Resources

Marina Bay Sands, Singapore

image Thinking of Relocating your Business to Singapore? Let Eltoma Help

Singapore has quickly become one of the world’s most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle. To set up an overseas …

Singapore Lion fountain

image Relocating to Singapore: From an Expats Point of View

Singapore has become one of the world’s most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations of Western Europe, making it an ideal destination and potential location for expats to relocate and start a business as well as new life. Many expats use the great …

photography of foot tracks on seashore

image The Seychelles and the Dawn of the Offshore Era

The Seychelles, like many other so-called tax havens are rushing to introduce amendments to existing legislation to be excluded from the list of non-cooperative countries that the EU has created to distinguish EU-based companies when trading with Seychelles companies by imposing additional taxes on payments toward the Seychelle counterparts of the EU companies. The EU …

image Is There a Rocky Road Ahead for the Cyprus Banking Sector?

Is the Cyprus banking sector considered to be overcrowded? If you look at the population size of Cyprus, you will most probably come to the conclusion that yes, it is quite oversaturated. There are 7 banks that have a full licence in Cyprus. These banks are listed below in alphabetical order: 1. Ancoria Bank Limited. …

black iphone 4 with red and white flag

image Global Tax Developments in Response to the COVID-19 Pandemic

Fiscal policies have provided important emergency aid to individuals and businesses during the COVID-19 pandemic. They are also essential to increase countries’ ability to react to a crisis and assist in the recovery and beyond. With most countries currently easing back into normal working hours and businesses are slowly opening, a vigorous economic recovery that …

image Cyprus: Changing the Face of the Island’s Professional Services Industry

The recent developments on limited Cyprus’ Double Tax Agreement with Russia, and subsequent implementation of the Controlled Foreign Corporation rules in Ukraine have caused many to speculate that they will most probably follow Russia to increase the taxation of dividends paid by Ukrainian subsidiaries toward their Cyprus holding companies. This, combined with the EU’s push …

low-angle photo of buildings

image Banking for Offshore Companies: Changing the Global Landscape

The COVID-19 pandemic, stringent regulations, and challenges from Electronic Money Institutions are pushing the traditional commercial banks to cut expenses and roll back operations. HSBC is a good example. It looks like HSBC has stated to accelerate announced job cuts. HSBC is planning to lay off about 35,000 staff worldwide. The COVID-19 pandemic has forced …

image UK Penalties For Late Filing, Incorrect Corporate Tax Returns & Potential Appeals

HM Revenue and Customs (HMRC) General anti-abuse rule (GAAR) guidance, with reference to The UK Finance Act 2013, the UK Companies Act 2006, the National Insurance Contributions Act 2014. All UK corporate service providers, accountants, companies and intermediaries all have a duty to report any false statements submitted to the HMRC. By failing to report …

time lapse photography of woman walking on street while holding umbrella near London telephone booth beside wall

image Which Type of Legal Entity is Right for my Business?

In the following article, we will summarise and weigh up the differences between a limited company and a limited liability partnership to provide increased clarity between the two structures. Those who are forming a new start-up or who are considering transforming an existing unincorporated structure such as a sole trader or partnership can benefit by …

assorted-color book lot

image Applying for a Working Visa as a Third Country National in Cyprus

In order to apply for a work permit (also referred to as a working visa), the company must be eligible to apply for employing third country nationals. Eligible companies are considered where the majority of Shareholders are non-EU nationals; including Shareholders whose ultimate owners are foreign companies. Moreover, in case where the percentage of the foreign …

Cyprus

image Incorporating a Company in Cyprus & the Required Documentation

Cyprus is the perfect location for incorporating an offshore or private company due to its simple incorporation procedures and agreeable tax structure. Below are the steps to company formation, the registration procedure, and all documentation required for incorporation: Who can incorporate a private company in Cyprus? The Republic of Cyprus is a free market economy …

person standing near the stairs

image Why is a Shareholders Agreement so Important for Your Company?

A Shareholders Agreement is essentially a legally binding contract established and agreed between the founding Shareholders of a company. It can arise in a number of circumstances, but typically they are used to manage issues appropriately and rules regarding the transferal of shares in a Private Limited Company, or in a joint start-up to regulate …

interior of a coffee shop

image Daily Expense Price Disclosure in Cyprus: 2020 Update

Cyprus offers an enviable combination of climate, business and culture and holds its own as one of the smallest EU member states, (with Luxembourg and Malta being the only 2 countries in the EU with a smaller population) and an adaptable free-market economy with a positive long-term outlook despite the current challenging environment. Cyprus offers …

yellowslip

image How to: Get Your Yellow Slip in Cyprus

Applying for a residence permit (also known as the yellow slip) is a process which is to be completed by every EU citizen living and working in Cyprus. It is renowned for being lengthy and fastidious, and it doesn’t necessarily have to be! And once you have managed to obtain it, the permit does not …

image Live Webinar Hosting Launched

On regular basis our experts now host free educational webinars on a variety of business, taxation and incorporation topics.

image Cyprus Announces Further VAT Payment Flexibility for all Companies

Cyprus’s tax agency has released a number of statements regarding further value-added tax payment concessions for companies and those in the tourism sector financially impacted by the COVID-19 pandemic. Previously, Cyprus announced aid to companies facing difficulties by allowing them to delay the payment of VAT that fell due between certain brackets earlier this year, …

[:ru]Афины не справляются с программой приватизации[:]

image Greece Blames Pandemic for Almost 50% Decline in Golden Visa Applications

Greece’s golden visa scheme, which provides five-year residency in exchange for investment, has issued 46% fewer residence permits this financial year. Despite pressure from the European Commission, the Greek government also intends to revise the scheme, however not to reduce it. The program has attracted more than EUR €2 billion into local property investment during …

Business newspaper article

image The Named and Shamed from the Cyprus Papers Leak

A recent investigation from Al Jazeera into Cyprus revealed a plethora of leaked government documents, uncovering that Cyprus has sold dozens of passports to foreigners linked to crime. What the leak essentially shows, is that there have been 1,400 citizenship applications approved by the Anastasiades government between 2017 and 2019, to people from 70 countries. …

[:ru]Саммит G20: новые критерии для внесения юрисдикции в черные списки будут объявлены уже к 2017 году[:]

image OECD Countries Fail to Reach Tax Agreement for Digital Multinationals

Earlier this week, 137 OECD member countries were unable to reach an agreement on the taxation of large digital companies before the end of 2020, a deadline set by the G20, therefore risking a proliferation of unilateral initiatives. The glass is half full: the package is almost ready, but a political agreement is missing”, acknowledged …

architectural photograph of lighted city sky

image China Experienced Growth in Foreign Trade Last Month

China’s foreign trade continued to accelerate in September, confirming the rapid recovery of the world’s second largest economy, the first country to detect cases of the new coronavirus, but also to control the pandemic. Exports increased 9.9% to 239,800 million dollars after having grown 9.5% in August, according to Chinese customs data. Imports increased 13.2% …

image Details of the Cyprus & Russia Cross-Border Interest Hike

Russia’s Ministry of Finance has announced that it signed a Protocol to amend its double tax agreement with Cyprus earlier this month. The Protocol will increase the withholding tax at source to 15% for dividends and interest income. The Ministry said ratification should be completed by the end of this year so that the provisions …

brown Sereniteit wallet

image UK to Start Charging Interest On Overdue Digital Services Tax (DST)

Earlier this month, the UK Government have a number of upcoming meetings to discuss The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable the HMRC to collect or pay interest on overpaid or underpaid digital services tax liabilities. The UK introduced its DST on April 1st, 2020, at a rate of 2%. …

image Singapore Introduces New Work Pass to Attract Foreign Tech Talent

Singapore Prime Minister Lee Hsien Loong announced in his keynote speech at the Singapore Tech Forum 2020 last week that Singapore requires more technology talent and a newly announced work pass in order to help the country attract “highly accomplished” individuals in this field. Mr Lee also announced the importance of tech related matters, especially …

image Tax Abuse by International Companies is Costing USD $427 BN in Annual Losses Each Year

According to a study by a global advocacy group, tax abuse by international companies and avoidance by HNWIs (high net worth individuals) is costing countries USD $427 billion each financial year in lost revenue. The Tax Justice Network said its report revealed during last weekend’s G20 group meeting of the developed and emerging market countries …

image Singapore: What is Happening in the Labour Market?

Currently, the situation in the Singapore labour market shows a strong demand for certain specialists while the other job roles remain at a lower demand level. The leading positions in terms of demand in the labour market are occupied by software developers. They are followed by professions such as chefs, pre-primary education teachers, nurses and …

glass walled building during daytime

image Cyprus Faces More EC Condemnation as it Fails to Transpose AMLD5

Last week the European Commission sent a reasoned opinion to Cyprus for failing to implement the 5th Anti-Money Laundering Directive (AMLD5) into national and local legislation. The implementation deadline for the directive has been well missed by Cypriot authorities (being the 10th of January, 2020) and currently have not notified the Commission of any implementation measure. The Commission …

person holding passport

image Cyprus Interior Ministry Faces Over 1,400 Pending Citizenship Applications

This week the Cyprus Interior Ministry have announced that they are facing over 1,400 pending applications from the citizenship by investment programme that the government was forced to abandon in October following several damning reports in the media. The government had to stop offering the programme earlier this month following an undercover video revealed a …

aerial view of intermodal containers

image US Ask Cyprus to Tighten Port Access to Russia Amid Global Sanctions

The United States expect to see further assurances on the ability of Cyprus to deny port access to Russian naval vessels, according to the US Assistant Secretary of State for Political-Military Affairs. The Secretary of State went on by saying that while in Cyprus, “we have been covering a lot of ground and making significant …

image Arrest Warrants Issued for German Founders of Law Firm Mossack Fonseca

A spokesman for the public prosecutor’s office in Cologne, Germany, confirmed the existence of two international detention orders without specifying who, however German newspaper Süddeutsche Zeitung confirmed it was Jürgen Mossack and ‎Ramón Fonseca, the founders of the Panamanian law firm Mossack Fonseca. According to Süddeutsche Zeitung , German authorities hope that Mossack, who has …

A stack of thick folders on a white surface

image Сommon Company Questions

If I want to open a bank account for an existing company that is older than 3 months, does it require any additional documentation? Banks in any jurisdiction has the right to request any documents in order to understand the activities and structure of the company. In this sense, one of the key documents for …

worm's view of glass high-rise building

image Company Registration

s it possible to pay for a virtual office on a monthly basis? As standard practice, we use a pre-payment for the financial year for the rental of our virtual offices. This however depends on jurisdiction specific requirements. For example, in some countries in the provision of services for sending postal correspondence is used in …

architectural photography of city buildings

image Overseas Incorporation Concept

As reflected in the legislation that governs overseas jurisdictions, is there more pressure to survive? It should be noted that now the pressure on the offshore zones reduced. Offshore zones could survive at a critical time and have the best in today’s environment legislation. What are the advantages of using an offshore company? There are a …

man standing in front of group of men

image Confidentiality & Overseas Accounts

Is there any assurance that tax authorities or other interested person, if desired, will not be able to get information about who is the real owner of the offshore company? When registering an offshore company, which has Nominee Directors and shareholders, the public authorities of the country of registration are not provided with information about …

blue cash machine

image Bank Account Maintenance

Which banks co-operate with Eltoma Corporate Services in matters regarding account opening? Company Eltoma Corporate Services offers bank account opening services in Cyprus, the Baltic States, Switzerland, Austria, Czech Republic, Hong Kong & Singapore. A list of banks who we work with are updated and expanded on an ongoing basis. Feel free to contact us …

person using laptop computer holding card

image Tax Advice

What is “tax optimisation” or constitutes “effective tax planning?” Tax payments play an important role in the cost of any organisation. Regarding any type of expenditure of the company, tax planning must be considered carefully. Tax optimisation is particularly important during periods of lower demand, when the primary task for each company is to provide …