... a new approach to its financial services licensing procedures (AFS) for certain applicants. ASIC has also released an actual guideline in this regard. Warren Day, ASIC Executive Director said the following: *"ASIC has reviewed the AFS license assessment processes and has streamlined its assessment processes in some limited respects. This is designed to avoid unnecessary delays that may aris...
Path: Blog...ated on the matter of undeclared income. The government plans to add more criteria to identify undeclared incomes and to decrease it. Worldwide business community challenged Bermuda in various matters. First, Caribbean Financial Action Task Force assessment of Bermuda's anti-money laundering and countering the financing of terrorism regime is an initiative Bermuda is currently working on. Chang...
Path: Blog...he companies, that invest in green technologies, will get the tax relief. Costs, spent on environmental-friendly equipment or machinery for business and/or on implementing renewable energy, will have deduction period. It is proposed to have a 1-year assessment period for all categories, but it is not a final, definite period. It is reasonable to monitor changes on this matter. • Taxpayers mig...
Path: Blog.... The removal of Mauritius from the FATF ‘grey-list’ shall be counted as a great success of bold measures taken by Mauritius, adhering jurisdiction to the highest standards of AML/CTF policies. Moreover, the EU Commission will now review the assessment by the FATF and in case they will agree with outputs financial watchdogs have made, Mauritius will be removed from EU Black List as well. ...
Path: Blog... He stated: “Their only goal is to get an Estonian license and use it to turn over very large sums, while Estonia gets nothing out of it.” Moreover, the Estonian watchdog has already revoked 1,808 crypto licenses in year 2020. However, a risk assessment performed by the authorities found that changes made up to that point were not enough to mitigate the risks. **Maeker Background** Ma...
Path: Blog... and the other two being non-executive directors. Also, the majority of the Board has to be permanent Cyprus residents and appropriate knowledge, experience and competence for them is a must. • Administrative, accounting, internal control, risk assessment, digital processing of data systems and confidentiality of data are required to be at the top-notch level. • Also, in order to ensure...
Path: Blog...– Nigeria is following almost the same path**. **Nigerian Securities and Exchange Commission (SEC) is setting up a new authority in order to study Crypto Investments** **Main purpose of the freshly-formed division is crypto investments aspects assessment in order to develop new regulation.** SEC, Nigerian financial market regulator, has set up a fintech division to study all crypto-relate...
Path: Blog...e case officer and the applicant firm, very often the FCA conducts interviews on a case-by-case basis to assess the key personnel more accurately. The standards to which the FCA benchmarks the applicant will become higher because of a more intensive assessment and greater scrutiny of the applicant’s financial and business models, but at the same time they declare that the application process wil...
Path: Blog...extremely secretive body and is not expected to make an official announcement about its plenary session, although a press briefing has been scheduled for this Friday. It is not clear if an official position on Malta will be announced until its final assessment document is published at some point between August and September. When contacted earlier this week, a spokesman for the FATF would not e...
Path: Blog...oing this introduction of new regulations will be set aside. Europe might not see any regulatory changes before the final quarter of this year, as MiFID II is currently in its third year of implementation. The European Commission published an impact assessment on MiFID II in February 2020 as well as invited feedback from market participants on various aspects. The feedback phase closed on the 18th...
Path: Blog...ms described above, along with many others that we have not yet imagined, simply by writing up the logic in a few lines of code. In a request for input (RFI) that was published on Tuesday, 25 December, CFTC clarifies that it is looking for public assessment on various questions about Ethereum, starting from its technology, to how it can be used. Respondents will have 60 days from the RFI’s an...
Path: BlogRecently, Jersey started to implement **international anti-money laundering and counter-financing of the terrorism standards**. Due to this, the **Jersey Financial Services Commission** initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees. How are the collection and analysis conducted? First of a...
Path: Blog...void it then please request a nominee service Taxation Singapore registered companies enjoy very attractive tax exemptions and incentives. Your company pays less than 9% for the first S$300,000 annual profits and 17% flat after that for Year assessment 2010-2012 on income sourced in Singapore. There are no capital gains or dividend taxes on Singapore companies. Excellent tax benefits and b...
Path: Companies...: From Roman alphabet Company name must end with such sufixes or their abbreviations: Limited In order to obtain a license, the following steps will be carried out: The client provides required documents for preliminary review assessment If structure and officers of a proposed company are confirmed, Offshorelicense Ltd. proceeds with incorporation of a Singapore company ...
Path: Licensing...ies for family-owned companies and cross-border entrepreneurs, large and small. Incorporating a Swiss company can offer many valuable benefits to its owners, including the following unbeatable fundamentals: Low tax rates - Tax liability and assessments are based on a clear inter-cantonal tax system and the use of tax rulings for special categories; Friendly business environment - In add...
Path: Licensing...llection of documents satisfying the application, KYC and DD requirements Registration of the proposed name of the company Incorporation of the Bermuda Co. Adopting board and shareholder resolutions Filling license application to the BMA’s assessment and Licensing Committee (the “ALC”): - Preparing the application forms - Reviewing the business plan and other documents formin...
Path: Licensing...in 12 months; Annual Accounts report – 21 months after the company is incorporated and 9 months after company’s Accounting Reference Date (ARD); Company Tax return – within 9 months after company’s Accounting Reference Date (ARD); Self-assessment tax return – 31st October if filing via paper, and 31st January if filing online Income Tax - 31st October if filing via pap...
Path: Accounting