Offshore Jurisdictions Update: December ’21

Offshore Jurisdictions Update: December ’21

The Oracle Capital Group monitors the regulatory climate and business environment in many offshore jurisdictions where we help clients set business presence. This December, we share important news from crucial locations. This update covers BVI, UAE and Malta.

British Virgin Islands will require DPA compliance

This July, the BVI Data Protection Act, 2021 (DPA) came into force.
The Act reminds the EU-style data protection principles (GDPR) to which BVI-based data controllers have to comply. Companies must collect personal data fairly and transparently. Any personal data collected should not be retained for longer than is necessary to fulfil the collection purposes.

With the new data protection law, businesses in the BVI must take steps to achieve compliance. Possible fines for non-compliance can emerge to up to $500,000 and possible imprisonment for up to 5 years.

Oracle Capital Group recommends starting personal data, employee and other personal data audits for your BVI company. Such audits will enable your business to formulate DPA-compliant policies and establish a relevant business process within your organisation.

Acquisition SPACs will become possible in the UAE

The Economy Ministry of the United Arab Emirates said it would allow the creation of companies for acquisition or merger purposes.

Another welcomed commercial law changes include allowing branches of licensed foreign companies to transform into UAE commercial firms. In addition, the ministry eliminated nationality requirements for members of companies’ boards of directors.

Before, the chairman and the majority of the members of a company’s board of directors were required to be UAE nationals.

The law enhances the quality of the UAE’s business climate to support the competitiveness of the national economy and the openness of the business environment.

Malta’s financial regulator has issued warnings

The Malta Financial Services Authority unequivocally targeted FxCityIndex, and Bristol Trading Limited.

FxCityIndex mentioned it was “authorised and regulated by MiFID firm and holds a Category 3 Investment Services Licence”.

In turn, the MFSA warned consumers that none of the two companies is registered in Malta or licenced in Malta to provide financial services.

Oracle Capital Group experts facilitate new company registrations for your business 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 business execution strategy that best suits your needs.

Most Recent News

UK Will Open New Business Immigration Routes

UK Will Open New Business Immigration Routes

UK Closes Immigration Route to Investors

UK Closes Immigration Route to Investors