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2019-10-25
China’s new Individual Income Tax law (“IIT”) law came into effect on January 1, 2019. According to the new IIT law, income from wages and salaries shall be subject to the seven-bracket progressive tax rates and shall be combined on an annual basis for computation of individual income tax. Individual income tax shall be calculated based on the cumulative withholding method, withheld and prepaid on a monthly basis, and annual tax clearance shall be arranged as per the actual income during the period from March 1 to June 30 of the following year. From January 1, 2019, individual residents can enjoy six special additional deductions, including children’s education costs, continuing education costs, critical illness medical expenses, housing mortgage interest or housing rent, and elderly care expenditures, when calculating comprehensive taxable income. Since the end of year 2018, the tax authorities have made a series of publicity and interpretation […]
2019-10-25
The Republic of Marshall Islands offshore companies, such as Non-Resident Domestic Corporations (or International Business Companies, “IBCs”), are essential to commercial life; a business person that never used an NRDCs or IBCs has probably not received quality professional advice. It is also important for thousands continuing to use IBCs to make sure that some things don’t change. There are important elements to determine the usefulness of the NRDC / IBC and worthiness of its origin: Political stability in the selected jurisdiction; communications network; availability of professional and technical support; reputable track record of the jurisdiction; and compliance with international standards, especially the Republic of Marshall Islands is one of those jurisdictions. FLEXIBILITY Jurisdiction at the Republic of Marshall Islands “RMI” offers the possibility to form offshore companies with either registered, bearer shares, or both. Most jurisdictions have abolished this possibility and others, might as well have. In addition, a NRDC […]
2019-10-25
Protect Wealth. Save Tax. Reduce Operating Costs. Individuals and corporations go offshore for a number of reasons: Save tax Protect wealth Reduce risk Maintain privacy To avoid unnecessary regulations or bureaucracy. Use the information and links set out below to help you find an offshore solution that works for you. International trading Holding portfolios of stocks, bonds and cash Holding Investments in Subsidiary or Associated Companies Utilizing Double Taxation Treaties Privacy and Wealth Protection Personal Service Companies for expatriates and individuals Property and Land Ownership Employment Companies Patent, Royalty and Copyright Holding Stock Market Listings and Capital Raising Exercises Financing Ship Management + Yacht Owning International Trading – By interposing offshore companies into international trading transactions it may be possible to accumulate profits arising out of these transactions. Holding portfolios of Stocks, Bonds and Cash – Cash assets are held offshore, and may earn deposit interest gross […]
2019-10-25
A “company” or a “corporation” is what’s called in legal-speak a juridical person, or a corporate body. A corporation can have and do much of the same as any private individual – it can own assets in its own name, enter into contracts, acquire rights and obligations, be liable for its actions. So, same like an adult human being, a corporation normally has it’s own legal personality. Even a corporations’ life is somewhat similar to that of a human being – a corporation is “born” (by a fact of registration in an official Registrar) and it can “die” (by being dissolved or liquidated). There are several components in every corporation, each with its own purpose. As this article primarily deals with what is popularly known as “offshore company”, a question may arise: what is the difference between an offshore company and an “ordinary” company? Structurally – there is no […]
2019-10-25
Ordinary Companies An ordinary company incorporated in Cayman Islands must have at least one shareholder of record and at least one director. An annual general meeting must be held each calendar year. A Cayman ordinary company must file an annual return detailing its shareholders, with the Registrar of Companies. The Register of Members is maintained at the registered office and is open to inspection by any person. Ordinary Non-Resident Companies The provisions are the same for ordinary companies except that the company must be designated a non-resident company by certificate issued by the financial secretary, provided that he is of the opinion that it does not, and does not intend to, carry on business within the islands. Ordinary nonresident companies may be converted to exempted companies. Cayman Islands Exempt Companies An exempted company is incorporated in the same way as an ordinary company and must have at least […]
2019-10-25
The Seychelles Special License Company (or “CSL” as it is better known) – is a relatively new product which came about by virtue of the passing of the Seychelles Companies (Special Licenses) Act in 2003. Having seen the success enjoyed by the Mauritius International Financial Services sector (which utilized its DTA??its Double Tax Avoidance Treaty – with India as the basis for creating a lucrative company product) Seychelles, with a number of favorable DTAS (including with behemoths China and Indonesia) saw the potential for creation of a similar product hence the passing into law of the Seychelles Companies (Special Licenses) Act. (A copy of the Act can be viewed by visiting the Downloads section of our website at Our Services). Of added advantage is the CSLs ability to sidestep blacklisting by onshore jurisdictions by virtue of its classification as a low-tax (as opposed to zero-tax like the IBC) Domestic Company. […]
2019-10-25
The Seychelles International Business Company (based on the classic Bahamas and British Virgin Islands IBC Model), is a tax-free corporation designed for use in all forms of international trading and investment activities. With no reporting requirements, minimal record-keeping obligations, and unparalleled privacy features the Seychelles IBC has risen in stature to become one of the most sought after IBCs in the International Financial Services World. Unlike the historically popular Caribbean (and Channel Islands) IBC Centres (most of which, as British Colonial territories, are facing enormous pressure to bring their privacy features and tax rates into line with the rest of Europe) Seychelles is a politically stable and independent republic and has signed NO Tax Information Sharing Treaties. Key Benefits of the Seychelles IBC include: It’s Inexpensive: An annual operating license fee of only $100 only is payable to government (regardless of the amount of the IBCs stated maximum authorized share […]
2019-10-25
Strategically located at the cross-roads of investments in the Indian Ocean region, the Republic of Mauritius has enjoyed unprecedented socio-economic development with a substantial economic growth averaging 5% for the past 20 years. This is the fruit of careful economic governance backed up by sound business and financial infrastructure with a reputation for reliability, efficiency and probity. The Government introduced a wide range of incentives to attract investments, and as a result, while the agricultural sector used to dominate, up-market tourism followed by textile production now accounts for the greater part of the Mauritian economy. The further consolidation of the legal and fiscal framework through the enactment of a series of modern and user-friendly legislation has contributed to the rise of Mauritius as a prominent offshore financial services centre and is adding a new dimension to the economic prosperity of the country. In formulating new legislation, the Government […]
2019-10-25
Introduction The New Act came into force on January 1, 2005. Unlike the International Business Companies Act (IBC Act), this new act allows for the incorporation of international offshore companies as well as locally owned companies doing business in the British Virgin Islands (BVI). There is a two-year transition period during which both the IBC Act and the new Act will be in force. After the two-year period, the new Act will be the sole corporate statute for the BVI and will regulate all BVI companies. Range of Corporate Vehicles The new Act provides for flexibility and choice in the range of corporate vehicles. Seven different types of companies can be incorporated, namely; companies limited by shares, companies limited by guarantee not authorized to issue shares, companies limited by guarantee authorized to issue shares, unlimited companies authorized to issue shares, unlimited companies not authorized to issue shares, restricted purposed […]
2019-10-25
Business Operation in Thailand Company Registration There are certain types of business which are restricted or prohibited for foreigners to carry on in Thailand including service business. Using Thai inactive shareholders to hold majority shares in a company is the alternative mostly used where a foreigner engages in these restricted or prohibited businesses. The Thai shareholders will hold a majority of 51% shares in the company to make the company to be Thai. This company will then be able to engage in businesses as if it was a Thai national. Government Fees The government fee is calculated based on the amount of the registered capital at the amount of approximately US$ 300 per Baht 1,000,000 registered capital. The fee is paid only one time. After the registration is completed, the company status will remain for an unlimited period, until the cancellation of such company is registered. Therefore, […]