Tax and Accounting Regulations
A coherent offshore tax planning strategy is essential to maximize the effectiveness of offshore companies. Eltoma can assist by structuring the most tax efficient strategy to satisfy your requirements. Eltoma will guide you as to which jurisdictions offer the best tax structure by identifying the types of tax payable as well as applicable exemptions and incentives. Eltoma will provide tax planning advice that will identify which is the most favourable, tax efficient jurisdiction in which to incorporate.
The tax system of a Belize Offshore Company is relatively simple and straightforward. Essentially a Belize IBC is a completely tax free offshore company as long as it complies with the regulations set out in Article 5 of the Belize IBC Act. These include regulations such as not carrying out business with persons resident in Belize, not owning any real estate, not undertaking banking or insurance services and not providing registered office facilities for other IBC’s. All are easy requirements to fulfill.
Belize has steadily developed its offshore laws and has emerged as one of the most credible and safe offshore jurisdictions. It’s legal infrastructure has been designed to ensure the highest degree of privacy and asset protection.
Below is an overview of the tax and accounting regulations in Belize
Corporation Tax – According to the 1990 IBC Act Belize IBC’s are exempt from paying corporation tax
The following are all tax exempt:
- All dividends paid by the Belize IBC to a non-resident
- All interest, rent, royalties, compensations and other amounts paid to a non-resident of Belize
- All capital gains in respect to; shares, debt obligations or other securities of a company incorporated under the Belize IBC Act by persons who are non-resident
- No stamp duty on transactions
Government License Fee:
- A government license fee must be paid by all Belize IBC’s in order to operate. The annual cost is approximately USD $100.
International Aspects of Taxation:
Belize has agreed to sign a Legal Assistance Treaty with the US. It will share any information if it protects against money laundering and in order to combat international terrorism and the drug trade. Belize carries out due diligence through the KYC Process.
Double Taxation Treaty – Belize has a Double Taxation Treaty with the UK, Sweden, Denmark and the countries of the Caribbean Community (CARICOM)
Annual Reporting Requirements:
- No records or accounts are required to be submitted to the authorities.
- If the directors and shareholders wish to maintain these they may be held anywhere in the world.
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:
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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.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current 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.