Lawyer's Blogs

With the beginning of a new calendar year, businesses face changes not only in legislation but also in their operational models. As we move further into the second quarter of the 21st century, new standards are emerging for the banking and electronic payments industry. Failure to adapt to these standards may result in a loss of competitive positioning and market relevance. The payments sector is evolving rapidly, and providers must respond to increasingly demanding customer expectations.Real-Time Transfers: No Longer an Option, but a StandardReal-time payment systems have become an established regulatory standard in major jurisdictions.In the European Union, the Instant Payments Regulation (IPR) has entered into force, requiring banks and payment service providers to support SEPA Instant Credit Transfers — payments credited within 10 seconds and available 24/7/365 without additional fees. The regulation also introduces mandatory verification of payee and requires equal pricing for instant and regular transfers, enhancing security and reducing fraud risks.These developments mean that not only traditional banks but also fintech platforms operating in the EU must fully adapt their...

Intent-to-Use Filings · Office Actions · Post-Registration Maintenance · USPTO Audits · Fraud RisksIn Part I, we examined the risks that arise before and during filing: clearance search failures, ownership defects, improper use-based filings, and specimen mistakes. In this second part, we focus on what happens after the application is filed and why many trademarks are lost months or even years after an apparently “successful” registration.Intent-to-Use Applications: A Useful Tool and a Common TrapAn Intent-to-Use (ITU) application allows an applicant to secure priority before actual sales begin. However, ITU filings require strict follow-up steps. Failure to complete them turns ITU into one of the most common causes of abandoned applications.To mature into registration, an ITU application requires a timely Statement of Use with a compliant specimen under Section 1(b). Without this step, the application will be cancelled.Key ITU Risks:missing deadlines for filing the Statement of Use leads to automatic abandonment;inability to convert an ITU application into use-based after certain refusals;improper or defective specimens trigger the same fatal consequences described in...

The development of e-commerce and digital services within the European Union has significantly complicated VAT administration for businesses. Selling goods and services to end consumers in different EU countries traditionally required VAT registration in each jurisdiction separately.To simplify these processes, the European Union introduced the One Stop Shop (OSS) mechanism — a single system for declaring and paying VAT for cross-border B2C operations. For Cypriot companies actively operating in the European market, OSS has become a key tool for tax compliance.What OSS is and how it worksOne Stop Shop is an electronic portal that allows businesses to:● register for VAT purposes in one EU member state;● submit a single quarterly declaration for all relevant B2C operations within the EU;● pay VAT centrally, after which tax authorities distribute the amounts among the countries of consumption.The OSS system was launched on 1 July 2021 as part of a major EU VAT reform and is now the main mechanism for accounting for distance sales of goods within the EU and providing certain services to individuals in various member states.Who can use OSSThe OSS scheme covers several...

With the rise of digital content, copyright and intellectual property doctrines are being interpreted in new ways and shaping modern judicial and legal practice. Authors of digital (and other) works, some based on their own experience, others following recommendations, often include intellectual property disclaimers and claims of undisputed authorship as a preventive measure against potential lawsuits and media scandals. Yet, such “amulets” do not guarantee protection.Recently, the U.S. Court of Appeals for the Ninth Circuit issued a decision in Yonay v. Paramount Pictures Corporation, concerning copyright claims over the film Top Gun: Maverick. The plaintiffs, Shosh Yonay and Yuval Yonay, heirs of Ehud Yonay, author of the article Top Guns (1983) which inspired the original 1986 film, argued that the 2022 film infringed their copyrights because Paramount had not renewed the license after the rights reverted in 2020. The appellate court affirmed the lower court’s decision dismissing the claim due to the absence of the circumstances cited by the plaintiffs. Let’s examine the arguments and key factors behind the ruling.The lawsuit followed the 2020 legal termination of the...

The Mercury payment service began to close the accounts of American companies that have Ukrainian founders or employees. Shocked customers received a message from Mercury telling them their accounts had been closed. In its further explanations, the service clarified that strict measures will be applied to companies where Ukrainians live in Ukraine. A significant number of clients faced the urgent task of opening accounts elsewhere in a short period of time. The situation does not become simpler, because Ukrainians also face the question of remote opening procedures. Here are some alternative options for opening: 1. Payoneer • Features: Payoneer allows you to open a business account with the ability to receive payments in different currencies. The registration and verification procedure takes place online. This platform is popular among freelancers and small businesses. • Important: We are the official representative of Payoneer in Ukraine, and our partnership agreement allows us to offer unique service conditions to our clients (dedicated private manager, special reduced rates for service). 2. Wise Business • Features: Wise provides a multi-currency...

Article structure:The concept of venture investment Venture investment goalsInvestment stagesWe attract investment in startups. Convertible Notes, SAFETaxation of investmentsHow FBS can help1. What is venture investing?Venture investing (VC) in IT solutions, in contrast to conservative investment methods, for example, shares, ETF, or government bonds, is a high-risk way of investing to obtain multiple returns from innovative solutions in the field of modern technologies. Successful cases in this business amount to rates of x100 or more (in fact, much more) of the invested funds of investors.For example, one of the most successful venture funds Andreessen Horowitz has the following successful investment examples:  - 2009: $50 million in Skype, which will be acquired by Microsoft in 2011 for $8.5 billion.  - 2011: Investments in Zynga, Groupon and Instagram. Investments in Instagram amounted to 250 thousand US dollars, and income from the acquisition of Facebook in 2012 amounted to 78 million US dollars.  - 2012: $100 million investment in GitHub, generating $1 billion in profit for the fund.It should be noted that venture capital is not necessarily financial resources - it can...

The Ministry of Human Resources and Emiratization has announced the revision of labor laws in the United Arab Emirates with the introduction of Federal Decree-Law No. 33 of 2021 Governing Labor Relations and its Executive Regulations, in accordance with Cabinet Order No. 1 of 2022, which dialed effective February 2, 2022. By Ministry Resolution No. 27 of 2023, the UAE government has extended the transition period for fixed-term contracts from February 1, 2023 to December 31, 2023.Human resource management systems in Dubai must be able to adapt and incorporate any changes made by the UAE government. Below are some of the changes you should be aware of.Term contracts onlyThe new law abolishes the idea of open-ended contracts and allows only fixed-term contracts (maximum duration of three years). By February 2, 2023, companies must transfer all current employees who have open-ended contracts to fixed-term contracts.Notice for the probationary periodAlthough the new law retains the six-month limit for the probationary period, it now requires any party wishing to terminate employment during the probationary period to give at least 14 days' notice, and if the employee joins another...

Merchant account - what is it, who needs it and why? Merchant account is a special merchant account that allows the merchant company to accept payments from its clients 24 hours a day and 7 days a week without reference to the opening hours of the financial institution where the account is opened. Merchant accounts are opened for companies to be able to accept payments from clients of the company that pay with debit and credit cards (Visa, Mastercard and others). The availability of such an account at the company allows its customers to pay for goods at any time. Besides, existence of merchant account allows business to step boldly beyond geographical boundaries, since payments can be made from anywhere in the world. Both traditional banks and digital neo-banks open such accounts. Types of merchant accounts. Depending on the level of business risks accounts are divided into high-risk (high risk) and low-risk (low risk) groups. Often, high risk business includes such activities as dating sites and adult services (adult service); astrology, fortune telling, horoscopes; lotteries; travel services and air travel; gambling, betting, gaming; activities related to smoking and tobacco;...

What is an offshore company? To understand the definition of an offshore company, we must first understand what a "company" is and what is meant by "offshore". We can then better focus on a detailed understanding of the offshore company. We may define a company as any legal entity engaged in a legitimate business activity such as a property, partnership or corporation (whether public or private). Companies have various rights under the law. Offshore is a term that means outside of your own jurisdiction (i.e. offshore jurisdiction). Being on the water is not necessary to provide individuals with the security tax benefits that come with managing money in such companies. As a rule, offshore companies are located in another country/other countries with low or no tax. An offshore company structure is a legal offshore entity created in a particular jurisdiction, tax haven or offshore financial center, protected by special legislation that guarantees all the benefits of full tax exemption, except for a small annual license fee and, as a rule, a high level. privacy. This is a legal entity or company registered or created specifically for use by non-residents...