Purpose Trusts and Foundations
In physics, it is known as escape speed, it is the speed needed to `break free` from the gravitational attraction of a massive body, without further propulsion.
In offshore world, it is known as `beneficiary-less` bank account, it is the option to `keep low`.
As the name `Purpose` suggests, it is clear that purpose Trusts and Foundations are created in favour of a specified purpose rather than individual human beneficiary or beneficiaries.
Generally common law used to not recognize purpose Trusts established for purposes other than charitable purposes, such as for the relief of poverty, the advancement of religion, the advancement of education, or any other purposes beneficial to the community. English and other common law countries courts have over gone some changes over the years, and now permits for Trusts to be established for non-charitable purposes as well. However the main and real changes are mostly introduced offshore.
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.
What are Accounting Records?
“Accounting records”, means documents relating to assets and liabilities of the company, including receipts and expenditure, sales and purchases and other transactions.
What Account Records law requires for IBCs to keep?
1. that are sufficient to show and correctly explain the International Business Company`s transactions;
2. to enable the financial position of the International Business Company to be determined with reasonable accuracy at any time; and
3. to enable for accounts of the International Business Company to be prepared.
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.
In 1856 Alfred Escher founded "Schweizerische Kreditanstalt". The original purpose of which was to finance the expansion of the Nordostbahn/North-East Railway railroad network. And it was a big success and Credit Suisse evolved into a leading financial services provider globally.
Centuries of good reputation has recently been struck down by the charges for tax evasion, followed by the guilty plea by Credit Suisse’s main bank subsidiary.
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