Latest Articles http://www.safeoffshore.net/ Articles at Offshore Bank Accounts en-us New Companies Act of Bermuda http://www.safeoffshore.net/misc/new-companies-act-of-bermuda.html http://www.safeoffshore.net/misc/new-companies-act-of-bermuda.html Fri, 13 Feb 2009 11:25:51 -0600 The Companies Act of Bermuda-HNS 2006, is expected to come into force in the near future. It includes a wide range of improvement of legislation in force since 1981, and is a response to the demands of the Minister of Finance to update the law so that «it is in line with the requirements of business twenty-first century». Key aspects of the new law include:

The companies now can be endless articles about the purpose of established joint-stock company

• Repealed the minimum amount of authorized capital
• The names of minor companies are allowed in languages other than English
• The company may own shares
• Advertising and documentation can be transmitted by e-mail or posted on the website
• The requirement for binding of the seal was lifted
• Directors of the company gained greater liability insurance

Currently, Bermuda companies are usually open in the next two - five days, depending on whether or not the approval of the Ministry, under the Companies Act 1981, as amended. The application for registration is made in the financial authority of the Bermuda-HNS, it specifies the details of the proposed trust management and the alleged name stored in the registrar of companies, are not allowed to use some ambiguous words, including the word «bank». If the requirements for the enterprise is not standard, the company may be formed by a parliamentary act, which takes about two months.

Local companies should be 60% owned by Bermudian owners, and may trade in the domestic economy. The two directors could not be out of the Bermuda-Second World War, and should not be shareholders. The Registrar may not be local but may be a shareholder. At the very least, require at least one shareholder, and with the exception of zero value of the shares. The minimum capital was previously $ 12 000, there is also an annual fee to the capital, which may or may not be represented in the form of shares.

The accounts must be kept in a local registered office, along with joint-stock the roster, and minutes of meetings of shareholders and directors, despite the fact that the accounts be closed for inspection. The share register, register of directors and officers, the certificate of registration of companies, memoranda, and founding documents are open to the public. Companies that do not lead the work, closed to access, but the old companies are available under certain circumstances.

]]> To register a company in Monaco has become easier http://www.safeoffshore.net/misc/to-register-a-company-in-monaco-has-become-easier.html http://www.safeoffshore.net/misc/to-register-a-company-in-monaco-has-become-easier.html Fri, 13 Feb 2009 11:22:27 -0600 The Principality has issued a new law on companies, which came to light a new kind of company SARL (socie'te 'a `resposibilite' limite'e).
Earlier, Monaco had 3 forms of companies: two kinds of partnerships with unlimited liability (SNC and SCS) and a limited company (SAM), with a fairly rigid structure.

]]> China "cover" offshore reinvestment http://www.safeoffshore.net/misc/china-cover-offshore-reinvestment.html http://www.safeoffshore.net/misc/china-cover-offshore-reinvestment.html Fri, 13 Feb 2009 11:19:34 -0600 The Chinese Government has begun rasledovaniem offshore tax evasion. The occasion was the publication of data showing that the bulk of investment of Chinese companies spent in the financial centers with low taxes.

According to the report Caribbean Net News, after the publication of data from the Ministry of Commerce of China there may be restrictions on the use of start offshore. Statistics showed that from January to May 2007 the main investors in the Chinese economy were Hong Kong, British Virgin Islands, Japan, South Korea, the United States, the Cayman Islands, Samoa, Taiwan and Mauritius. The report pointed out that the figures show the actual amount of foreign capital invested in different jurisdictions, representing 86.16% of the total foreign capital in China.

Now China adjusts tax laws. So far, local companies pay income tax at a rate of 33%, and foreign companies through a variety of benefits, can pay only 13%. Local firms are using the difference in establishing the company in Hong Kong, and other offshorah. They use these companies to reinvest in the mainland and will have the right to «foreign» tax rate. This practice has raised the performance of foreign direct investment of China for years.

World disputes over whether the offshore financial centers of international tax evasion, again came to the fore. This happened after U.S. lawmakers agreed to come to the negotiating table on Cayman of islands about plans to narrow the «tax gap» between what corporate taxpayers actually have and what are the taxes they pay. U.S. Senate demanded that the General Directorate of the U.S. financial statements (GAO) has sent an investigation team to the Cayman Islands, which registered the international law firm Maples & Calder. The company provides a legal address to thousands of companies, including and American. The company is accused of aiding tax evasion.

In its defense, the leaders of offshore financial centers, said that the country is the most important financial centers mezhdunarodnmi and that they firmly adhere to strict regulatory regimes, which are used in many major «onshore» financial world. In response to the demands of U.S. Senator head the Government of the Cayman Islands, Kurt Tibets said, - «We have absolutely nothing to hide»

]]> Offshore Isle of Man receives top "AAA" http://www.safeoffshore.net/misc/offshore-isle-of-man-receives-top-aaa.html http://www.safeoffshore.net/misc/offshore-isle-of-man-receives-top-aaa.html Fri, 13 Feb 2009 11:16:22 -0600 Standard and Poor's, an independent rating agency, confirmed that about. Maine has retained top "AAA", the highest possible. In its report Standard and Poor's noted the excellent "financial situation" and "a proactive policy of the Government in the development of industries with high added value."

The report also indicated that about. Maine has surpassed other jurisdictions rated «AAA», such as Singapore, Bermuda, Luxembourg and the UK, in terms of growth over the past 5 years. Treasurer jurisdiction Alan Bel, reacted to the statement read as follows: «always nice to get outside confirmation that the economy is in good shape». «Isle of Man - a great business center. According to our expectations, the confirmation of the rating will help to further attract investors to the island, will give further impetus to the development of economy »- he added.

Last year the Government. Meng announced that the economy is already growing jurisdiction for 22 years. In 2004-2005. it grew by 5.2%. GNP on. Maine for this period amounted to US $ 2.8 billion - an increase of 11.5% compared to the previous period.

]]> Britain Taxation http://www.safeoffshore.net/misc/britain-taxation.html http://www.safeoffshore.net/misc/britain-taxation.html Mon, 09 Feb 2009 10:46:21 -0600 Last year, the existence of a confidential hot line nearly 200 thousand Britons reported tax service to their friends, relatives and colleagues who suspected them of tax evasion.

And, unlike the U.S. or Australia, the UK stukachi do not receive monetary compensation for the surrender of neplatelschikov. For the idea of working, then. At the request newspapers «Times» according to the Law on Freedom of Information Tax Service called the exact numbers of calls to the hotline, e-mails, letters and faxes, as well as forwarding to the Customs hotline.

However, it is difficult to judge the effectiveness of this initiative, because the Treasury has not agreed to inform the «Times» or how many criminal cases have been successfully opened reportedly informants or how much additional tax was recovered as a result.

In February 2007, the tax launched a campaign encouraging employees to knock on their employers, which they suspected of not paying taxes and paying for sotsstrah. Then the director of the Tax Intelligence explained this by saying that «the non-payment of taxes and payments by employers to sotsstrah affected not only public pensions of employees, but also of other social benefits, such as disability benefits and unemployment benefits. If the employer does not pay taxes honestly, he deceives his law-abiding workers. »

However, as we have already reported, the Tax Service has demanded additional powers and penalties to recover money from neplatelschikov in order to achieve budgetary savings and efforts to prosecute some 200 thousand people a year. The document, released last month, the tax proposed to withdraw money directly from the accounts neplatelschikov if other measures to recover the taxes have not been successful.

]]> International initiative to combat offshores http://www.safeoffshore.net/misc/international-initiative-to-combat-offshores.html http://www.safeoffshore.net/misc/international-initiative-to-combat-offshores.html Mon, 09 Feb 2009 10:40:58 -0600 Tax administrations in Australia, Canada, Britain and the US announced that the fall of 2007 in London will open a second office of the Information Center «International Initiative against tax havens».

Also, Japan has accepted an invitation to the organization.

Tax authorities have developed plans to expand the scope of activities to further the exchange of information on best practices for risk assessment and other key areas of interest. Particular attention will be paid to improving the transparency of international transactions - to create a level playing field for law-abiding taxpayers.

The international initiative was founded in 2004 to support the work of the Australian Department of Taxation, the Tax Agency of Canada, the Royal Customs and Tax Service (UK), as well as the Internal Revenue Service (USA), on issues such as detecting and curbing tax evasion, persecution of «tax havens» and those who use them.

Head office of the organization is located in Washington, USA, and to ensure that all member countries to exchange information on tax evasion schemes, as well as those who develop and use them.

Note that the «International Initiative» - one of the most important coordinating organizations to combat Offshore, which has long been engaged in the developed world.

]]> Tax Britain wants to withdraw money from accounts http://www.safeoffshore.net/misc/tax-britain-wants-to-withdraw-money-from-accounts.html http://www.safeoffshore.net/misc/tax-britain-wants-to-withdraw-money-from-accounts.html Mon, 09 Feb 2009 10:37:56 -0600 There are currently being discussed in Britain is extremely controversial initiative Royal tax and customs departments. Want to get the tax authority to withdraw money directly from the accounts neplatelschikov.

The new powers, according to the tax, we need them in order to reduce the cost and scope of the prosecution of those with an average of 200 000 persons per year who do not pay taxes in full. And this is despite the fact that, for the recognition of the tax, in most cases, offenders have agreed to pay, if the issues raised. According to the tax: «Taxpayers who owe the tax service, in most cases have the funds or assets to pay debts, but failed to do so. Tax currently lacks authority to address this issue ». If the request of the tax is approved, then it will be possible to freeze funds to the individual bank accounts, in an amount equal to the alleged tax arrears. Then, the bank will transfer the tax funds after the «will be exhausted the rest of the way of collecting tax debts». Moreover, even discussed the possibility of the sale of real property of debtors.

No one was surprised by the fact that these proposals were met with squall of criticism from tax consultants. They generally agreed that it is - «unacceptable empowerment Revenue Service». Indeed, hardly anyone wants to see how the money disappeared from his account, even more so by mistake ...

Note that this seems to echo the recent amnesty for holders of offshore accounts. Obviously, estimating the amount of work on «dismantling» with hundreds of thousands of owners of accounts suspected of non-payment, which «ignored» amnesty, the tax has decided to pick them money. Indeed, that already there, and then you can understand.

]]> Madeira - Portugal last offshore http://www.safeoffshore.net/misc/madeira-portugal-last-offshore.html http://www.safeoffshore.net/misc/madeira-portugal-last-offshore.html Mon, 09 Feb 2009 10:35:45 -0600 According to the decision of the European Court of Justice in Portugal was only one resident: an archipelago of Madeira. Note that Madeira is not a traditional tax haven aimed at the huge turnover. Exemplary offshore financial center was established with the full consent of the European Community, and tax incentives designed in such a way as to avoid accusations and negative evaluations, which are so popular in relation to offshore zones.

Supervision and control is quite strict. The Government of Madeira, regardless of Portugal, but most of the laws written in Portuguese, including tax laws. At Madeira, there is the VAT, although lower than the normal rate of the Portuguese - 12 percent to 17 active «on the mainland». In addition, the Madeira operates the entire range of European Union law aimed against money laundering, which saves her from the reputation of the center of criminal activity.

The standard rate of corporate income tax in the offshore account for 36 per cent. However, offshore companies operating here are very attractive tax regime. For example, until 2011, they are exempt from corporate income tax, tax on capital gains tax on profits from investments, taxes, gift and inheritance, and many other fees and charges.

]]> BVI: company registration record http://www.safeoffshore.net/misc/bvi-company-registration-record.html http://www.safeoffshore.net/misc/bvi-company-registration-record.html Mon, 09 Feb 2009 10:33:39 -0600 International Financial Center of the British Virgin Islands report on the employment of new endeavors. In 2006, the islands were registered a record number of offshore companies - 65 thousand - 12% more than in 2005. The total number of companies in the Register of the BVI as an international business companies (IBC), and the BVI Business Companies, is nearly 775 thousand at 31 December 2006.

Noting that this is the second record year in a row, the head of the International Financial Center BVO said: "This confirms the correctness of the policy shift of the Companies Act of international business to the BVI Business Companies Act, the BVI, which will allow the jurisdiction to stay at the forefront of offshore business."

In addition, he noted further diversification of financial services. Over the past year, registered 57 new keptivnyh insurance companies for a total of over 400. Thus, jurisdiction is settled in as the third in the world center of offshore captive insurance business. Over the past year, also recorded 262 new investment company. Thus the total number of mutual and hedge funds at the beginning of 2007 to 2600.

Apart from the figures most importantly, the quality and diversity of businesses, leading companies BVI high as ever. This means the recognition of the high reputation of the jurisdiction for legal transactions through offshore companies.

]]> Scandinavia is struggling with offshore zones http://www.safeoffshore.net/misc/scandinavia-is-struggling-with-offshore-zones.html http://www.safeoffshore.net/misc/scandinavia-is-struggling-with-offshore-zones.html Fri, 30 Jan 2009 18:20:56 -0600 Finance Ministers of countries of Scandinavia, during its last meeting, noted the progress in negotiations on the signing of agreements on data exchange with a number of offshore jurisdictions. At the same time, they came to the conclusion that it was important to «safeguard measures» against non-cooperation which has not yet been observed. Finance Ministers of Denmark, Finland, Norway, Sweden and Iceland agreed that the increasing global integration turnovers did not help to monitor the international financial system and cooperation, so far, depends entirely on the willingness of some offshore.

In general, the statement said that while the country did not begin active cooperation in the exchange of data in the field of taxation, this issue will remain one of the most acute in the area of financial regulation. Scandinavian countries from July 2006 to negotiate the signing of agreements on data exchange in the field of tax jurisdictions that follow the requirements of the OECD. Is already making progress in talks with Aruba, the Isle of Man, Jersey and the Antilles, the Netherlands you. As soon begin negotiations with Bermuda, British Virgin Islands, Cayman Islands and Guernsey. Scandinavian countries in the next five years, plan to sign the bulk of these agreements, and so far the Ministry of Finance of the Scandinavian countries engaged in the development of «protection» from the Offshore, who do not wish to participate in the negotiation process.

]]>