Tax and accounting regulations

Summary of Requirements for a Dubai Offshore Company

General Information
Type of Company IBC – Offshore Company
Timescale to incorporate 8 – 10 working days
Corporate Taxation Nil
Directors
Minimum No. Required 2, Corporate Directors are not permitted
Local Director Required No
Publicly accessible information No public disclosure of information
Location of Meetings Anywhere
Shareholders
Minimum No. Required 1, 100% foreign shareholders allowed
Publicly accessible information No public disclosure of information
Location of Meetings Anywhere
Company Secretary
Required Yes
Local Secretary Required N/A
Registered Office / Agent Required Yes
Share Capital
Standard Currency AED (exchange rate approx. 1 USD = 3.67 AED)
Standard Authorised AED 10,000 (10 shares of 1,000 AED recommended)
Minimum Paid Up Capital No minimum capital stipulated although a capital of 1,000 AED is recommended
Accounting & Compliance
Requirements to prepare Accounts Yes , filed at the Registered Office but not filed at any Government Office
Requirement to file Accounts No
Requirement for Audit An Auditor must be appointed who will examine and report on the Accounts however the Audit is not required to be filed with any Government Authority.
Local Auditor Required N/A
Requirement to file Annual Return  No
Additional Information
Bank Account Opening Bank Accounts can be opened in a number of international banks. A personal visit is required however banks can take a long time to open the account depending on the amount of due diligence required. Eltoma will provide additional information based on business activity and client requirements.

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  Resources:

 

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

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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

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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

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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.[1]

The Belize IBC Amendment Act 2017: 3 notable changes for businesses

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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

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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

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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.