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 US$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.
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.