Tax and accounting regulations
Summary of Requirements for a Limited Liability Company (Spolka z.o.o):
|Type of Company||Limited Liability Company|
|Timescale to incorporate||Approx|
|Double Tax Treaty Access:||Yes. Double
Tax agreements exist with over 70 countries.
|Disclosure of Beneficial Owner:||Yes – information is available in the Register Court|
|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||Local|
|Minimum No. Required||1, Corporate Shareholders are permitted however must be at least 1 natural person as shareholder.|
|Publicly accessible information||Yes|
|Location of Meetings||Anywhere|
|Local Secretary Required||N/A|
|Registered Office Required||Yes|
|Standard Currency||Polish Zloty (PLN) – 1PLN = 0.25 Euro|
|Standard Authorised Share Capital||PLN 50,000, price per share PLN 500|
|Minimum Paid Up Capital||PLN 5000 (Approx. 1,250.00 Euro) – required in order to establish a company|
|Accounting & Compliance|
|Requirements to prepare Accounts||Yes|
|Requirement to File Accounts||No. Can be kept at the Registered Office|
|Requirement for Audit||Audit is required if at least two of the following are met:
|Local Auditor Required||Yes|
|Requirement to file Annual Return||Yes|
|Bank Account Opening||A visit is required.|
|Corporate Income Tax Rate:||19%|
|Capital Gains Tax Rate:||Capital gains are taxed as ordinary income at a standard corporate tax rate of 19%|
Dividends paid to a non-resident company are subjected to a 19% withholding tax unless the rate is reduced under a tax treaty or the dividends qualify for exemption under the EU parent-subsidiary directive.
Interest paid to a nonresident is subject to a 20% withholding tax unless the rate is reduced under a tax treaty or the EU interest and royalties directive.
The withholding tax on Royalties paid to non-residents is subject to a 20% withholding tax.
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.