Jordans Trust Company blog

Our blog will keep you up-to-date and reliably informed about the latest insights and news from the world of business.

Cyprus reaches out to foreign innovators

Earlier this week, the Cypriot government approved a scheme to attract innovative start-ups to the Republic and thus benefit from its advantageous tax regimes for individuals and companies. The scheme effectively permits third-country (non-EU) entrepreneurs with a start-up capital of at least €50,000 to set up their headquarters and achieve tax residence in Cyprus, provided the proposed...
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Requirement to Correct: one last shot for your offshore matters and transfers to be in order

The reporting of income or assets in UK tax returns relating to offshore matters will be under greater scrutiny by HMRC with the introduction of a harsher penalty regime. HMRC announced their plans for the under-reporting of UK tax assets outside the UK in December 2016, along with a final opportunity to make sure everything is in order, with the “Requirement to Correct” initiative. With...
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Companies House aiming to be 100% digital

“The Writing’s on the wall for paper filing”, and “Don’t get left behind, file online”, are the messages coming out of Companies House in their current campaign to promote their digital services to accountants and encourage them to file their accounts online. Companies House has declared its intentions to become a 100% digital organisation by the end of 2018/19 in order to increase...
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Stricter Seychelles IBC accounting records requirements

I blogged recently about the record keeping requirements of a company under the new Seychelles IBC legislation, the International Business Companies Act, 2016 (the “Act”). That blog included details about the holding of accounting records under the Act. This blog sets out the requirements in more detail. While there is still no requirement to file accounts in the jurisdiction,...
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New record keeping requirements for Seychelles IBCs

The International Business Companies Act, 2016 (the “2016 Act”), which came into force on 1 December 2016, has changed the way that a Seychelles IBC must keep and maintain its registers and records. There are four key areas to be considered: 1. Minutes and resolutions: The minutes and resolutions passed by the members and directors may be kept at such place inside or outside of...
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Article amendment in the double taxation convention between Cyprus and Russia

An agreement has been reached regarding the postponement of the Protocol amending Article 13 of the double taxation convention between Cyprus and Russia, which was signed in October 2010. The said amendment provides for the taxation of capital gains from the sale of shares of companies deriving more than 50% of their value from immovable property, in the country where the immovable property...
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Seychelles: Reserve directors can protect single person companies

The new International Business Companies Act, 2016 (the “ 2016 Act ”) will, when it comes into force on 1 December 2016, introduce the concept of reserve directors in Seychelles. The use of reserve directors has been prevalent in the BVI as part of succession planning since they were introduced in the BVI Business Companies Act, 2004. Where a Seychelles IBC has only...
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Seychelles International Business Companies Act 2016

The legislation governing Seychelles international business companies is currently set out in the International Business Companies Act, 1994. This is to be replaced by the International Business Companies Act, 2016, which will come into force on 1 December 2016. There are some significant changes to the regime and our detailed note on the new Act can be found here . The more...
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England: Law Society practice note about e-signatures for contracts

In July 2016, the Law Society released a practice note which was developed to help parties and their advisers who wish to execute commercial contracts using an electronic signature or who wish to enter into a commercial contract with others that intend to execute the contract with an electronic signature. The practice note does not focus on any one method of electronic signature,...
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Seychelles Foundations – their nature and advantages

Foundations are most easily visualised as a combination of a company and a trust. They are increasingly being used by UK citizens, particularly entrepreneurs, for wealth management purposes. Foundations have a separate legal personality and can therefore hold their own assets, contract with third parties and sue in their own name and in their own capacity. A foundation does...
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