income tax is imposed on the annual accounting profits|
|Double Tax Treaty Access||Latvia has over 51 tax treaties|
|Minimum No. Required||1,Corporate Directors are not permitted|
|Local Director Required||No|
|Publicly accessible information||Yes, directors details are available on a public register|
|Location of Meetings||Anywhere|
|Minimum No. Required||1, Corporate Shareholders are permitted|
|Publicly accessible information||Yes|
|Location of Meetings||Anywhere|
|Local Secretary Required||No|
|Registered Office Required||Yes|
|Minimum Paid Up Capital||Share Capital to be paid up during the incorporation of the company.|
|Accounting & Compliance|
|Requirements to prepare Accounts||Yes|
|Requirement for Audit||Audit is required if the following criteria are exceeded:
|Local Auditor Required||Yes|
|Requirement to File Accounts||Yes|
|Requirement to file Annual Return||
|VAT||The standard VAT rate is 21%|
|Bank Account Opening||Eltoma Corporate Services can assist with bank account opening in the following banks; Rietumu Banka, Baltikums Banka, AB L.V.|
|Individual Tax Rate:||
|Corporate Income Tax Rate:||
|Taxation of Dividends||
|Capital Gains Tax Rate:||
Crypto-currency Start-ups Buying False Reviews is Destablising Reputable Investment Sources
When cryptocurrency issuers want reviews for their coins, reports have surfaced that several prominent companies have been found offering money to advertisers in exchange for positive appraisals.
Is the Era of Shell Companies Coming to an End?
The Honourable Dr. Orlando Smith, Premier and Minister of Finance has announced that the BVI Government will take all reasonable steps to address European Union concerns about economic substance and a new Legislation is intended to be in force by the end of December 2018 in order to avoid the European Union Black List of Tax Heaven Jurisdictions.
Regulatory Update: BVI Economic Substance Act 2018
In 2016, the Council of the EU pledged to start advocating tax transparency and fairer taxation within Europe and consequently worldwide. After the EUs Code of Conduct Group (COCG) on taxation investigated BVI practices, they found a number of concerns regarding legitimate substance requirements for companies and limited partnerships doing business in and through BVI.
Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.