#Offshores Archives - Page 2 of 2 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Amendments to federal law on gambling are likely to be adopted at next parliamentary session of Australia

Published: Olena Vydysh | 18.09.2017 | blog

Recently in Australia, the reform of the regulatory environment concerning online gambling has been started. The proposed amendments to the basic federal law on gambling (Interactive Gambling Act - IGA) are at the final stage of consideration by the Australian parliament and are likely to be adopted at the next parliamentary session. The purpose of the bill on amending the IGA (hereinafter - the Bill) is the combat with illegal offshore gambling and provision of additional enforcement powers to the federal regulator - the Australian Communications and Media Authority (ACMA). 1. Requirement for licensing in Australia The draft law defines the concepts "regulated interactive gambling services" and "prohibited interactive gambling services". The main difference between these two categories of services is that it is not allowed to provide prohibited interactive gambling services to the individuals in Australia, while regulated online gambling services may be provided, but only by the operators licensed by the Australian regulator and authorized to provide data services in accordance with the terms of their license. Previously, the certain services classified according to the Bill were...

European company (Societas Europaea)

Published: Sergey Panov | 09.06.2016 |

European company (in a translation from Latin «Societas Europaea» - European societies) is a new legal form of business, which is designed to be a tool for deepening the integration processes of the European Community. The company formed (or transformed) in a form that can act throughout the European Union without a separate pass procedures of national treatment in each of them. The first draft of a European company (hereinafter - SE) was proposed in 1970. The idea was to create a concept of European company law, which was to unify all aspects of the SE, so that it can operate at a supranational level, the European Community, and not in accordance with the national law of the Member States. However, due to the need to harmonize a large number of issues, in particular the structure of organs, tax, employee participation in company management, etc., the work lasted for a long time and is difficult. The final version of the project, the replacement of the complete unified regulation, proposed a model of co-SE as a pan-European business regulation, and national regulations law. In 2001, it was decided the two main pieces of legislation the EU: Regulation on the Statute of SE...

General information about the global standard automatic exchange of information on accounts (AEOI & CRS)

Published: Sergey Panov | 06.06.2016 | news

What is the Global standard of automatic exchange of information about financial accounts (AEOI & CRS) (hereinafter - the "Global standard")? The global standard of automatic exchange of information on financial accounts (original title in English - Global Standard for Automatic Exchange of Financial Account Information in Tax Matters and Common Reporting Standard) is an international political initiative of the G20 member countries and countries participating in the Organization of Economic Cooperation and development (OECD / OECD), aimed at joint international fight against tax evasion and the illegal concealment of undeclared income in foreign financial institutions. How the requirements of Global standard implemented in real life? The OECD has developed and published the fundamentals and practical tools implementation of the Global standard, which were endorsed by the member countries of G20 at summit in September 2014. International obligations of countries participating in the global standard, in the vast majority are fixed in the form of accession to the Convention on mutual administrative assistance in the tax area on 25.01.1988 and by the signing and ratification of...

Opening an entity in Bulgaria

Published: Вита Новикова | 24.05.2016 | blog

Opening a firm in Bulgaria can give you a lot of advantages. Presence of entity will allow you to buy agricultural property and capital facilities, to use credit organization services sigh agreement on leasing, to use a wide range of services on an equal footing with residents. The main advantage is a possibility to operate commercial project on the EU territory. Registration and opening entity in Bulgaria Republic - LLC, SMLLC (Single Member Limited Liability Company) - it's not easy process, in what take part attorney at law and lawyer. During preparing registration, documents need to choose registration form for future company. LLC - Limited Liability Company - more often used registration form. Founders of such company have responsibility for capital identical to further capital; do not responsible for the circumstances that may fall on the company. The main advantage of opening LLC is a small capital - 2 Bulgarian lev. This form of registration is suitable for owners of small and medium business, buying agricultural property and capital facilities. Joint-stock company - registration during opening and cooperating of big business projects. In Bulgaria there are...

Parliament of Ukraine proposed to impose a tax on transactions from offshore jurisdictions

Published: Sergey Panov | 21.04.2016 | news

The Parliament of Ukraine once again registered the Draft Law on Amendments to the Tax Code of Ukraine on April 13, 2016 on introduction of a tax on transactions from offshore jurisdictions number 4413, by N. Korolevskaya and Y. Solod (hereinafter - the "Project number 4413 "). A memorandum to the Project number 4413 proposeto introduce a tax on transactions from offshore jurisdictions from 1 January 2017. The rate of the tax is set at 15% of the payment amount payable to non-residents that have offshore status. According to the memorandum to the Anti-offshore law, taxpayers are entities who pay for goods (works, services) to non-residents with offshore status, or perform calculations by such non-residents or their bank accounts (including opened in banks of Ukraine), regardless of whether such payment is made directly or through other residents or non-residents. To ensure the tax on transactions from offshore jurisdictions the banks will be banned to accept vouchers to perform conversion of funds to non-residents with offshore status without simultaneous offshore tax payment to the state budget of Ukraine. Initiators stated that these changes will allow to tighten control...

Abu Dhabi (UAE) Tax Free Zone is focused on the FinTech

Published: Sergey Panov | 12.03.2016 |

The Global Market of Abu Dhabi (ADGM), a new free zone in the United Arab Emirates (UAE), to strive to become a regional center of financial technologies, or "FinTech", said the Chairman Ahmed Al Sayegh, during a Global Financial Markets Forum 2016. Al Sayegh said that the investments in the global FinTech sector tripled between 2008 and 2014 reached $ 3 billion, And could double again by 2018. "However, now we have not seen a deep set FinTech ecosystems among the countries of Gulf Cooperation Council (GCC). The Chairman said that the world market in Abu Dhabi is committed to working with key stakeholders in order to create an environment conducive to FinTech sector. During his speech, Al Sayegh also drew attention to some of the events on the Global market. These include the Office of Financial Regulation and Supervision recognized as a member of the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision. The Global market for Abu Dhabi operating since October 2015. It offers companies a number of advantages, including tax exemptions for 50 years and acceptable rules on profit...

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