News & Insights 2021
< 2021 >
CSSF GUIDANCE ON VIRTUAL ASSETS
The Luxembourg Financial Sector Supervisory Commission (or Commission du Surveillance du Secteur Financier (CSSF) recently published a communication on virtual assets.
The CSSF is committed to promoting an open, technology-neutral, and prudent risk-based regulatory approach and aims to provide professionals with concise answers to the main practical issues they are facing. It also emphasizes that digital assets represent a large diversity range: from digital representations of traditional assets with a simple return/risk rationale to more complex representations of rights that are more difficult to assess.
If you would like to know more about the CSSF Guidance on Virtual Assets, click on the “read more” button below.
UBO REGISTRATION FOR TRUSTS AND DUTCH FUNDS FOR JOINT ACCOUNT
On 23 November 2021, a bill introducing a UBO register for ‘trust and similar legal constructions’ was adopted by the Dutch Senate.
The ratio of this registration obligation is to contribute to transparency for trusts and similar legal constructions and their beneficial owners. Dutch Funds for Joint Account are also covered by the bill as a 'similar legal construction'.
It is anticipated that the bill becomes effective as of 1 January 2022, hence registration should be done prior to 31 March 2022.
If you would like to know more about the UBO registration requirements for trusts and Dutch Fund for Joint Account, click on the “read more” button below.
OUR NEW OFFICE: CORPAG GERMANY
We are glad to announce our new office opening as of November 1st: Corpag Germany!
Located in the heart of Europe, and with an annual GDP of more than EUR 4 trillion, Germany is the fourth-largest economy in the world. Germany’s highly developed social market economy has one of the most skilled workforces. Germany’s major industries are car manufacture, machinery, household equipment, and chemicals.
Our office in central Frankfurt, which opened its doors in 2021, gives our clients unlimited access to Europe’s largest and strongest economy and its legal and financial infrastructure.
If you would like to know more about our new office in Germany, click on the “read more” button below.
< October 2021 >
LIFE AFTER BREXIT - FREE MOVEMENT OF PEOPLE
Did you know that freedom of movement between the United Kingdom and the European Union has been replaced by a point-based system for Skilled Workers entering the UK from EU countries?
Recent post-Brexit changes to the UK immigration laws put international business owners under the burden of carefully planning their workforce operations in the UK. Only with specialized legal advice and local support businesses will be able to continue expanding in the UK.
If you would like to know more about the free movement of people, click on the “read more” button below.
< September 2021 >
NEW STUDENTS AT OUR CORPAG COMMITMENT PROGRAM
Recently two new students have been selected for our Corpag Commitment
program in Peru.
Our (non-profit) Corpag Commitment program offers student loans to talented young people who strive for the best education but lack the financial means to obtain it. At the same time, Corpag Commitment offers a solid opportunity to invest in human capital with fair conditions. As Corpag is a strong believer of assuming ownership, the Corpag Commitment student loans are not donations. We view these loans as an educational partnership in which students repay their loan, plus modest interest, and we - in addition to lending money - offer internship and mentoring possibilities.
In the past few months, our team in Peru worked hard to make this project happen, and we would like to thank Crea+ Perú and Universidad San Ignacio de Loyola for the opportunity to assign their students to this promising project.
If you would like to see our post on LinkedIn, regarding our Corpag Commitment program, click on the “LinkedIn” button below.
Accounting is a fundamental part of any organization.
That is why we help our clients in setting up, managing and growing their businesses by providing them with the highest level of accounting services; always with a distinctive personal touch from some of the most experienced finance experts in the market.
If you would like to know more about the accounting services we provide, click on the “read more” button below.
< August 2021 >
OUR NEW EXPANSION: CORPAG DELAWARE
We are glad to announce our new expansion: Corpag Delaware!
Corpag Delaware will be acting as Registered Agent for all clients who desire to incorporate their companies and businesses in Delaware.
If you would like to see our post on LinkedIn, regarding Corpag Delaware, click on the “LinkedIn” button below.
LOOP STRUCTURES – PLANNING OPPORTUNITY FOR SOUTH AFRICANS
Do you know that the relaxation of the prohibition on ‘loop structures’ in South Africa leads to several investment and planning opportunities?
This change applies to all private individuals, companies and private equity funds which are tax resident in South Africa and allows them to hedge against domestic political, economic, and currency risk, whilst still maintaining their investments in high-yielding South African business and property.
If you would like to find out more this change, and the planning opportunities for South Africans which arise as a result, click on the “read more” button below.
< July 2021 >
DOING BUSINESS IN SWITZERLAND
Did you ever consider using Switzerland as a jurisdiction for organizing your international investments?
The Swiss government has shown a good balance between economic and social policies and public health, preserving global stability during crisis. With the highest level of service from some of the best-educated people in the business, Corpag can navigate you every step of the way when doing business in Switzerland.
If you would like to see our video about doing business in Switzerland, click on the “LinkedIn” button below.
< June 2021 >
ESCROW SERVICES IN ASIA PACIFIC
When closing a transaction, the parties involved are often struggling with the risk of exchanging assets and funds at the same time.
Escrow structures ensure that the parties do not bear the same risk as in open trade. Before any assets or documents exchange hands, the Escrow Agent ensures that both sides comply with the transaction documentation and that the required funds are available. The Escrow Agent acts independently and with a segregated bank account to protect all parties in the transaction from potential defaults and/or fraud by the other parties.
If you would like to find out more about how we assist our global clients with their Escrow needs from our offices in New Zealand and Hong Kong, click on the “read more” button below.
EU MANDATORY DISCLOSURE DIRECTIVE - UPDATE
Did you find it challenging to meet your DAC 6 recording and reporting obligations?
In March 2021, the EU even further expanded the obligations under the Directive on Administrative Cooperation by introducing the automatic exchange of information for digital Reporting Platform Operators with an EU nexus, which must be implemented in domestic legislation by 31 December 2022 (DAC 7).
If you would like to find out more about the relevant requirements, click on the “read more” button below.
< May 2021 >
MANDATORY TAX REPRESENTATION IN SPAIN
Did you know that you might need to appoint a local Tax Representative when doing business, making investments, or employing people in Spain as non-resident?
In the memorandum, we give a short overview of the different tax representation requirements for non-resident entities that want to have an establishment in Spain, their potential liabilities, and the services that Corpag offers to these clients.
If you would like to find out more about the different tax representation requirements, click on the “read more” button below.
< April 2021 >
TERMINATION OF A SINGAPORE COMPANY
Do you know all the options to process the termination of a company in Singapore?
In total, there are three options: striking off, voluntary liquidation, and compulsory winding up.
If you would like to find out more about these options and their criteria, processes, and estimated timelines, click on the “read more” button below.
NEW ZEALAND IN TIMES OF THE PANDEMIC
Did you know that New Zealand has been one of the most successful countries in the world in relation to the management of the Covid-19 pandemic?
New Zealand is one of the world’s most stable democracies. The political system is based on the British model and has demonstrated long-term stability. In a turbulent world, New Zealand stands out as a reassuringly sturdy beacon of economic, political, and social stability.
If you would like to find out more about the economic situation and recovery during the pandemic, the amended New Zealand foreign Trust Act, obtaining New Zealand residency, and investing in New Zealand in general, click on the “read more” button below.
US TAX TAXPAYERS
Postponed deadline for federal income tax filing and payment.
As a Covid-19 relief measure, the US Treasury Department and Internal Revenue Service (IRS) officially postponed the filing and payment of the federal income tax deadline from April 15th, 2021 to May 17th, 2021, giving the taxpayers one more month to file their 2020 tax returns and make any eventual payment.
If you would like to find out more about this matter, click on the “read more” button below.
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< March 2021 >
ECONOMIC SUBSTANCE REQUIREMENTS – BAHAMAS, BVI AND CAYMAN
Are you aware of the economic substance requirements for the Bahamas, British Virgin Islands, and the Cayman Islands?
The economic substance legislation for the Bahamas, British Virgin Islands and the Cayman Islands is fundamentally the same, the variations are small, but have been specifically tailored to reflect each jurisdiction’s particular focus and specialties in the industry.
If you would like to find out more about the difference of the economic substance legislation for the Bahamas, British Virgin Islands, and the Cayman Islands, click on the “read more” button below.
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< February 2021 >
TRUSTS- HOW TO RETAIN SOME CONTROL OVER YOUR ASSETS
Do you know how to retain control over your assets?
When dealing with personal wealth, the idea of transferring legal ownership of assets to a trustee can make people uneasy – despite the high-level of fiduciary duties imposed on the trustee by local regulatory requirements, equity, and law.
There are different ways to limit the “absolute control” that trustees may be regarded to have to ensure balance and peace of mind for settlers. If you would like to find out more about these ways, click on the “read more” button below.
OUR PARTNERSHIP WITH HNW GROUP
We are excited to announce the start of our great partnership with the HNW Group.
The strategic alliance will allow us both to leverage off existing knowledge, expertise, market insight and global reach to offer a unique integrated service to the Singapore, South East Asia and Hong Kong markets.
If you would like to find out more about this partnership, click on the “read more” button below.
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< January 2021 >
< 2021 >
US - CORPORATE TRANSPARENCY ACT
Do you know that it will be mandatory for certain US companies to disclose their beneficial owners’ information?
Business and incorporators will be faced with the CTA, which is designed to take actions against illegal activities conducted through anonymous shell companies by requiring the reporting of the identity of the “beneficial owners” of companies.
If you would like to find out more about relevant information regarding the Corporate Transparency Act, for example, what information is required to be reported, click on the “read more” button below.
LIFE AFTER BREXIT
Are you aware of the impact on the “Four EU Freedoms” regarding the Brexit Deal”?
The Brexit Deal is finally conducted between the UK and the EU, with a start of a new relationship effective of 1 January 2021. The Deal does not provide all definitive answers but sets out a framework on how matters will be negotiated moving forwards.
If you would like to find out more about the changes of the “Four EU Freedoms”, click on the “read more” button below.
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