The Oracle Capital Group follows the situation in offshore jurisdictions where we help our clients to set business presence. We share important news from key locations. This September update covers Ireland, Mauritius, Cayman Islands and Singapore.
The Cayman Islands Monetary Authority (CIMA) notified businesses about new filing dates for the Private Fund annual return form and fund entity form. The submission deadlines extended to this year October, 31. Every private fund registered with CIMA with financial reports for 2020 and 2021 will have to submit forms. Further extensions will not be granted. The standard extension time for years to come will be six months from the end of the financial year.
Important changes to the immigration laws of Mauritius have been effective since August. Changes enable easier and broader access to Mauritius by non-citizens.
From 5 August 2021, Mauritius introduced the Premium Investor Scheme with two broad classes of eligible projects:
Variant A. For those undertaking a minimum eligible investment of MUR 500M (US$ 11,550,000) in the number of sectors:
- first movers and pioneering industries;
- innovative technologies;
- emerging economic sectors; and
- separately approved by the Minister of Finance, Economic Planning and Development;
Variant B. those in relation to the manufacture of pharmaceutical or medical devices.
Holders of the Premium Investor Certificate may benefit from:
- rebates, exemptions and preferential rates, in relation to taxes, duties, fees, charges and levies under any enactment;
- facilities, grants and exemptions in relation to
- land and buildings;
- infrastructure and public facilities;
- utilities; and
- labour requirements, including foreign labour, as the Minister of Finance, Economic Planning and Development may approve.
Ireland is not going to scrap its low corporate tax regime to align with an international plan for a global tax of 15%. The finance minister, Paschal Donohoe, confirmed that to the national Irish TV channel RTÉ. He said the country’s 12.5% rate “has been a key feature of our economic policy now for decades”.
Ireland is one of just nine of 139 countries that rejected a draft agreement on international corporate tax reform at the Organisation for Economic Co-operation and Development (OECD).
The governments of Singapore and the UK have set up a new financial authority partnership that is designed to explore opportunities for greater financial cooperation, including enhanced information sharing and closer cooperation, according to a joint statement from the Monetary Authority of Singapore and the UK’s HM Treasury.
The two countries signed two agreements, one on financial services cooperation and another to enhance bilateral cyber security cooperation, including the sharing of cyber-related information and supervisory best practices.
Oracle Capital Group experts can facilitate new company registrations and manage start-up operations of offshore companies economically and swiftly. Oracle Capital Group can also recommend and deliver complete packages for an already existing offshore entity. From providing recommendations on which jurisdictions to explore and choosing the type of entity to form, Oracle Capital Group will provide guidance and execute a strategy that best suits your needs.