May 27, 2020

By Nadzeya Tsimoshyna

 

Due to ongoing amendments in the international legal framework and tightening regulations worldwide, there is a progressive demand for the companies to strictly adhere to all legislative requirements and follow all corporate governance procedures in a proper manner.

THE LEGAL 500 WEBINAR

The Legal 500 and C.Samir & Co. LLC will be hosting a webinar to explore the impact of Covid-19 on investments in Cyprus, and the opportunities it is generating for potential investors. The session will explore the latest legal and economic developments and address questions relevant to a range of private and semi-governmental institutions.

 

April 27, 2020

By Athina Katiri, LLB, MSc Business Management 

 

Over the past few months, we have witnessed an unprecedented sequence of unfortunate events which not only affected our way of living and the healthcare system but also threaten to unbalance businesses and the economy on a global basis. 

Global markets have become increasingly complex, and it is likely that companies will be faced with a dreadful financial turmoil which will potentially and inevitably adversely affect their business value. We aim to provide a perspective on the evolving situation, the possible implications and the opportunities that Senior Executives can take advantage of.

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. 

Contact us

Igoumenitsas 12,
CONNECTEDSKY HOUSE, P.C. 2027,
Strovolos, Nicosia, Cyprus

Tel:
70003517 in Cyprus
+357 22258800 from abroad

Fax:
+357 22258801

Email: info@connectedsky.com