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Lawyer Monthly awarded INTERSHORES As the Corporate Services Firm Of The Year 2021
INTERSHORES is proudly awarded with “Legal Awards - Corporate Services Firm of the Year 2021” hosted by Lawyer Monthly, U.K. in Feb 2022 and has been invited to its Winners Edition below :
Press Release : https://legalawards.lawyer-monthly.com/press-release.pdf
2021 Winners Edition : https://legalawards.lawyer-monthly.com/winners-edition/96
The legal awards have been developed to celebrate the leaders, innovators and rising stars within law or legal related sector and their achievements and successes of the best and brightest. The award categories are designed to encourage nominations from business and the legal fraternity while also offering individual and team...
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INTERSHORES I Consideration For Choice Of Foreign Bank To Open An Account
Where to obtain a foreign bank account (for corporate or personal use) is a common question asked by international entrepreneur as he/she always wants to diversify risk aside ease of account opening. Consideration for choice of offshore bank is usually as follows:
1. The economic situation in the country where the bank is licensed.
2. Accessibility of the bank. For different clients and purposes for opening an account, the location of the bank's office can sometimes be important. However, digital support via zoom, skype or the bank's portal (online banking and mobile apps) can serve the very same purpose.
3. Reliability of the bank. Annual bank reports certified by...
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INTERSHORES I Seychelles-New Filing Requirements (Reminder)!
International Business Companies (Amendment) Act, 2021 in Seychelles requires all companies (IBCs) to produce their accounting records 2 times per year and be kept at the registered office in Seychelles.
The accounting periods runs from 1st Jan to 30th June and from 1st July to 31st Dec.
The accounts should be sent to the Seychelles agent by the 21st of either July or January.
Late filing will incur penalties specified by the registered agent. It is essential that you keep up to date with your accounting records filings.
If you want to know more or require assistance, please do not hesitate to contact us:
Whatsapp : (852) 6499 4686
Phone : (852) 2186 6936
Email :...
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INTERSHORES I Who's Behind The Mask (Service To Find BO For You)
Corporations are expected to know their customers and business partners they do business with. Any institutions within the scope of Anti-Money Laundering and Anti-Terrorist Financing regulations needs to disclose the UBO's identity for any of their business transactions.
Importance of UBO
1. To prevent financial maintent such as money laundering terrorist financing.
2. To protect against any business/financial risks, conflict of interests and reputation damages from any business transactions.
3. To prevent the risk of not knowing the true identity of the UBO of the company transacted with.
4. To mitigate the risk of competition issues and protect commercial secret.
...
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INTERSHORES I Budget 2022/23 On Business Registration
The Hong Kong financial secretary proposed in his 2022-23 Budget to waive business registration fee for one year, starting from 1 April 2022. Under the proposal, the fees payable in respect of business registration certificates and branch registration certificates that commence on or after 1 April 2022 but before 1 April 2023 will be reduced by a sum of HK$2000 and HK$73 respectively. Taking into account of the proposal, the Business Registration Office has not demanded the registration fee for the above period in the renewal certificate and demand note for the business or branch. The levy of HK$250 remains payable.
Whatsapp : (852) 6499 4686
Phone : (852) 2186 6936
Email :...
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INTERSHOERS I HKMA Guideline - Dormant Account And Unclaimed Deposits
The Hong Kong Monetary Authority (HKMA) has issued a circular to authorised institutions (AIs) on 18 November 2021 as a guideline to AIs’ handling of dormant accounts and unclaimed deposits. Based on their business and operational needs, AIs are expected to take a risk-based and proportionate approach in handling dormant accounts by taking the quantitative thresholds such as length of dormancy (say 10 years or more), age of the account holder (say 90 years or more), the amount left unclaimed (say HK$10,000 or more).
In this respect, the HKMA expects AIs to adopt the following measures to enhance the handling of dormant accounts so as to protect the interests of the owners or...
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INTERSHORES I Guidance On Meeting Arrangement During Pandemic
Introduction
The pandemic has affected business ecosystem resulting in gathering restriction which becomes a daily pertinent issue for private or listed companies in respect of annual and extraordinary meeting (AGMs/EGMs). The Hong Kong Chartered Governance Institute has issued guidance on 17 March 2022 in relation to meeting arrangement at pandemic.
Gathering restrictions
Regulations affecting meeting arrangements:
1. Prevention and Control of Disease (Requirements and Directions) (Business and Premises) Regulation’ (Cap 599F). Meetings can no longer be arranged at public ‘event premises', for example, hotels and conference centres until further notice. The Hong...
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INTERSHORES I Account Opening Requirements Update
The Senior Manager at Business Banking Segment Management team in Bank of China (Hong Kong) and the Associate Partner of Entity Compliance & Governance of Law at Ernst & Young spoke about bank account opening requirements, practice and challenges nowadays at The Hong Kong Chartered Corporate Governance Institute on 15 March 2022.
Bank Account Opening Challenges Nowadays
1. Banks in general do not welcome paper presence. Thus, it is crucial to provide the bank with sufficient documentation to validate the business presence in Hong Kong.
2. Company carrying out business in industries regarded as high risk by banks may make it difficult to open a bank account (e.g., virtual...
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INTERSHORES I High Risk Jurisdictions And Jurisdictions Under Increased Monitoring 4 March 2022
The Financial Action Task Force (“FATF”), the global standard-setting body for anti-money laundering and combating the financing of terrorism (“AML/CFT”), published the following on 4 March 2022:
1. FATF Statement on High-Risk Jurisdictions subject to a Call for Action
The FATF calls on its members and urges all jurisdictions,
i. to give special attention to business relationships and transactions with the DPRK, including DPRK companies, Financial Institutions and those acting on their behalves.
ii. to apply effective counter-measures, which we hereby do, and advise you to apply enhanced due diligence measures, including obtaining information on the...
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INTERSHORES I Seychelles Offshore Bank Account
Seychelles company formation with bank account is one of the rising popular options among various foreign investors. The island is located off the eastern coast of Africa in the Indian Ocean and the jurisdiction of Seychelles is often associated and commonly known to be popular tourist destinations, with its main economic activities revolving around tourism and fishing. In an effort to transit itself into a financial services hub, Seychelles maintained a pro-business stance and passed the Seychelles Investment Act which makes foreign investors who wish to incorporate in Seychelles possible but restrictions are placed upon industries that are active with local businesses such as taxi or...
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INTERSHOERS I Nevis Fact Sheet
The Nevis Business Corporation Ordinance was Nevis' first international financial services legislation, passed in 1984. It was drawn up by US lawyers and based on the model of Delaware Corporation laws. It is Nevis' version of the typical IBC or International Business Corporation and has stood the test of time by offering flexibility and benefits to those seeking a traditional share-based corporate structure for their business or holding operations.
Corporations are recognized and understood worldwide as being separate legal persons with rights and liabilities separate from those of their shareholders. Nevis also offers statutory confidentiality, broad powers and a fast and efficient...
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INTERSHORES I RAK Fact Sheet
Ras Al Khaimah is part of the United Arab Emirates, a constitutional federation of seven emirates located along the south eastern tip of the Arabian Peninsula. Qatar lies to the west, Saudi Arabia to the south and west and Oman to the north and east. The Federation was formally established in 1971.
Features
1. Type of Company. The International Company (IC) is the most popular option for foreign companies seeking to establish a presence in the UAE.
2. Restrictions on Trading. Can only operate within the activities detailed on the Memorandum.
3. Powers of Company. Companies Law stipulates that an IC may engage in any lawful activity except for insurance, banking and the...
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