Lawyer blog - Law firm Finance Business Service: offshore registration, tax planning, legal services

Accepted the order for identifying the banks risk operations

Published: 29.08.2016 | Без категории

Tags:

#Banks #NBU

National Bank of Ukraine has established an order for identifying the banks risk operations From the first in September 2016 comes into force, established by the Board of the National Bank of Ukraine №369 from 15.08.2016, the order of the document analysis and verification by banks (information) on financial transactions and their participants (hereafter - the Order). In particular, the list of indicators of risk operations, as well as change some existing ones. Just would like to draw your attention that prior to the adoption of the above order, the identification of risk transactions were settled a few officials of the National Bank of Ukraine letters. This Procedure adopted in order to prevent the commission of risky activities by banks, threatening the interests of depositors or other creditors of the bank and increase the effectiveness of risk management. It should be noted that the provisions of the Order are binding on all banks in Ukraine, as well as all the branches of foreign banks in Ukraine. On the basis of the provisions of the Order, any bank is obliged to provide a comprehensive analysis and verification of documents (information) on financial transactions...

The liberalization of the requirements of the NBU continues

Published: 26.08.2016 | Без категории

In August 2016 the Board of the National Bank of Ukraine has taken a number of decisions, which are quite important. In particular, significant changes have touched: the procedure for the exchange of currency, lending practices by non-residents and residents of the order of transfer of funds, both in national and in foreign currency to non-residents. Next, we will focus in more detail on each of the following changes. Currency exchange An important and fundamental change, published 03.08.2015, the Instruction on the organization of currency exchange operations in the territory of Ukraine is the abolition of the requirement of a resident of documents confirming identity in carrying out various operations on the exchange or conversion rates. However, I would like to clarify that the changes do not cancel, and allow banking institutions not to require proof of identity of the resident in the commission of the following operations: Sale of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty thousand) hryvnia; The purchase of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty thousand)...

The draft law on simplification of export services

Published: 01.08.2016 |

Tags:

#Export #Legislation

July 12 the Verkhovna Rada adopted a basis the bill "On Amendments to Certain Legislative Acts of Ukraine (regarding the removal of administrative barriers to exports of services)." The adoption of this law will be an important step in the development of the export of services (particularly in the IT-sector) as will minimize bureaucratic delays and simplify the procedure of signing a foreign trade agreement, and accounting operations. Among the innovations: the possibility of a foreign trade agreement not only on paper but in electronic form - by taking the offer (public offer), electronic messaging or billing invoice; the abolition of exchange controls for the export of services (works) and intellectual property rights; recognition of invoice primary records sufficient to confirmation of economic operations, and to confirm the agreement of non-resident counterparty price and other terms of the contract. Payment of invoice shall be deemed acceptance of works and replace signatures and seals; the possibility of drafting primary and composite records in electronic form, as well as establishing new details: electronic signature, electronic signature or electronic signature of a...

The National Bank mitigated currency restrictions again

Published: 16.06.2016 |

Tags:

#Banks #NBU

June 7, 2016 the National Bank of Ukraine approved the Decree № 342 "On the settlement of the situation in the monetary and foreign exchange markets of Ukraine" (hereinafter - the "Regulation"), according to which continues a gradual mitigating the regime of currency regulation in Ukraine. Thus, according to the provisions of the Regulation: lowered from 75% to 65% the limit of the mandatory sale of revenues from abroad to accounts in foreign currency; twice increased the purchase limit of cash currency - from 6 to 12 thousand UAH per day; twice increased the issuance limit (receipt) cash from current and deposit accounts in foreign currency or banking metals - from 50 to 100 thousand UAH per day; abolished the restrictions on the volume of cash in national currency, which still amounted to 500 thousand UAH per day. In addition, the Resolution established limiting sizes and conditions for foreign currency transfers. For transfers that do not exceed the equivalent of 15 thousand UAH per day, can be performed without confirming documents and do not require the account opening. If the transfer of foreign currency exceeding the equivalent of 15 thousand UAH, it can be done...

European company (Societas Europaea)

Published: 09.06.2016 |

Tags:

#EU #Licensing #Offshores

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...

Real Estate Market Predictions for 2016

Published: 02.06.2016 |

Tags:

#Bulgaria #Investments #Real estate

"Forewarned is forearmed". This statement is suitable for majority fields in business area and for real estate market too. Where is planning price rising and where is reducing and why, market of what country choose, in what invest your money - long-term or short-term perspectives? To find the answers for all of this questions more easer when you keep a clear line of sight, what a real estate development for the coming year, experts predict... Bulgaria is European country and a big amount of foreign investment give an incentive for permanent development in all activity fields. A considerable share of investments directed to the real estate sector, what in turn give a good prospect. According to prediction - real estate market of Bulgaria will be rising in 2016. Unstable economic and political situation in Ukraine, conflict situation in Turkey ad Egypt play into the hands for Bulgaria. All this events induce interest among the citizen of these countries to the fallback maneuvers. Costumers of building company more often account a proposition for year-round stay, if so that in case of aggravation of the situation in the country could safely take the suitcase and leave. An...

Basic laws of Bulgaria

Published: 31.05.2016 |

Tags:

#Bulgaria #Legislation

In each developed country in the world, the main title documents, which shows all the state laws that have legal force, regulating the political, economic and legal system of the state is the Constitution. The main difference of Bulgarian legal system - transparency and accessibility. Before signing, the law is manifesting in the state newspaper "The State Gazette ". The newspaper publishing innovations, additional information on the laws; Ministries edicts; information regarding the opening of firms and changes in the authorized capital; proceedings in legal cases, etc. As soon as the laws came into force, they can be found in the city libraries, government organizations and companies. In addition, the information base can be removed from the Internet resources, specially designed sites. For the first time, the content of the legal part of the Constitution of the Republic of Bulgaria, was published in the "State Gazette" in 1991. To your review there is a brief summary legislative framework of Bulgaria below: «The law on the Bulgarian citizenship»; «Aliens Act»; «The Law on Local Taxes and Fees shall»; «The law on the right of ownership»; «Foreign Investment...

Preparation of the EU Law on the tax deals

Published: 30.05.2016 | blog

Tags:

#EU #Legislation

The European Union, which is mired in tax disputes with large multinational companies like Apple Inc. and McDonald's Corp., has announced his intention to restrain the government, who are trying to win over multinational companies by means of favorable tax benefits, enabling the latter reduce their tax liability by placing profits abroad. The European Commission, which has the right to prohibit unfair tax breaks provided by multinational companies, has announced his intention to limit the ability of EU Member States to adopt provisions that allow reducing tax burden for foreign companies. A document published by the European Commission determines how the regulator will provide support to Member States, and is a warning shot in the direction of the companies that are engaged in deducing profits, insisting that the transactions between related parties should be carried out at market prices. The document specifies that any intentions to deviate from the certain market prices should be limited and proportional. This applies to situations where it is impossible to determine a comparable transactions, for example, in matters of profits produced using sophisticated payment schemes...

Opening an entity in Bulgaria

Published: 24.05.2016 |

Tags:

#Bulgaria #Offshores

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...

Is it possible to get away from double taxation?

Published: 18.05.2016 |

Tags:

#Taxation #USA

In our article today we will try to found an answer for a popular question - how multinational companies of innovation technologies avoid a taxation? Also we will talk about one of the biggest international company nowadays. This company started with з producing PC in 1998 and pocket music player with rigid disk in 2001, this company has been developed technologies what we used to use in our daily life. Not even creative and challenging character helped them to get a success but also clever way in questions with taxation. Parliament proceeding on 2014 was announce that in period from 2009 to 2012 they could cover more than USD 44bn. Even do not pay attention that the general director said that they had any violations by their side. With that this occasion was beginning of a lot revolts as in the USA as in other countries, where this company have has an essential profit and pay misery tax. Fundamental in international taxation is based on such principle of "all income should be taxed only once." In other words, the rules relating to international taxation should not only allow to avoid double taxation, but also to avoid double tax evasion. After a short analysis of the tax...

Lawyer's Blogs