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Lawyer's Blogs

Analysis of exchange of tax information and investment in exchange for citizenship, taking into account the first results of the discussion organized by the OECD

Published: 24/05/2018 | blog
Tags:
#Asset Management#Business#Citizenship#Confidentiality#De-offshorization#Double taxation#Financial statements#Investments#Legislation#OECD#Offshore accounts#Offshore schemes#Offshores#Residence Permit#Tax planning#Tax reporting#Taxation

Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the “citizenship by the investment” (CBI - granting citizenship in exchange for investments) and “residence by the investment” (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes. On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including: AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region); ...

Which countries get into the offshore list?

Published: 18/05/2018 | blog
Tags:
#Black list#Offshores

As a result of widespread use of offshore schemes in business, many countries of the world have faced a serious problem: huge capital began to pass around the state budget. In order to protect the economic system, the states make up the lists of offshore jurisdictions - the so-called “black lists” of offshores. The countries and territories included in this list are subject to close monitoring and a special system of taxation. As a rule, they are characterized by the availability of fixed tax benefits for non-resident companies up to the complete exemption from taxation of all profits, a high level of confidentiality of information with respect to business owners, the lack of requirements for the submission of accounting and financial reporting, as well as insufficient cooperation with other countries in relation to exchange of information. The lists of offshores of different countries are different, but they often include a “traditional” block of countries, generally accepted for all state lists. Among such countries are: Dominica, Panama, Seychelles, Belize and others. The Ukrainian current legislation has two lists of unreliable states: The list of offshore...

Offshore for Trading Activities: Is It Necessary

Published: 16/05/2018 | blog
Tags:
#Business#Corporate law#De-offshorization#Export#Import#Legislation#NBU#Offshores#Tax planning#Tax reporting#TaxationTransfer pricing

Until recently, offshore companies have been actively used by the Ukrainian entrepreneurs in international trade to reduce the tax burden and keep business confidentiality. We will consider in this blog whether the situation has changed in the conditions of global deoffshorization, and in particular, tightening of the Ukrainian legislation. The field of trade has always been the simplest and most popular for offshore applications. One of the main goals of using offshore schemes in export-import transactions was to regulate the customs value of the goods, and, accordingly, the company’s trading profits. Offshore companies in such schemes were used as intermediaries between the seller and the buyer for the understatement of the value of goods during the export and overstatement - upon import. However, the process of deoffshorization has reached our country. The provisions for the control of transfer pricing started working in the Ukrainian legislation. The Cabinet of Ministers has approved and periodically reviews the list of the countries with preferential taxation (it includes both classic offshores and jurisdictions, the income tax rate for the companies which have 5 or more...

What danger is behind cheap offshore?

Published: 27/04/2018 | blog
Tags:
#Offshores#Panama#Офшори

Before buying an offshore, potential buyers usually compare the conditions of various vendors - so to speak, “ask the price”. At this stage, many people have the same questions: why are the prices for classic offshore companies so different? In fact, the cost of registration of such a company on the sites of competitors may be 5-10 times different. A tempting low price for an offshore company did not forebode good before, and the situation had worsened over the past year and a half to such an extent that at present, such a purchase might result in criminal prosecution. In this blog, we’ll figure out what forms the price of the offshore, how the sellers manage to reduce it and how relevant is the proverb about “cheap fish” and “bad broth”. What is included in the cost of an offshore company? The real offshore price consists of three important components, such as: Required minimum (cost price). This includes the registration of the company in the state register, payment of state duty, a basic package of documents, registration of the registration address, opening of an account in a local bank, international sending of documents and other mandatory...

How to choose a foreign bank and open an account in it in 2018: will it be easy?

Published: 17/04/2018 | blog
Tags:
#Asset Management#Business#Confidentiality#De-offshorization#Export#Import#OECD#Offshore accounts#Offshore schemes#Offshores#Tax planning

What is important to know when choosing a foreign bank in 2018 Recently, an increasing number of citizens, concerned about their future, the future of their family or business, face the issue whether it is possible to open an account in a foreign bank and what is required for this? Which bank to choose for this: European, offshore bank, etc.? Historically, (and sometimes it is quite justified) the trust to a foreign bank is higher than to local institutions, and obtaining, for example, a loan is possible on more favorable terms than in Ukrainian banks, moreover, many people wish to keep the confidentiality of their actual income. Regardless of whether you want to open a foreign bank account online in offshore or onshore jurisdictions, a number of aspects need to be considered and analyzed when choosing a bank. That is why the company Finance Business Service works with more than 100 banks around the world. We ask only really necessary questions in the process of selecting banks for our clients. The current situation in the banking shows that financial institutions are increasingly facing problems of unexpected loss of correspondent accounts in US dollars. In general, the US is...

European company (Societas Europaea)

Published: 09/06/2016 | blog
Tags:
#Business#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...

Opening an entity in Bulgaria

Published: 24/05/2016 | blog
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 only two...