Hong Kong’s extensive tax, trade and legal benefits, have made it a popular business choice for foreign investors who want to set up a local company. As a Special Administrative Region of China, Hong Kong is also the best gateway for doing business in Mainland China. Thanks to its territorial tax system, “offshore profits” derived …
EU AML framework developments on UBO registers and early structuring considerations
A. Background Information on AML framework and developments Currently the EU is placing significant attention to AML/CFT in light of the increasing numbers of terrorist attacks as well as the continuous revelations of the failure of the banking system to properly implement the AML laws and regulations and prevent money laundering. The ECB is heavily …
New BVI Economic Substance Laws and initial structuring considerations
A. Background Information The BVI Government introduced, with effect from 1 January 2019, a new legislation titled the Economic Substance (Companies and Limited Partnerships) Act 2018 (the Law), requiring certain legal entities to demonstrate adequate economic substance regarding taxation in the BVI. Any company registered in the BVI going forward must adhere to the new …