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New record keeping requirements for Panamanian companies

New record keeping requirements for Panamanian companies

From 1 January 2017 Panamanian companies that do not carry on business in Panama are required to keep accounting records and underlying documentation in the office of their registered agent in Panama or in other place outside Panama as determined by a company’s management bodies. The ‘accounting records’ mean the information which reflects company’s transactions,

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Latvia company formation

Seychelles ceased to have an offshore status for Latvia

The Regulations of the Cabinet of Ministers of Latvia No. 276 of 26 June 2001 “Terms on low-tax and tax-free countries or territories” contains the list of countries and territories that Latvia considers to be low-tax or tax-free. Seychelles are listed among them. The main consequence for a country of being “blacklisted” in the above

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Seychelles refuted creation of central register of company beneficial owners

The Seychelles Financial Services Authority (FSA) responded to the article published by the Reuters news agency on 6 July 2016, which reported the jurisdiction’s plans to establish a central register of company beneficial owners. In the press release dated 19 July 2016 the Regulator officially informed that “this is not the case”, and the authors

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Seychelles: New IBC Act 2016

The Republic of Seychelles plans to bring into force the new International Business Companies Act which was approved by the National Assembly on the 26 of July 2016. International business companies (IBC) are non-resident (“offshore”) companies that may not run business in Seychelles. Since the enactment of the existing Act of 1994 over 175,000 companies

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British authorities will discover beneficiaries in BVI and other jurisdictions

The Crown dependencies and overseas territories of the Great Britain have agreed to deliver information on company beneficial ownership to the UK competent bodies electronically within 24 hours, or within one hour in ‘urgent’ cases. These agreements have been achieved after months of negotiations. The leaders of the said territories promise the efficient cooperation with

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Antigua and Barbuda to abolish personal income tax

From April this year, the Government of Antigua and Barbuda plans to abolish personal income tax in its entirety. This tax was introduced in 2004 by the previous government. Currently the personal income tax is levied at a rate 10 per cent on income exceeding 36000 East Caribbean dollars (XCD) a year or 25 per

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BVI Legislation News 2015

The important changes have been introduced in the legislation of the British Virgin Islands (BVI) at the end of 2015. I. The first set of amendments concerns the company law (Business Companies Act, 2004 and Business Companies Regulations, 2012). 1. Directors’ details will be filed with the Registrar. According to the new section 118А of

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