The International Tax Authority has issued the final Rules on Economic Substance in British Virgin Islands (BVI) setting out the implementation of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "Economic Substance Act"). The Rules were released on 9th October 2019.

Dear Clients,

We wish to remind you that all Cyprus Registered Companies should pay the amount of €350 as from the year of its registration and onwards.

A series of changes were approved by the Cabinet of Ministers regarding the Cyprus Investment Program. The Ministers have agreed to implement stricter criteria on the Program in order to achieve even more transparency. These changes have been approved and will come into force in May 2019.

It is with utmost pride and pleasure that we announce the latest achievement of our Founder & CEO, Charalambos Samir, who has recently been awarded the Professional Postgraduate Diploma in Private Wealth Advising (PPgD) by the Society of Trust and Estate Practitioners (STEP). 

On January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 came into force and applies to all “resident” BVI companies and limited partnerships. Companies and limited partnerships that are within the scope of the legislation are required to comply with the economic substance requirements under the Act from 30th June 2019.

The International Business Companies Act 2016 was amended by the International Business Companies (Amendment) Act 2018 with effective date 1st of January 2019 (hereinafter referred to as the “Amendments”).

It was officially announced on the 8th January 2019 by the Cyprus Registrar of Companies and Official Receiver, upon the opinion of the Attorney General, that the following Charges will no longer be eligible for registration:

ConnectedSky has received approval from the Republic of Cyprus with regard to proceeding with all necessary procedures and applications for the Cyprus Investment Program.

A number of company forms and procedures, including those related to the transfer of seat of companies to and from Cyprus, have been revised and updated in accordance with the companies (fees and rights) (amendment) regulations of 2018.

The Annual Levy on Cyprus Companies of €350 is payable by 30th of June of every calendar year.

The Amendment to the Belize International Business Companies Act was enacted with immediate effect in July 2017.

It is with great delight that we announce the official opening of our new fully-fledged office in World Trade Center Limassol, situated on the coastline in the very heart of the city.

We would like to inform you regarding the BVI Annual Fees deadline for the year 2017, that the payment must be received at our office no later than 12.05.2017. Due date is 26.05.2017.

The BVI Business Companies Act (Amendment of Schedule 1) (No. 2) Order, 2016 and the BVI Business Companies Act (Amendment of Schedules) Order, 2017 have revised the fees that the BVI Registry charges.

The Annual Levy on Cyprus Companies of €350 is payable by 30th June of every calendar year. Penalties will be imposed for failure to pay the 2017 levy by 30th June.

Earlier this week, the Cyprus government has further relaxed the criteria for foreigners in relation to the Cyprus Investment Program.

We inform you that some changes have been made to both the BVI Anti-Money Laundering legislation and the BVI Business Companies Act, that will affect the corporate procedures in 2016, and we are now required to undertake on your portfolio to ensure we are compliant with these new requirements.

The BVI Business Companies (Amendment) Act, 2015 (the “Amending Act”), which amends the BVI Business Companies Act, 2004 (the “2004 Act”), is expected to come into force in the coming months. 

On 30 October 2015, the Cyprus Tax Authorities issued a circular in relation to the introduction of a tax residency form (Form T.D.98) for the purpose of issuing a tax residency certificate to legal persons.

As a result of the 2012 amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 and the Partnership Act, 1996 (the “2012 Amendments”), all companies and limited partnerships registered in the BVI are now required to maintain “records and underlying documentation” and to keep such records and underlying documentation for a minimum of five (5) years.

Taxpayers must submit a temporary tax return (Form I.R.6 for legal persons and Form I.R.5 for self-employed individuals, attached for reference) before the 31st of July of each year based on the estimated current year’s taxable income and pay the equivalent temporary tax.

Contact us

Igoumenitsas 12,
Strovolos, Nicosia, Cyprus

70003517 in Cyprus
+357 22258800 from abroad

+357 22258801