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Dubai Multi Commodities Centre (DMCC), the world leading free trade zone for commodities trade and enterprise, has released research indicating more than a quarter of British firms have a greater appetite for international business expansion post-Brexit. The research, contained in a report titled "Brexit: the impact on British business and exploring new trade routes," also shows that, following UK Prime Minster Theresa May's Mansion House speech setting out her vision for the UK's relationship with the EU after Brexit, two-thirds (66.5 percent) of UK firms said they are actively looking at Dubai as a business location due to its geographical...

NEWS 2020

The Turks and Caicos Revenue Department has advised that businesses are now able to renew their licenses for the 2018/19 year. By law, all business owners must obtain a business license certificate and display that certificate prominently in the place of business. A USD1,000 penalty may be imposed for failing to comply with this requirement. The Department says all registered companies applying to renew their license must submit a copy of their register of members/shareholders and demonstration of good standing, while sole traders and partnerships must present a valid business name registration certificate from the island's Financial Services Commission along...

NEWS 2020

Guernsey's financial services promotion agency, Guernsey Finance, says its Hong Kong office has yielded significant benefits for the territory over the past 15 months. The agency opened its Hong Kong office at the end of 2016, to support its ongoing work in China, which began more than 10 years ago. "We have been aiming to increase awareness of Guernsey as an option for the full range of financial services," said Kate Clouston, Deputy Chief Executive at Guernsey Finance. "Our presence in Hong Kong has given us more visibility to the Hong Kong network of intermediaries and has better informed them...

NEWS 2020

The Isle of Man's Financial Services Authority is seeking views on proposed changes to the process for assessing individuals' fitness and propriety in respect of regulated entities. Fitness and propriety assessments are required under regulatory legislation and involve consideration of whether a particular individual is fit and proper to undertake a key role in a regulated entity. The assessment looks at an individual's integrity, competence, and solvency, and applies to 29 roles, described as "Controlled Functions." The proposed changes to the assessment would streamline the process, with some individuals previously subject to assessments no longer being required to submit forms...

NEWS 2020

The Isle of Man Companies Registry has reported that over two-thirds of listed companies have submitted annual beneficial ownership declarations. The declarations are required under the Beneficial Ownership Act, which was enacted last year in line with the Isle of Man Government's commitment to enhance agreements for the sharing of information about the beneficial ownership of corporate and legal entities, to help the UK combat financial crime and terrorism. Under the Act, all nominated officers or corporate service providers for legal entities must submit details of registrable beneficial owners who hold more than 25 percent of a legal entity's shares....

NEWS 2020

Abu Dhabi Global Market, the low-tax international financial center, has announced it is partnering with the Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to support China's One Belt One Road economic ambition. The Belt and Road initiative is a Chinese-led strategy to bind the economies and cultures of more than 60 countries by land and sea. The aim is that by 2050 the Belt and Road region will account for 80 percent of global GDP growth, and three billion more people will be advanced into the middle class. The partnership between ADGM and the Qianhai Authority...

NEWS 2020

Abu Dhabi Global Market, the low-tax financial center, has released regulations to implement the Common Reporting Standard, the OECD's new international standard for the automatic exchange of financial account information in tax matters. Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis. ADGM's CRS regulations require all ADGM-registered financial institutions to file an annual report by June 30, 2018. ADGM financial institutions were formerly notified of the CRS requirements and have already commenced collection of the relevant information from December 31, 2016, for...

NEWS 2020

China is now allowing foreign banks to sell and underwrite government bonds in the Shanghai Pilot Free Trade Zone. According to a statement from the Zone, restrictions on international ratings agencies carrying on business in the Zone, and mandatory reviews or approvals for transactions by foreign insurers in the Zone have also been removed. The changes follow the recent updating of the country's "negative list" of precluded foreign investments in the country's 11 free trade zones. The latest negative list continues to bar foreign banks from payment and bank card business in the Zone, and the list makes clear the...

NEWS 2020