Procedure of company registration
Seychelle IBC’s are incorporated under the regulations laid down by the 1994 International Business Companies Act. All IBC’s that conduct their business outside the Seychelles are allowed providing that their business is not banking, insurance or trust services. IBC’s must be registered through a locally registered agent.
The procedure for the formation of a Seychelles offshore company is fast and efficient.
The general process is as follows:
- An application form is completed with details of preferred name and details of beneficial directors and shareholders (nationality, country of residence, address, profession etc).
- A scanned and notarised copy of the passport of the beneficial Directors and Shareholders is required.
- An original proof of residence showing the name and address of the individual. This can be in the form of a utility bill or bank statement and must not be older than 3 months.
- A certificate of good standing is required.
- At this point Eltoma will issue an invoice for a Seychelles Company Formation. Upon receipt of payment we start the incorporation process.
- The application form, associated required personal documents and preferred company name is submitted to the Registrar. The Registrar will reserve and issue a unique company number of the proposed IBC upon which time the company’s Memorandum of Association is prepared and submitted.
- Upon acceptance of the Memorandum, the Registrar will incorporate and issue the Company’s certificate of incorporation. The Articles of Association must be submitted within 30 days of the date of incorporation.
Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register
Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.
European Commission publishes tax avoidance disclosure directive
The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.
OECD publishes compliance review for all non-compliant jurisdictions
The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.
EU Parliament Committee release findings & recommendations for current offshore taxation measures
A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.
2017 G20 summit: Enforcement of taxation highest priority
The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.
The EC takes action against advocates promoting tax avoidance schemes
The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.
What are the new Beneficial Ownership reporting requirements for BVI companies?
Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.
Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?
Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.