Viewpoints
2019-10-21
Features and Registration Fees of Seychelles (International Business) Company 1. General Information Location The Seychelles is an independent nation in the Indian Ocean near the coast of eastern Africa composed of several islands. Government The country is a self-governing democracy and a member of the Commonwealth and the United Nations. Benefits The Seychelles offers a wide variety of services to the international community, including offshore banking, insurance and investments. Of particular interest is the International Business Company, which is an inexpensive, flexible and simple type of company that can be used for many purposes. 2. Major Features of Seychelles International Business Company The Seychelles International Business Company’s Acts 1994 was enacted to provide a comprehensive regime for the incorporation, regulation, operation and taxation of International Business Companies. This piece of legislation is extremely flexible and provides for a minimum of disclosure. Meetings need not take place in the Seychelles, and […]
2019-10-21
GENERAL INFORMATION OF BAHAMAS Location The Bahamas are a group of around 700 islands located off the south east coast of the state of Florida, USA and have been an independent member of the British Commonwealth since 1973. The Bahamas have one of the oldest parliamentary democracies in the western hemisphere and the islands have a political and legal system which closely follows the UK system and British common law applies. Population The population is approximately 255,000 centred principally on the capital city of Nassau on the island of New Providence. The Islands boast excellent communications with a state-of-the-art telephone system and convenient flight links to most major international air routes. Financial Infrastructure The Bahamas have an excellent range of international banks based in the islands with currently 396 banks holdings licenses under the Banks and Trust Companies Regulations Act 1965. Confidentiality is excellent with the English common law duty […]
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 […]