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What is so great when choosing Hong Kong as jurisdictions for your company?
There are countless benefits for establishing company in Hong Kong (HK). To start with, HK is the leading international finance and business centre in the world and, for sure, the leading choice for foreign businesses in Asia. With its attractive and competitive tax regime, light business set up procedures, great infrastructure, excellent location, HK offers the fastest, easiest and one of the most affordable locations for businesses in Asian region. Establishing company in HK opens possibilities and a gateway to the Chinese market.
We very well know, that there changes that are happening now and happened already (amendments to the BVI ACT, more here) and we also know that such changes will continue to happen.
These changes are not a bad thing, in reality it is a good thing! These jurisdictions simply strive to comply with the International Transparency Standards, by implementing the new changes, and by doing so, these jurisdictions remain an option for us.
More about the background of the global transparency changes you can read here )
Seychelles is one of the jurisdictions that introduces changes, in fact a whole new IBC Act 2016, which in turn replaces the existing Act 1994 (Old Act). The National Assembly of Seychelles approved the IBC Act 2016 (New Act) on 26th of July, 2016, and it is in force as of 1st of November, 2016.
Some of you probably already noticed that SIBA now has a different website.
These changes are due to the Financial Services Authority Act 2013 and effective form March the 1st 2014, when the “SIBA” (Seychelles International Business Authority) was replaced by the “FSA” the Financial Services Authority.
Form the 16th of December 2013, pursuant to the amendments to the IBC Act, Seychelles IBCs are no longer permitted to issue bearer shares!
Well, not that this is something terrifying, since nowadays NO bank will open an account for a company, that is allowed to issue bearer shares, neither will this bearer share be AS confidential AS originally created to be (as explained in one previous publication: The naked truth about BEARER SHARES ), however this is a new change!
Further, all the IBCs created before, which issued bearer shares must exchange these shares for registered shares.
Planning to go offshore, but don’t know which jurisdiction to choose from?
This is a very common struggle clients meet, before establishing their first offshore company.
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