BVI NEW INTERNET BASED INFORMATION SYSTEM

The British Virgin Islands Financial Services Commission will be transitioning to a new and improved internet-based information system. This new system will offer a thorough electronic mechanism for handling, processing and receiving feedback on documents filed with the Registry of Corporate Affairs.

AUDIT EXEMPTIONS FOR CERTAIN FINANCIAL INTERMEDIARY COMPANIES IN THE UK

Small companies acting as financial intermediaries and carrying on activities such as arranging or advising on mortgages or engaging in general insurance mediation can once again opt to have unaudited accounts. This is provided they have a turnover of £5.6 million or less, a balance sheet total of £2.8 million or less, and would otherwise qualify as small but for their regulated activities.

CYPRUS COMPANY AS HOLDING COMPANY

The resent revision of the income tax law and others business related laws in Cyprus have resulted in some very interesting new possibilities for international businesses.
One particular such possibility which may be very beneficial in international taxation planning for businesses is the use of a Cyprus company as a Holding Company.

CYPRUS VAT ON IMPORTS

V.A.T. is imposed on all imported commodities whether the importer is a person liable to V.A.T. or not. ?n importation, it is considered as an import duty and it is charged and paid at the time at which the import duty is paid according to the customs legislation. V.A.T. paid on importation is considered to be an input tax for persons liable to V.A.T.

LIMITED LIABILITY PARTNERSHIP-UK

1. What is a limited liability partnership?

A limited liability partnership is a new form of legal business entity with limited liability.

2. What is the difference between a limited liability partnership and a limited company?

The main difference is that a limited liability partnership has the organizational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a company.