Updates from Offshore Jurisdictions

Updates from Offshore Jurisdictions

Oracle Capital Group closely monitors the situation in offshore jurisdictions where we help our clients to set business presence. The summer of 2021 brought specific updates that we like to share.

UAE

The government of UAE announced a dramatic move. From June 2021 allows investors and entrepreneurs full ownership of companies.

Minister of Economy Abdullah bin Touq in a tweet confirmed that the latest decision is a new step that reflects the UAE government’s commitment to supporting the economy and enhancing its readiness for the future.

The landmark reform allowing foreign investors 100 per cent ownership of businesses should take effect from December 1, 2020. But as the number of sectors eligible for full ownership by foreign investors increased, the law came into force from June 1, 2021.

The year 2020 was a very good one for foreign direct investment (FDI) flow, showing 44.2% increase. FDI flows mostly into the digital economy, including Internet of Things, Artificial Intelligence, blockchain, medical knowhow, augmented and virtual reality (AR and VR), robotics, self-drive automobiles, renewable energy, innovation, and agritech, among others. The oil and gas sector was the busiest in attracting FDIs with Adnoc spearheading a number of big investment deals and partnerships. Several key players, including Pavel Durov moved to the UAE.

Hong Kong

Companies Registry released statistics for first half of 2021.

The total number of local companies registered under the Companies Ordinance as at the end of June this year was 1,384,504.

A total of 56,253 local companies were newly registered during the first half of 2021. This is an increase of 11.07 per cent if compared to the second half of 2020. The online incorporation fee was reduced.

The Registrar of Companies, Ms Kitty Tsui, said, “It is delightful to note that more applicants applying for incorporation of local companies choose to submit applications online after the reduction of fees payable for online incorporation of companies and registration of non-Hong Kong companies pursuant to the Companies (Fees) (Amendment) Regulation 2020.”

Jersey

During the 2020 the number of applications from HNWIs willing to permanently reside in Jersey nearly doubled. About 80% of them are coming from the UK.

Currently the applicant for Entitled status on economic grounds has to demonstrate the ability to generate an annual minimum tax contribution of GBP 145,000 and an annual sustainable, worldwide income comfortably and sustainably in excess of GBP 725,000. GBP 10 million is a minimum threshold of the net-worth.

Jersey has a great deal to offer in terms of a high-quality lifestyle, a pro-business political environment and a stable economy.

Singapore

The Ministry of Finance is in the process of merging the accountancy-related units in the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) secretariat into a strengthened accountancy function under one entity. ASC will remain as a Council appointed by the Minister for Finance.


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.

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