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Repeal of the Bermuda tax Reform as the General Service tax got Denied

Even though the financial regulators of **Bermuda** had extensive plans regarding the **tax reform**, a lot has changed since then. Previously, we informed our readers about the implementation of a general service tax, however, it is dismissed from now on. The 2018\19 pre-budget report declares **tax amnesty** in controversy to the old plans. This amnesty will consist of a cancellation of la...

Path: Blog
Will Bahamas be Removed from the EU tax Blacklist?

On 13th of March the European Council released a decision where **Bahamas are listed among other jurisdictions with non-cooperative taxation rules**. The mentioned above list is a non-obligatory document, but, at the same time, an important guide which makes a huge impact for choosing contractors while doing business. This year, the US Virgin Islands, **Saint Kitts and Nevis were also listed ...

Path: Blog
Go Tech! 15% Corporate tax in China for Tech Companies

...at the more you go tech - the more you get. The innovation and information technology companies are everywhere and the development of the artificial intelligence, virtual reality and other novelties continues 24/7. Since 2014, China launched **tax privileges for the high-tech firms**. These benefits can be applied relevantly easy: the company only needs to file documents to the local authori...

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The New Labuan tax Regime: Towards the Advancement

... reasonably good place for the international business. However, it still needs to improve action standards with the BEPS Action 5. It is the latest standard of the OECD that should be followed by members of the BEPS Inclusive Framework. Adapting tax legislation to the **new rules** is supposed to start at the earlier convenience since the regime is aligned with these standards and is recognize...

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International Monetary Fund Demands tax Reform from Hong Kong

**Hong Kong economy is one of the most attractive among the international entrepreneurs**. This is why the International Monetary Fund issued tax reform recommendations for this jurisdiction lately. For Hong Kong economy to stay competitive and flexible at the same time, it is vital to **rework tax structure** and change the approach. Nowadays, Hong Kong government receives the most revenue ...

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New tax Relief Measures in Hong Kong Budget

The new **Hong Kong** budget was released recently, and **Offshorelicense Ltd** analysts have prepared the information on **2018 tax novelties** for you. The most important changes apply to the **taxation of environmental-friendly technologies and to individuals’ taxation**. The relevant changes are listed below in greater details. • The companies, that invest in green technologies, will ...

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Saint Vincent and the Grenadines’ Budget: tax Relief and Amnesty

The **tax amnesty** season has already started and today we have important news for the residents of **St. Vincent and the Grenadines**. This territory revealed the latest budget with **good news for taxpayers**. It refers to both, private individuals and companies. Legal entities will have company **tax reduced by 2.5%**. Also, the hotel owners will have to pay **1% less income tax**. These a...

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The New Transparent taxes in Latin America and the Caribbean

The **newest tax transparency standards** are evolving all over the world. In the early 2018, the UN ECLAC (United Nations Economic Commission for Latin America and the Caribbean) celebrated its 70th anniversary. What happened and how business conditions will change in this region? We will analyze the newest tendencies and explain how business will develop in **LatAm** and the **Caribbean**. ...

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GST and Excise tax Revision in Belize’s New Budget

**Belize’s 2018 budget** brought significant changes for indirect **tax system**. These revisions are mostly directed at complying with the global taxation standards, therefore, concerning Goods and services tax (GST) and Excise tax. GST will change for internet data purchase. From now on, **12,5 % tax will be collected from everyone, apart from schools, who purchase internet data**. This a...

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How to report foreign income on US tax return?

*Most of today's employees or businesses are looking forward to work internationally. When a person receives an international payment a question on how to pay income taxes will arise.* Earnings shall be displayed in the US tax return, and we would like to draw your attention to some points of income reporting. We will focus on two most common situations: when you earn money abroad while being...

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Spain's Prime Minister is planning to reform corporate tax and related taxes

Pedro Sánchez, Spain’s new prime minister, in his speech before parliament has promised to make **changes to the rules of corporate tax and establish a new minimum of an effective tax rate and increase public spending**. Mr. Sánchez stated that his government would seek to “redesign” corporate tax to ensure that **the effective rate of large corporations is close to the headline r...

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The grand taxpayer data swap is approaching

Considerable increase in number of states participating in the **Convention on Mutual Administrative Assistance in tax Matters** caused a huge impact on the number of countries that will automatically conduct financial account information exchange in September 2018. The abovementioned **Convention is the main multinational instrument for the exchange of information related to tax matters**, ...

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Abu Dhabi Sovereign Wealth Fund Entering ADGM

...this authority is performing investments on behalf of the emirate. Lately, Sheikh Hamed bin Zayed Al Nahyan, the Fund’s Managing Director, announced that the authority is going to enter the Abu Dhabi Global Market (ADGM). **The ADGM is the low-tax financial services hub in Abu Dhabi**. In the UAE this hub is the leading financial center and it creates and implements major financial trends fo...

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Choosing Business Structure for a Singapore Company

... work with, it is rational to form a partnership. In other words, this corporate structure is analogue to a sole proprietor. Legal entity in form of a partnership presumes you have collective assets and carry on the liability together with partners. taxation depends on your personal profits, which is positive, but liability depends only on company’s debts and partners are responsible for it with...

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Outsourcing Accountants and Bookkeepers for Offshore Business

... errors and will avoid them. ** 3. Complying with industry requirements** Even if you have a professional domestic accountant, offshore accounting experts know their narrow scope of expertise like the back of their hand. Even the most complex tax regulations are easy for them and these skills will grant your business improved regulatory compliance. ** 4. Cheaper access to new technologie...

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How to Incorporate a Company and Why it is Beneficial

...ss. First of all, this process lets you act like a separate legal entity and use all privileges of a certain jurisdiction. What benefits can incorporation bring you as a businessman? The main advantages include asset protection, asset transfer, low tax rates and many others. Registration process tends to be easy in many countries now. Follow our recommendations below to find out more. **Compan...

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Peru has joined two major OECD Conventions

**Peru has joined the multilateral agreement**, which is designed to increase transparency and combat cross-border tax evasion. Peru has taken all of the necessary steps to become a member of the **OECD Multilateral Convention on Mutual Assistance in tax Matters** and also the **OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions**. This is...

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Seychelles - Mauritius Potential Financial Services Partnership

... develop international business potential of both countries. Presently, **Mauritius is a popular African territory for starting international business**. It is a competitive economy according to different factors. One of them is Mauritius double tax treaties with developed countries like Germany, United Arab Emirates, the UK, India and many others. This makes Mauritius a prospective partner fo...

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To fight or not to fight for your rights

...most controversial topics for now. This is due to the fact that each side of the conflict has its supporters and opponents. Organizations and individuals, committed to transparency and fighting poverty, call on the UK government to clamp down on tax havens. They believe that greater transparency would help these countries claim their fair share of revenue, money that can then be used to fund p...

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Did Cayman Become a Top Choice for Blockchain Business?

...of the top jurisdictions for innovative fintech business**. Why is that so? In February 2018, Cayman Premier, Alden McLaughlin, confirmed that statistically, Cayman is now in top-three countries for blockchain entrepreneurs. Since 2012, the special tax-free economic zone, Cayman Enterprise City, functions in Cayman by attracting start-ups that use decentralized register technology. To be specific...

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How to Relocate Your Business Overseas: Expert Recommendations

...ness owners are looking for as many pros as possible while going offshore. Legitimate restructuring of your company overseas is beneficial even in short extent of time. What are the main criteria that make owners relocate? Protecting assets, cutting taxes, optimizing expenses: these are only few financial reasons, but enough to start thinking of this. Also, you get anonymity while acting in forei...

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The British Virgin Island Authority Declared a Warning for CRS and FATCA

**The British Virgin Islands (BVI) legislation** obliges financial institutions to follow rules of the US Financial Account tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities. In February 2018, the British Virgin Islands International tax Authority issued a reminder for companies who a...

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Why Moving Your Business Offshore Sounds Reasonable

...ountries are now gaining popularity and are known for relocation of existing companies to overseas jurisdictions. At the same time, businessmen often decide to start new companies in the offshore jurisdictions to work within the new markets, manage taxes and increase profits. Do not think that offshoring is illegal: professional approach allows you to make everything in a legal scope. Let’s ...

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Mauritius Global Business Category 1 (GBC1)

... activities and the location of operation. Today we will focus our attention on GBC 1 as the one of the most commonly used type of companies. **GBC1 formation is most efficient to those entrepreneurs willing to gain profit from the various Double taxation Avoidance Treaties** which Mauritius signed with other jurisdictions. Reason for this is that a GBC1 formation is developed, for tax purpose...

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Business advantages of Belize offshore jurisdiction

...here you can easily operate limited partnership, banking business, trust or mutual fund, international insurance company, online gaming, Belize shipping company and others. Everything is under the law and most types of offshore entrepreneurships are tax exempt. **What are basic advantages of starting a business in Belize?** Like another popular offshore jurisdiction, formation process is fai...

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China Bans Popular FX Broker Services

We have already informed our audience regarding the newest **Chinese tax regulations**, legal limitations and other **business rules**. It is notably complicated to take into account every small detail while establishing company in China, therefore, we have prepared the latest news about **broker activities** in China. Chinese legal entities have rights to perform their activities on the web ...

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Pros and cons of Labuan company formation

...ents but still there are some interesting factors you, as entrepreneur, should know about. Labuan International Company is the most popular business structure when you decide to create an offshore company in Malaysia. This jurisdiction grants low taxes for international business. For example, company’s paid-up capital is limited to 1$ and you can also enjoy advantages of paying only 3% or fix...

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Saint Vincent and the Grenadines Deals with the False Accusations

...ent has always been accurate and effective in fighting financial crimes that include money laundering. This jurisdiction has always been supporting all international investigations and fought against the money laundering, the financing of terrorism, tax offences, and other financial crimes together with the international authorities. **Saint Vincent and the Grenadines is out of any sanction lis...

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Starting your own business in Saint Vincent and the Grenadines

...unt in SVG you will be able to use another services as well. Investment trading is available for offshore companies as well as transfer services, setting up a corporate payment system, using trust solutions and other possibilities. Our next step is tax policy of SVG jurisdiction. Basically, this country supports two important concepts for offshore business: tax transparency and bank confidenti...

Path: Blog
How to set up a Limited Partnership in Scotland?

...ear most responsibilities, and are performing most operational actions. This diversity helps entrepreneurs choose the amount of their liabilities and decide on whether they want to operate the company themselves or not. It is important to mention taxation rules when you are registering a company in Scotland. Limited partnerships allow you minimize taxes with a simple scheme. Limited partner ...

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Why is Limited Liability Partnership a popular business structure?

...ity company and general partnership. What are the main features of the “limited” company? This structure is ruled by the 2000 Limited Liability Partnership Act and it lets non-UK entrepreneurs form the most effective business in matters of tax, liability and organization. Limited liability partners can use the rights of partnership, which means two founders are equally able to perform ma...

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Starting offshore business in Vanuatu

...unt. List of available banks include Westpac, Pacific Private Bank, ANZ and National Bank of Vanuatu. These facilities are considered very stable and reliable among offshore business founders. Next argument to form an offshore company in Vanuatu is tax regulations. It is important to mention that there is no capital gain tax, income tax and withholding tax. International companies are exempt f...

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How to set up a business on Bahamas?

...thought about moving your business and choosing jurisdiction you might have come to decision about the Bahamas. This country, officially known as the Commonwealth of the Bahamas, and has all the advantages of an offshore jurisdiction.* For example, tax climate for IBCs is close to perfect. International business is exempt of local taxes, including sales, dividends, corporation and capital gains t...

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Why should you invest in offshore business?

...a narrow point of view because a properly organized offshore business is absolutely legal. It is important to understand all pros and cons of investing offshore to form your company in the right way.* Main point of offshore investing is a favorable tax climate. Small countries are aware that low tax rates and favorable regulations for business will attract foreign capital. It is true and most off...

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Move business wisely. What to consider when choosing offshore jurisdiction?

...s a big role in company formation. Comfortable offshore climate often depends on local regulations. Most considered branches are: asset protection legislation, confidentiality conditions, international business functioning rules, investment laws and taxes. Due to this, many worldwide-known offshore jurisdictions became popular: Cyprus, Switzerland, the UAE and other. Considering this point, it is ...

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Secrets of starting a business in the UAE

...nfrastructure, banking facilities and other advantages. For different types of businesses, these reasons might be crucial. Also, the UAE have a 79.6 percent of business freedom score which makes the Emirates a very favorable jurisdiction. The UAE tax policy is different for foreign and domestic companies. However, the rate is reasonable for both. The most taxable business fields are gas and oil...

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What needs to be included in your offshore business plan

...ize their profit and legally keep their money.* However, it is not right to look only to big enterprises because the law is the same for smaller companies as well. Every entrepreneur can choose a suitable offshore plan to increase profit and reduce taxes. Sometimes law can be even more loyal to smaller companies depending on the jurisdiction you choose. It may lower the risk of losing money to un...

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6 ways to save your assets in case of business problems

...d to keep in mind that responsibility will always follow. * We have already point out several types of company structures before. And now we would like to highlight 6 possible ways to save your assets in case of business problems. 1. Payroll taxes should be paid on time. It is an important government tax and it is strictly controlled by state authorities. Why is it so important to pay your...

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How to choose a suitable company structure for your business?

*Important thing while starting a business, is to choose the right legal structure of the company. It affects many legal aspects of company`s procedures.* For example, who runs the company, how taxes are paid, which documents need to be prepared and many other. Entrepreneur needs to know the most common types of company structure and select the best one to run their business effectively. Here...

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Why do they always choose Cyprus?

...earing the word “offshore”.* Offshorelicense Ltd is ready to help you understand why this island is so popular amongst company founders and whether you should choose it too. There is a thought that business in Cyprus is popular because of their taxation. We are not going to bust this myth but it still needs to be analyzed deeper. Let us look at the different reasons to choose Cyprus as an off...

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6 things to consider when going offshore in 2017

...t seems everyone has heard about Cyprus, British Virgin Islands, Switzerland its loyal legislation for internationally based companies. Offshorelicense Ltd recommends our customers to choose what is most important in legal area: confidentiality, low taxation, company registration procedure or something else. Only when these moments are clear, you can choose the most suited country for your busines...

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Starting an international business. To offshore or not to offshore?

...ters? First of all, we should talk about why businesses are massively using international jurisdictions for functioning.* When you form or relocate your business to another country you can achieve a couple of very crucial goals. Sometimes legal or taxation climate in your country is not opportune for business matters. This does not mean you have to break the laws or do anything illegal. The main...

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The Offshorelicense website launch. What it brings to us?

...g and developing businesses. That means we need to keep you informed on the most important industry news and other business processes in the world. This is why this blog was created. Our company will choose the most relevant information on offshore, taxation, banking, audit, licensing and other topics and share it with you. It makes also great deal for the client to find out about everything on on...

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God Save the Queen. Paradise Papers Revelation

...l Consortium of Investigative Journalists reported its contents. **Offshore funds investment is not an illegal action** and it does not mean that the investor had done anything wrong. Unfortunately, some businessmen prefer law circumvention to avoid taxes. This makes everyone think that the offshore investments are something to judge for. It is not a big secret that the UK admires its Queen - ...

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How to Offshore: Useful Tips and Tricks from Leaked Apple Inc. Papers

Learning from the best is always a skillful strategy. **Apple** has always been the company to look up to and now we have a chance to sneak into their **offshore tax strategy**. The Paradise Papers, revealed on November 5, can become a guide for the newbies on a business field. Offshore matters are very sensitive and need to be individually selected. What can we learn from the Apple experience h...

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How did Brexit Affect Gibraltar Jurisdiction?

...ccording to the statement, **Gibraltar and the UK will not stop cooperation** in any matters and will continue the development of the effective methods for work. Currently, the governments of the two countries are discussing creation of the **double tax agreement** between them. This might open a new opportunity in business cooperation between the countries. Brexit should also have no influence on...

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Игорная Лицензия Кюрасао

...очь в покупке сервера. Наиболее важные требования, которые необходимо соблюдать: Ultimate beneficial ownership of the legal entity should be disclosed (upon request) to the tax authorities; Только юридические лица с капиталом, разделенным на акции, могут осущес...

Path: Licensing
Лицензия Глобального Бизнеса на Маврикий (GBL)

... налога 3%; Свободная репатриация прибыли, дивидендов и капитала. Бухгалтерский учет и аудит The Company will be required to fil audited financial statements and tax return within 3 months from its balance sheet date. Аудит должен проводиться на Маврикии. Власти мог�...

Path: Licensing
Бухгалтерские услуги в Великобритании

... через 9 месяцев после отчетной даты (ARD); Налоговая декларация компании – в течение 9 месяцев после отчетной даты компании (ARD); Self-Assessment tax return – до 31 октября (или 31 января при подаче онлайн); Подоходный налог - до 31 ок...

Path: Accounting