On February 7th we officially opened our new office in Tallinn, Estonia, licensed by the Financial Intelligence Unit in Estonia to provide fiduciary services. For those who did not participate to our seminar, we are briefly presenting below, why Estonia is one of the best EU destinations for start-ups and IT companies. Overview: Estonia is …
New regulations in key offshore jurisdictions including the British Virgin Islands, Cayman Islands, Bermuda, Guernsey, Jersey and Isle of Man, Marshall Islands came into force at the beginning of 2019 which require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction, with reporting requirements commencing in 2020. The rules …
Below is the list of charges that will be in force on 18 December 2019 in case of late registration. FOR COMPANIES 1. Transfer of Shares: Any transfer of shares of a private company with a share capital shall be notified to the Registrar of Companies within fourteen (14) days from the registration …
New Penalty Fees by the Cyprus Registrar of Companies Read More »
In regard to certain structural changes that are currently taking place on the Cyprus Banking sector, that also affect the status of your company/ies that hold bank accounts in Cyprus. Amongst other structural reforms, Cyprus banks have amended their requirements in regard to the submission of the Audited Financial Statements for all companies that maintain …
Annual Levy of EUR 350.00 – companies registered in Cyprus Please be informed that as per the Article 391 of the Companies law (as amended Law No. 6(I)/2013), it is obligatory to pay the annual fee – Annual Levy for all companies registered in Cyprus. The fee equals to EUR 350.00 (three hundred and fifty …
Despite its very favourable tax regime, Cyprus has successfully avoided being implicated as a tax heaven and maintains its place among the lawful jurisdictions for business development. Nevertheless, the Cypriot banking system continuous to be closely scrutinized in the international press primarily due to the country’s poor compliance with the European Union directives and recommendations …
We would like to inform our clients about the increase in Social Insurance Funds and the implementation of the new National Health Insurance System (NHIS). Social Insurance Contributions Increase As from 1 January 2019, both employer and employee contributions on insurance earnings to the Social Insurance Fund will increase by 0,5%, from 7.8% (currently) to …
On Friday, May 25th, the new EU regulation for personal data processing takes effect. Personal data relates to any type of personal information that can be used to establish an identity, either directly or indirectly, like: a person’s name, passport number, e-mail address, place and date of birth. Personal data protection aims to protect the …
On 22 March 2018, Cyprus signed a new tax treaty and accompanying Protocol (the new DTT) with the United Kingdom. The agreement updates the existing convention signed by the two countries in June 1974 and came into effect in March 1975 (amended by the 1980 Protocol). The agreement is based on the new OECD Model …
Following the transposition of the 4th AML Directive, the Maltese laws (hereinafter “the Regulations”) have been amended to introduce the provisions on beneficial ownership information in order to further promote transparency in corporate structures, trusts, etc. Effective from 01 January 2018, Malta has introduced a Register of Beneficial Owners (hereinafter “the Register’) that will become …
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