ARTICLES
100% Foreign Ownership in Bahrain
Bahrain has reduced the restrictions on foreign ownership and is making comprehensive changes to its corporate laws and procedures to allow for easier company incorporation and a modernization of its administration process. It is hoped that the changes will boost investment into Bahrain. 100% foreign ownership is now allowed in a number of different areas [...]
The Cayman Islands Trusts (Amendment) Law 2016
The amendment which was gazetted on the 23 November 2016 is intended to modernise the previous Trust law and introduces a couple of provisions designed to correct technical issues in the original legislation. Two of the more practical amendments are as follows:- - Trustees that are absent from the Cayman Islands for more than twelve [...]
Self-Employed Take Matters into Their Own Hands
It seems that we are constantly reporting on the lack of confidence and persecution felt by most contractors with regards to the UK government. Fiascos like Chancellor Philip Hammond proposals to raise national insurance on freelancers have led to the distinct feeling that the government does not appreciate the unique obstacles that the self-employed face [...]
Cyprus as an alternative for UK Financial Sector
With concerns over a ‘hard’ Brexit and the UK’s ability to secure an agreement that will still allow its financial institutions access to the European Union, it is no wonder that various countries are attempting to make themselves more attractive to companies with EU financial passporting concerns. Cyprus is one such country and for a number of reasons is [...]
Self-Employed Women on the Increase
Record numbers of women in the United Kingdom are choosing self-employment over traditional permanent positions. The flexible hours and remote working conditions are a particular draw to women returning to work after child birth. Scotland in particular has a much larger average of women in creative businesses than the rest of the UK. Since the early 2000’s [...]
United Kingdom and United Arab Emirates Double Taxation Agreement
The double taxation agreement is the first between these two countries and was signed on 12 April 2016 and came into force on the 25 December 2016. It contains important provisions to assist in determining the corporate residence of a company and confirms that there will be no withholding tax on dividends payable by a company resident in either [...]
Brexit Effect on Contracting Assignments
A recent survey form the Association of Professional Staffing Companies (APSCo) has shown that 85% of professional recruitment leaders in the UK predict business growth over the next twelve months. The survey was conducted to gain insight into issues, such as the Brexit, which currently effect growth in the recruitment sector. Almost all respondents agreed [...]
UK Treasury’s Response to Consultation on Taxation of Offshore Trusts
Plans to tax UK residents on payments from offshore trusts are being seriously reconsidered by the UK government due to fears that wealthy foreigners might consider leaving the UK. Deemed UK domiciled Settlors would have been taxed on all the gains of an offshore trust once they or a close family member had received benefit from the [...]
Number of Skilled Migrants Unaffected by Brexit
Despite fears regarding skilled recruitment from abroad post Brexit, it has not had the negative effect anticipated. In the first six months post Brexit inter-company transfer visa’s were up 3% on the previous year. Expert opinion has stated that specialist staff from abroad are often able to fill specific gaps in the employment market that [...]
Dubai’s New Wealth Management Working Group
Dubai is one of the most popular modern jurisdictions. This is due to a number of reasons, not least its extremely attractive tax regime, but also its reputable image and its focus on providing fiduciary services tailored to meet modern international requirements. In August of last year a media release confirmed the establishment of a Dubai International [...]
UK Annual Charge on Foreign Skilled Workers
As of April 2017 UK employers must pay a £1,000 annual charge for each foreign worker they employ with Tier 2 immigration status in an effort to encourage British businesses to recruit and train UK employees. There are reports that this will be extended to include EU workers once the UK exits the European Union. [...]
London’s Access to EU Market Post Brexit
Many firms were positive concerning London’s automatic access to EU markets after the UK vote to exit the European Union. However, now that the implementation process has begun the actual realities concerning this have become apparent. Whilst it was initially hoped that the aim would be to still to retain its current access to the [...]
National Insurance Contributions for the Self-Employed Not to be Raised
We repeatedly seem to be reporting on contractor’s disappointment in British government and how they fail to deliver on promises and recognise the unique aspects of the industry and support this. In the spring budget Chancellor Philip Hammond personified these complaints by completing reversing on election promises by announcing rises in the national insurance contributions [...]
Proposed Amendments to Jersey Trust Law
Last year Jersey issued a consultation paper proposing a 7th amendment to revise the Trusts (Jersey) Law 1984 in twelve areas where it is thought the legislation could benefit from modification. The first area under consultation is whether a trust needs a beneficiary at all times during its existence. Currently it is possible for a [...]
Cyprus abolishes immovable Property Tax
Last year the House of Representatives voted to allow a 75% discount on immovable property tax (IMT) if paid by 31 October 2016. At the same time it was approved to abolish this tax completely from 1 January 2017. Issues had previously arisen surrounding the Cypriot IMT as 1980’s property valuations were still being used to calculate [...]
Luxembourg Adopts New Tax Law
On the 13th July 2016 Luxembourg adopted Bill 5730, which is hoped will modernise and streamline its corporate environment. Whilst the bill is very comprehensive and at times somewhat complex some of the more positive aspects of the new law are highlighted below:- Sole shareholders are now possible One-step liquidation is now possible to dissolve [...]
Reserve Bank of India Further Relaxes Rules of Foreign Direct Investment in LLP’s
We reported previously on the Reserve Bank of India’s (RBI) decision to allow up to 100% foreign direct investment (FDI) under the automatic route, whereas previously it required approval. However existing companies wishing to convert to an LLP through FDI still required approval even though this had been liberalised in the governments revised policy. However on the [...]
New York Introduces Cyber Security Regulations
Professionals involved in IT protection who reside or are looking to reside in New York will expect to be inundated with work after the New York State Department of Financial Services proposed new regulations in September 2016 concerning the minimum cybersecurity obligations of financial institutions. The Department of Financial Services have cited cyber security as [...]
