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2019-10-21
A company Director is normally the entitled to make all decisions as regards the day-to-day business of the company. Directors are initially appointed by the first Subscriber or by the Registered Agent, and thereafter elected by the Meeting of Shareholders or, sometimes, by the Board of Directors, if such exists and is permitted to elect Directors by the Articles. Usually the Director of an offshore company is elected for an open term “until his successor is elected and qualifies”, but a fixed term can also be provided by the Articles, if desired. If there is more than one director, all the directors together comprise the company’s Board of Directors, in which case there would be a more complex system of decision-making process, involving certain especially important decisions passed only by qualified majority. In most offshore jurisdictions, companies are required to have at least one director, but may elect to have […]
2019-10-21
THE LLC CONCEPT The Limited Liability Company (LLC) has special features that distinguish it from ordinary companies. Like a corporation, an LLC has a legal existence separate and distinct from its owners. Like the shareholders and directors of an ordinary company, the members and managers of an LLC are not personally liable for the LLC’s debts and obligations. The principal attractions of the LLC for advisors and their clients are its operation and tax treatment: Operationally the management of the LLC functions similarly to a partnership and is governed by a written agreement among the members of the LLC; this is different from the traditional corporate governance of companies where management is outlined in the Articles of Association (also known as Bylaws). A properly structured LLC will be treated by many tax regimes as a pass-through entity with tax being paid by the members and not at the LLC level. […]
2019-10-21
The prestige enjoyed by Delaware as a corporate domicile is in part due to the emphasis which the state has placed in making its corporate laws, court system and infrastructure attractive to businesses. The success achieved by the state is reflected in the almost one third contribution to the income of the state government from registration and franchise taxes. Other frequently cited reasons for Delaware’s popularity as a company domicile include: 1. Delaware is the only state within the U.S. to have a separate Court of Chancery whose judges are highly experienced in company law. The decisions of that court have established a body of law relevant to corporations which are frequently followed by other courts in the U.S. The Delaware General Corporation Law is used as a standard by which the corporate laws of other states are tested; it is the corporate code that is used in most U.S. […]
2019-10-21
Overview There are two ways a company can be closed: Formal liquidation Striking-off the Companies Register If the company has been active, possibly with outstanding assets or liabilities and the directors wish to have a proper discharge from their duties, then placing the company into voluntary liquidation and appointing a liquidator to wind up the business is the preferred choice. If the shareholders and directors are satisfied there are no assets or liabilities remaining in the company, and it has not been considered an active business, they can request the company be struck from the Register. This is the quickest and least expensive option. Striking Company off the Companies Register A company may be struck off the register if the Registrar has reason to believe that a company is no longer trading or if the requisite fees have not been paid. In a voluntary striking, we advise the Registrar […]
2019-10-21
AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLES REPUBLIC OF CHINA AND THE GOVERNMENT OFTHE REPUBLIC OF SEYCHELLES FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASIONWITH RESPECT TO TAXES ON INCOME The Government of the People’s Republic of China and the Government of the Republic of Seychelles, Desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, Have agreed as follows Article 1 PERSONAL SCOPE This Agreement shall apply to persons who are residents of one or both of the Contracting States. Article 2 TAXES COVERED 1. This Agreement shall apply to taxes on income imposed on behalf of a Contracting State or of its local authorities, irrespective of the manner in which they are levied. 2. There shall be regarded as taxes on income all taxes imposed on total income, or […]
2019-10-21
Cayman Islands Corporations – Share Capitals and Shareholders Shareholders are protected by common law in the Cayman Islands. Under such law, a company’s director who has been neglectful of his responsibilities in maintaining the company may be held accountable and censured according to applicable laws. This is especially so if damages suffered by the company’s shareholders are grave. A shareholders’ meeting should be done at least once every year within the island for all types of companies residing within the island: Ordinary Resident; Ordinary Non-Resident; and Exempted Companies. There is no specified location where shareholders’ meetings must take place. However, non-resident companies are required to have at least one shareholders’ meeting within the island. Proper notice must be given and shareholders should be afforded ample time to receive such notice prior to the meeting. Shareholders’ resolutions are either special or ordinary, with the former requiring at least a two-thirds ratio […]
2019-10-21
Background THE CAYMAN ISLANDS are three small islands (Grand Cayman, Cayman Brac and Little Cayman) about 480 miles south of Miami, and just north of Jamaica in the Caribbean Sea. The population is made up of about 20% Caucasian, 25% black and 55% mixed race. The Cayman Islands are an English-speaking British Crown colony especially suitable for U.S. businessmen and Canadian businessmen owing to their close proximity to the U.S. and North America. The main industries are tourism, financial services, boat building and fishing. There are more than 500 bank and trust companies, and over 300 insurance companies registered in this world-famous tax haven. The Caymans receive over 500,000 tourists every year, most of them from the U.S.A. Legal System The Islands are a common law jurisdiction, and, aside from the addition of a number of statutes to reflect the particular needs of the business community, have adopted a […]
2019-10-21
BVI Company Registration and Maintenance Guide (1) – Introduction to British Virgin Islands BVI Company Registration and Maintenance Guide (2) – The BVI Business Companies BVI Company Registration and Maintenance Guide (3) – Major Features of British Virgin Islands Company (BVI Company) BVI Company Registration and Maintenance Guide (4) – Choosing the Name for a BVI Business Company BVI Company Registration and Maintenance Guide (5) – Memorandum and Articles of Association BVI Company Registration and Maintenance Guide (6) – Share Capital of Business Company BVI Company Registration and Maintenance Guide (7) – Registration Procedures BVI Company Registration and Maintenance Guide (8) – Readymade BVI Business Companies BVI Company Registration and Maintenance Guide (9) – Annual Renewal BVI Company Registration and Maintenance Guide (10) – Company Management BVI Company Registration and Maintenance Guide (11) – Directors and Officers BVI […]
2019-10-21
1. Books, Records and Common Seal A company incorporated under IBC Act shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company. A company incorporated under IBC Act shall keep minutes of all meetings of directors, members, committees of directors, committees of officers, and committees of members, and copies of all resolutions consented to by directors, members, committees of directors, committees of officers, and committees of members. The books, records and minutes required by this section shall be kept at the registered office of the company or at such other place as the directors determine. A company incorporated under IBC Act shall have a common seal and an imprint thereof shall be kept at the registered office of the company. A company that willfully contravenes this section is liable to a penalty of US$25.00 for each day […]
2019-10-21
Human resources and compensation management is a complex and time-consuming job which requires details and high level of accuracy. A comprehensive and an efficient Human Resources Report is critical for the improvement of performance and productivity. The Human Resources and Compensation Outsourcing Services of Kaizen aims to reduce the burden of client’s daily administrative work and ensuring a timely and effective support. As a professional accounting firm, Kaizen provides comprehensive compensation outsourcing services to both corporate clients and their employees, including but not limited to payment of salaries, analysis of compensation performances, maintenance of employees’ enrolment and resignation records, analysis of payroll reports, registration and payment of pension funds (MPF) and the filing of corporate/personal income tax returns. Our professional team will tailor make compensation management solutions to meet the needs of companies with different scales. We are committed to providing our clients with professional, high efficiency, high […]