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Obtaining a Forex License for Trading

The foreign exchange market is where money in one currency is exchanged, purchased or sold for another. The fluctuation in value between one currency or amenity and another one can be a profitable hobby or business venture, if the correct expertise is applied.

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Madrid Convention on International Registration of Trademarks

The scheme was originally designed to make it possible to protect a trademark across a number of jurisdictions by obtaining an international registration that has effect in every participating country. The Madrid system provides a way to grant protection for a trademark in a simple, effective yet relatively inexpensive manner.

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Important Changes to UK Tax Legislation Taking Place in April

As per a recent STEP seminar in London, the UK government has released an outline of amendments to be imposed relating to both entrepreneurs’ relief and dividend tax relief that will be in effect from the 6th April 2016.

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Electronic Submission of Tax Returns for Cyprus Companies

All Cyprus resident companies must return their income tax accounts in accordance with the Income Tax Law (Law No. 118(I) of 2002).

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Re-domiciliation of Foreign Companies in Cyprus

As a result of the 2006 amendment to the Companies’ Law Cap.113, foreign companies can be re-domiciled in Cyprus and companies registered in Cyprus can be re-domiciled abroad.

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Cyprus in Early Adopter Group to Implement the Common Reporting Standard

In an effort to improve the global reporting standard of local tax systems and combat tax avoidance, governments from various jurisdictions will bring the automatic exchange of information in tax matters for all countries up to the same standard. This is referred to as the Common Reporting Standard (CRS).

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25
January
2016
Singapore
By
Laura Deane

The Ultimate Guide to Annual General Meetings for Singapore Companies

Being unaware of Compliance Matters in Singapore could end up with Business Owners and founders of Singapore companies heading to Court, as ACRA puts a stop on companies that consistently do not hold an Annual General Meetings or AGM.

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6 Important Aspects of Singapore Payroll for Employers and Business Owners

The following is a list that all employers should take into account when considering payroll for their workforce and required procedures.

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Cyprus Tax Department Introduces Application for the Issuance of Tax Residency Certificates

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

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Singapore: Taxation of Shipping Owners

Ship owners enjoy tax exemption on specified income derived from the operation of a Singapore-flagged or foreign flagged vessel under Section 13A and 13 F of the Singapore Income Tax Act (SITA).

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Different Types of Companies Required to Prepare Financial Statements Under the IFRS

Nowadays, an increasing number of Russian companies are required to prepare their Financial Statements as per the International Financial Reporting Standards (IFRS).

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Taxation of Shipping Operators in Singapore

A shipping operator who operates Singapore ships or foreign ships can enjoy exemption of specified income as a ‘shipping enterprise’ under Section 13A of the SITA.

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An Overview of Corporate Governance in Cyprus

The aim of Corporate Governance is to facilitate efficient, entrepreneurial and practical management that can deliver the long-term success of the Company. Corporate governance is about what the Board of Directors of a Company does and how it sets the values of the Company.

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Registration of Singapore Flagged Vessels: How to Guide

Registration is open to all types of ships which includes offshore vessels like oil rigs and floating platforms. The vessel should be less than 17 years old and classed with any of the nine recognised classification societies.

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Shipping Companies: Why Choose Singapore?

In a bid to make Singapore a shipping hub, various incentives were introduced to make it attractive to have shipping activities in Singapore. Essentially the provisions that govern the exemption of shipping activities in Singapore are found in Section 13A and Section 13F of the Singapore Income Tax Act (SITA).

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Permanent Establishment in Singapore: Branches & Dtas

Section 2(1) of the Singapore Income Tax Act (SITA) defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

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UK Annual Requirements: Dormant & Small Companies

This 2 part series is part of a guide detailing Annual Requirements for UK registered companies. It will cover the rules governing filing of annual returns and accounts of UK registered companies, by company type.

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UK Annual Requirements: Micro-entity & Medium Sized Companies

This 2 part series is part of a guide detailing Annual Requirements for UK registered companies. It will cover the rules governing filing of annual returns and accounts of UK registered companies, by company type.

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Setting Up a Client’s Economic Profile

The key for a successful Financial Organisation and/or Administrative Service Provider is to have a completed and accurate profile for each new and existing client they have a business relationship with.

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Permanent Establishment in Singapore: Withholding Tax & Technical Assistance Fees

Section 2(1) of the SITA defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

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How the Cyprus IP Regime Can Help You Achieve Effective Tax Planning

Intellectual Property (IP) is one of the most valuable assets of an organisation. Choosing the right location for the management of Intellectual Property is an imperative strategic business decision.

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Cyprus-Iran Double Taxation Treaty

On the 4th of August, 2015 Cyprus and Iran signed a Double Tax Treaty agreement during an official visit of the Iranian Finance Minister in Cyprus is hoped to strengthen and develop the economic relations and allow for the expansion of investment and business opportunities between Iran and Cyprus.

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The New Legal Framework of Licensing Insolvency Consultants in Cyprus

On the 7th of May, 2015 a new legislation was published in the Official Gazette of the Republic of Cyprus, that of Insolvency Consultants Law of 2015 (64(I)/2015 (the “Law”). This new legislation outlines the criteria for qualification, regulation and monitoring of persons that have the role of insolvency consultant.

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Amendment to the Singapore companies act 2014

After a recent review, changes have been made to the Singapore Companies Act 2014, which came into force on July 1st, 2015. These changes are to ensure that Singapore’s corporate regulatory framework will continue to meet changing business practices, to reduce the compliance and regulatory burden for companies.

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Singapore: Applying for an Extension to Hold AGM & Laying of Accounts

As per the ACRA requirements for companies in Singapore, an Annual General Meeting (AGM) must be held once every calendar year. However, under Section 175, an application is available to apply for an extension.

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Using Sound Trademarks as a Successful Marketing Tool

With the increasing diversity of business ventures, Trademarks which have been traditionally comprised of words and/or logos that relate to visual representations, have given way to a plethora of other marks that are distinguishable by senses other than sight.

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Cyprus Corporate and Individual Taxation Law Draft Amendments: 2015

On July 1st 2015, the President of Cyprus Nikos Anastasiadis, has officially declared that the Cyprus taxation system needs rapid changes to increase the level of the country’s competitiveness. In order to achieve this goal, a number of amendments should be made to the tax law.

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Taxation of Singapore Investment Companies

The Singapore Tax Authority (IRAS) have special rules relating to the taxation of investment companies. An investment company is one that owns investments such as properties, shares, bonds and therefore derives income such as rental, dividend and interest.

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Taxation of Rental Income in Cyprus

Income, earned by a Cyprus tax resident individual, arising from the rental of immovable property which is situated in Cyprus is taxable both under the Cyprus Income Tax and the Special Contribution Tax legislation.

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ACRA Announce Important Reforms to the Singapore Companies Act

ACRA announced that they will be making legislative changes to the Singapore Companies Act which will be taking effect in two phases; the first phase is effective from the first of July, with the second phase to be implemented in the first Quarter of 2016.

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The European Union Corporate Tax Reform Action Plan

On 17th June 2015 the European Commission has presented the Corporate Tax Reform Action Plan which signifies the second and more comprehensive step towards remodelling corporate taxation in the European Union.

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Shareholders’ agreements in Cyprus

A Shareholders’ Agreement (SHA) is a confidential legal document distinct from all other statutory documents of a corporation, applicable in cases where there are more than two shareholders and it is essentially an agreement between all the Company Shareholders that covers how the business is going to operate.

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Foundations vs. Trusts

A Foundation is a non-governmental and non-profit organisation which is usually created by an individual or a business and whose funds are managed by its own Trustees or Directors, either as a non-profit corporation or as a charitable trust. One common type of a Foundation is a Family Foundation.

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Registration of Charges in the Republic of Singapore

The Accounting and Corporate Regulation Authority (ACRA) of the Republic of Singapore defines the Charge as “a form of security interest usually taken by a lender or creditor (“chargee”) to secure the repayment of a loan”.

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How Singapore’s 2015 Budget Will Help SMES

Singapore has a government who recognises the potentials of what SMEs can do for the economy and likes to support them accordingly. Since June 2014, Singapore has been chairing the ASEAN SME Working Group. Singapore hopes to lead fellow ASEAN members into the realisation of the ASEAN Economic Community for SMEs in 2015.

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Changes To the Law Which Will Impact Singapore Based CSPS

Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) have introduced a number of legal changes and new legislation regarding how companies are required to file their annual returns, which will impact Corporate Service Providers (CSPs) in Singapore.

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The Amendment of the Assessment & Collection of Taxes Law in Cyprus

The amendments of the Assessment and Collection of Taxes Law 78/2014, made on the 20th of June, 2014 with regards to the Law 4/1978, is a clear demonstration of the Cyprus Government’s commitment to the reforms proposed by the Troika.

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Complete Withholding Tax Guide in Singapore 2015

Despite having one of the lowest corporate tax rates in the world, as a jurisdiction, Singapore still offers many incentives for investors including tax holidays and concessions, accelerated depreciation schemes, and favourable loan conditions to attract foreign investments.

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Russia Set to Launch Total Web Control

In light of recent global events, Vladimir Putin, the Russian President, has declared that no measures restricting the Russian Web such as censorship or government-driven heavy regulations are to be undertaken. According to Mr Putin, the Government should take steps to provide Internet security for the purpose of state sovereignty.

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An Overview of Mandatory Mortgage Registration for Cyprus Companies

Pursuant to Part III of Chapter 113 of Cyprus legislation, Mortgage Registration with the Cyprus Registrar emerges as compulsory by law. Certain formalities need to be followed regarding the filing of such registration as well as any amendment, concession and any other alteration which takes place following the formation of a Company in the Republic of Cyprus.

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Requirements For Company Liquidation in Singapore

There are various conditions a company must fulfil in order to be struck-off legitimately. One of the conditions is that the company must have filed all the tax returns until the date of the strike off. The Directors and Shareholders must ensure that any outstanding income, tax returns, accounts and tax computation have been submitted up to the date of cessation.

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FATCA And Its Preliminary Effects on Cyprus and Singapore Banks

According to the U.S. Treasury Department more than 80 nations agreed to the law and have concluded agreements with the U.S. Government. Cyprus and Singapore are amongst the countries which have recently signed these agreements.

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Liquidation and Voluntary Winding Up of a Cyprus Company

A Cyprus company might decide to wind up as a result of various reasons and such procedures may be a challenging and lengthy task. The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.

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How to set up a Singapore trust

Singapore is gaining more attraction as a trust jurisdiction internationally. A range of factors have contributed to achieving a reputable offshore trust status, including but not limited to the several reasons.

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Liquidation and Voluntary Winding Up of a Singapore Company

A Singapore company might decide to wind up as a result of various reasons and such procedures may be a challenging and lengthy task. The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.

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Cysec: Impact of Swiss Franc on Cyprus Investment Firms

Following the recent commotion created by the Swiss National Bank’s decision to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect, the Cyprus Securities and Exchange Commission (CySEC) is endeavouring to instigate an assessment of how far Cyprus Investment Firms (CIFs) have been affected.

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Withholding Tax in Singapore: Management Fees and Services

Any person who withholds tax from interest, royalties, management fees, Directors’ remuneration or other payments paid to a non-resident person must complete and submit the IR37 form to the Comptroller together with the relevant amount of tax withheld.

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Withholding Tax in Singapore: Management Fees and Services

Payment for the management or assistance in the management of any trade, business or profession that are: borne by a person resident or with permanent establishment in Singapore; which are deductible against any income accruing in or derived from Singapore, have no statutory definition of management or assistance in the management of any trade, business or profession.

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Trademark Protection in Cyprus

Some call it symbol, others name it as mark or logo but in reality, it is the way the public at large can identify and recognise a particular product and or service and has been considered by many people as the most valuable asset and as indicators of source.

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Cyprus Banking: the Current Situation

During 2013 the Cyprus Banking sector faced its most challenging period to date. As a result of a sequence of events, see below information, several Cypriot banks were left with significant imbalances.

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Withholding Tax in Singapore: Rental Income

Under Section 12(7) (d), rent or other payments under any agreement or arrangement for the use of any movable property shall be deemed derived from Singapore.

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Withholding tax in Singapore: Royalties

Royalty is the consideration for the use of, or the right to use any copyright of literacy (Software), or any artistic or scientific work. It consists of patent, trade mark, design or model, secret formula, information or process which is usually a secret and not commonly available in the public domain. Information (know-how which is not registered) concerning industrial, commercial or scientific experience.

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Shareholder's Continuity Test: Singapore

The shareholders’ continuity test holds that the same shareholders must hold at least 50% of the company’s total shares as at both the relevant dates. If the test was not fulfilled, the losses would be dismissed permanently unless a waiver to fulfil the test is obtained from IRAS.

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CySEC: information for Cyprus companies and service providers

The Cyprus Securities and Exchange Commission has recently released information to all Cyprus Investment Firms, Management Companies and Administrative Service Providers regarding fraudulent tax evasion, and also a proposal on the prevention of use of the financial system for the purpose of money laundering and terrorist financing.

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Withholding Tax in Singapore: Interest

Whether a payment is considered “interest” depends on the substance of the transaction. The intrinsic nature of said interest is compensation for not being able to use or the delayed payment of money by another. The interest must be charged against a primary sum of money which must be owed to the person entitled to the interest.

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Royalties in Singapore

The Income Tax Act does not give a definition for royalties. However, royalties can be defined as a payment for the right to use a patent, copyright and other intellectual property. E.g. payment for every book sold or an artist album sold on VCD.

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When Can a Company Be Classified as Dormant in Hong Kong

The types of companies that may be formed and regulated under the new Companies Ordinance in Hong Kong are public and private companies limited by shares; companies limited by guarantee without a share capital, public and private unlimited companies with a share capital.

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Cyprus Company Audit Requirements

The following companies shall, in accordance with the provisions of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law2009 submit their financial statements to an Auditor for auditing: every company required by this Law to prepare consolidated financial statements; every public limited-liability company; every private limited-liability company not being a small-sized company.

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Withholding Tax in Singapore - Introduction

When income is paid to a non-resident of a country, it is typical of the country to collect tax from the non-resident; the payee is required to withhold tax before paying the net amount to the non-resident. It is a tax subsidised by a non-resident on income derived or deemed to be derived from Singapore.

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Information for Cyprus Companies and Service Providers From CySEC

The Cyprus Securities and Exchange Commission has recently released information to all Cyprus Investment Firms, Management Companies and Administrative Service Providers regarding fraudulent tax evasion, and also a proposal on the prevention of use of the financial system for the purpose of money laundering and terrorist financing.

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Cyprus Interest and Royalties

No withholding tax applies on interest and royalties when paid from a Russian Company to a Cypriot company. This was ratified on the Protocol and signed by Russia and Cyprus during 2012 and implemented in 2013.

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Setting Up Funds in Cyprus

UCITS is a pan-European Fund product which when established in one EU country can be sold cross boarder within the EU under a harmonised legislative framework without any requirement for additional authorisation. UCITS is the result of the evolution of mutual fund legislation to ensure better investor protection.

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XBRL Filing in Singapore

Since 1 November 2007, companies in Singapore are required to file financial statements with ACRA, and filing financial statements in XBRL. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system apply.

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International Trusts in Cyprus

Cyprus is a favourable jurisdiction for creating international trusts which are governed by the 1992 International Trusts Law which regulates the establishment and administration of International Trusts. The International Trust Law compliments the Trustee Law which is based on the English Trustee Act 1925.

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Voluntary Wind Up of a Cyprus Company

Cyprus Company Law provides for a member led voluntary winding up of a company. In order for this to occur the company must be solvent. The voluntary winding up of a Cyprus company is formalised in Article 261 – 292 of the Cyprus Companies Law.

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Estimated Chargeable Income (ECI)

ECI means Estimated Chargeable Income. It is an estimate of a Singapore company’s chargeable income for the given Year of Assessment (YA). The amount of ECI declared is based on the amount before the deduction of any exempt amounts under the partial tax exemption or tax exemption schemes for new start-up Singapore companies.

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GST Registration in Singapore

GST is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him and on the importation of goods into Singapore.

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The Singapore Budget 2014

This year’s budget did not emphasise on significant tax changes. The government wants to restructure the Singapore economy to achieve quality growth. Businesses that make investments in productivity to save manpower or achieve innovative breakthroughs will be actively supported by the government.

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Obtaining an Epass and Entrepass in Singapore

The Ministry of Manpower requires foreign highly skilled professionals, Managers, Executives, specialists or entrepreneurs who wish to work in Singapore need an Employment Pass to commence employment. The Entrepreneur Pass is a type of employment pass for foreign entrepreneurs who would like to start and run a company in Singapore.

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Immigration Permit

Category F immigration permit offers permanent staying in Cyprus without need to obtain any visas, residence permit renewals or re-entry permits. Category F immigration permit can be granted to a person who can secure an annual income of an adequate amount from abroad (not earned in Cyprus).

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Opening & Maintaining a Corporate Bank Account in Cyprus, Singapore & Hong Kong

AGENDA: Criteria for choosing your bank, Corporate Bank Account Opening, What you need to know for each jurisdiction, Corporate Bank Account Maintenance & Bank Transfer Fees, Costs, Why Banks are closing Corporate Bank Accounts, Voluntary closing of a Corporate Bank Account

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Company Law: The role of Directors, Secretaries & Shareholders within an organisations

AGENDA: Shareholders: appointment & requirements, Officers’ duties, roles & responsibilities within a company, Company Directors their duty within the company, Distribution of profit, capital & duties within a company, Ultra vires: common law, modern legislation, Company Officers: Secretary & Registered Agent, Company Secretary: powers & potential liability.

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Corporate law and the division of powers within a company (UK)

AGENDA: The division of power between the board of directors and the shareholders, Types of directors, their appointment and removal procedures, The purpose and extent of directors’ duties including to whom directors owe their duties, Nominee directors and risks that may arise, The regulation of directors contracting with their companies, The remedies and reliefs for breach of duty

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Notional Interest Deduction: a Useful Tool for Cyprus Companies

Notional Interest Deduction or NID is an estimated expenditure offered to all Cyprus-resident companies (including non-resident companies with a permanent establishment in Cyprus) against their taxable profit resulting from application of new equity introduced in their share capital.

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