ARTICLES
Singapore to Become World’s biggest Private Banking Centre
Traditionally Switzerland has always ranked highest as the world’s private banking centre due to its stability, neutrality and confidentiality laws. However, that may be about to change. By the end of this decade it is expected that Singapore will overtake Switzerland as the number one global offshore wealth management capital of the world. This is due [...]
Irish Contractor Umbrella Companies
Many companies require you to work within a limited company structure for legal reasons. Using an umbrella company is a perfect solution for this. An umbrella company is already established and so there is no delay in signing contracts whilst this is set up and it will already have a bank account and be working at a level that meets [...]
Women in the field of International Contracting
There have always been less women in the field of international contracting than men, a recent survey has put this figure as less than half of that of men. There are roughly around one million female contractors in the UK compared to more than two and a half million men. But this could be set to change. [...]
European Commission Proposes Changes to Schengen Visa
The Schengen visa allows visitors to travel among twenty six European countries on a single visa. Studies have shown that most travellers are lost due to tiresome visa procedures resulting in a huge lose to the economy. It is hoped that proposals to aid the process of acquiring visas will result in attracting more visitors and subsequently [...]
UK Capital Gains for Non-Residents
Even if you are not a UK resident you may still have to pay UK Capital Gains Tax. In general you may not be liable for this, but there are some exceptions. This capital gains tax however may be avoided where there is a double taxation agreement between the UK and your country of residence. Factors that have [...]
Changes to Belgium Social Security Calculations
Belgium has made changes to its social security collection process meaning that come 2015 self-employed workers in Belgium will have to calculate their Belgium social security contributions differently. Currently it is possible for a newly self-employed person to make a provisional payment , subject to a minimum contribution level , based on the income of the [...]
Guernsey Limited Liability Partnerships
After much research into the laws of other jurisdictions Guernsey has approved draft legislation to introduce Limited Liability Partnerships. This is expected to receive Royal assent prior to July 2014. These corporate bodies combine features from traditional partnerships with features from limited liability companies. They are more commonly used where joint management is contemplated. Key features [...]
New Tax Legislation to effect Expats working in Belgium
The Belgium Government is currently preparing new draft legislation, this will include new rules for non-residents. This will likely come in for the assessment year 2015 meaning it will impact income for the year 2014. This is part of the 6th Belgium state reform and is aimed at getting a degree of autonomy within [...]
Hong Kong’s New Companies Ordinance and Trust Amendments
After a comprehensive rewrite that has been ongoing since 2006 the new companies ordinance came into effect on 3 March 2014. This has been introduced to enhance corporate governance, facilitate business, ensure better regulation and modernise the law. The aim of which is to fortify Hong Kong’s status as an international financial centre. Some of the [...]
Reclaiming VAT as a Limited Company Contractor
If you are a limited company contractor then you are only required to register for VAT in the UK if your company is expected to have a turnover exceeding £79,000 annually, although you may do this voluntarily even if your company is not expected to make this much. The reason to do this is because the majority [...]
UAE Company Types of offshore incorporations
The UAE is becoming a very popular place for offshore incorporation having completely recovered from the global financial crisis and with places like Dubai and Abu Dhabi making a name for themselves in the modern financial world. The UAE prides itself on its prestigious offshore financial reputation. Compared with some other offshore financial centres however it can seem a [...]
India Introduces the Companies Bill 2013
The Companies Bill 2012 had been much anticipated as it was approved in the Lower House on 18 December 2012 and after many months was passed in the Upper House on 8 August 2013, has now received Presidential assent and has been notified by the government on the 30 August 2013 and is now hereby [...]
The importance of Exchange Rates and the factors affecting them
People who do not go abroad could go their whole lives without concerning themselves with exchange rates. Certainly this would be a simpler world, however this is not the case for contractors who work abroad. When you work in a foreign country suddenly exchange rates become very important indeed. Imagine, if you will a first time [...]
Tax Relief for Special Economic Zone in India
The Indian government has announced that it is to exempt from service tax a number of services received by units which are located in a Special Economic Zone (SEZ), this will include an exemption from all indirect taxes for authorised operations. Developers will also benefit from these tax reliefs providing that it is for permitted [...]
Contracting in the Oil & Gas sector
Contracting in the Oil & Gas sector is a highly qualified well paid vocation that covers virtually the whole globe when it comes to location sites. Due to the enormous scope of territories this can make it a very complex field to deal with when it comes to salary payment, taxes and paperwork with each [...]
Offshore implementation of the Alternative Investment Fund Managers Directive
There are changes occurring across the entire offshore environment due to the Alternative Investment Fund Managers Directive (AIFMD) which was to be implemented across Europe from 22 July 2013. This is to ensure that any undertaking for collective investment raising monies from a number of investors with a view of investing them in accordance with [...]
Mauritius Tax Exempt Fund
The Financial Services Commission has introduced a new Special Purpose Fund (SPF). This allows for the setting up of tax neutral funds. This SPF will enjoy ‘tax exempt’ status in Mauritius providing it meets the following conditions; - Conducts investment only in countries which do not have tax arrangements with Mauritius - Invest only in securities whose [...]
Guernsey’s Dual Regime Interests US fund managers
Guernsey intends to operate a dual regime for distribution of funds. This will apply to both EU and non-EU countries. A funds delegation from Guernsey recently went to the US to update US contacts with details of the Island’s dual regime ahead of the EU and was reported to have been well attended and positively [...]
