The Oracle Capital Group monitors the regulatory climate and business environment in many offshore jurisdictions where we help clients set business presence. This February, we cover news from different locations. This update covers Bahamas, Jersey, UAE, HongKong and Bahrain.
The Dubai International Chamber said in a statement that Dubai plans to attract 50 multinational companies within three years, as Prince William continued his visit to the Emirates.
The plan is part of a three-year strategy. The chamber adopted new measures to boost the emirate’s status as a global trade hub. The effort will also support 100 Dubai-based companies with plans for international expansion.
The plan includes support measures developed to motivate multinational companies to list on the Dubai Financial Market. This strategic effort supports plan to boost Dubai’s foreign trade to Dh2 trillion, and explore 30 non-oil target markets.
Current legislation that governs limited partnerships (LP) established in Jersey may change.
A key expert industry working group proposed updates to the Law. The amendments to the Law has the following aims:
- to clarify the process for terminating a limited partnership;
- to modernise and resolve any ambiguity in the Law and build greater flexibility, recognising developments in other jurisdictions;
- to provide new reporting obligations and powers to the Registry to ensure the Register remains accurate; and
- To provide more expansive amendment powers through secondary legislation to facilitate quicker and more efficient legislative change in the future.
The European Union adopted a new regulation on Friday, 7 January, to update the EU AML blacklist. It includes delisting The Bahamas, just few days after the Financial Action Task Force’s (FATF) officially removed the island nation from the grey list of states deemed to have deficiencies in their anti-financial crime defences.
Therefore, the Bahamas is no longer subject to the FATF’s increased monitoring process. However, the Bahamas will continue to work with FATF to improve further its AML/CFT regime.
Bahrain has launched a new permanent residency visa to attract talent and investment. The nation attempts to restore the health of the economy by joining a cluster of other Gulf nations that have relaxed stay requirements for ex-pats.
The Golden Residency Visa, announced by the Interior Ministry in the beginning of February, will be renewed indefinitely. It includes the right to work in Bahrain, unlimited entry and exit, and residency for close family members.
Hong Kong’s Chief Executive Carrie Lam introduced the most draconian Covid rule to date by banning private gatherings of more than two families on 8 February.
The European Chamber of Commerce warned businesses that the city could remain internationally isolated until 2024.
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.