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.
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.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.