The Guernsey Association of Compliance Officers (GACO) October
seminar covered the introduction of the Information Gateway Online
Reporter (IGOR), an online portal for the purpose of collecting and
exchanging Automatic Exchange of Information.
https://igorforum.digimap.gg GACO chairman and
Carey Olsen partner Mark Dunster said it is a key objective for the
association that Guernsey continues to be an early adopter of the
highest reporting standards: "Part of that process is ensuring
that the business community both understands what is required and
is supported in delivering those requirements."
Guernsey Income Tax office Compliance and International manager
Lee Harris, who is the project manager for IGOR, demonstrated the
new system that allows registered organisations in Guernsey to
submit and review reports related to their organisation in line
with the latest compliance regulations for US FATCA and other
Advocate Dunster said: "The processes that the Guernsey Tax
Office adopts for FATCA and other exchange of information regimes
are crucial to the way that the Island is perceived as an offshore
jurisdiction. Such initiatives help to maintain our position at the
forefront of the finance industry."
The presentation addressed some of the issues that had been
raised with IGOR since the passing of US FATCA reporting date on 30
June 2015. In particular, it was emphasised that in order to
register a financial institution, there must be an individual
global intermediary identification number. Mr Harris also advised
on the importance of correct registration and of seeking
appropriate legal advice about the types of reporting required.
Failure to comply with company law in Hong Kong can be very expensive for businesses. In a highly dynamic business and regulatory environment such as Hong Kong, it is challenging for business owners to remain fully aware of the latest legal requirements.
In our article " Characteristics of the Commercial Agency Law of the United Arab Emirates" published with Mondaq on 27.09.2016, we outlined the general applicability of the UAE Commercial Agency Law (Federal Law No. 18 of 1981 including its amendments).
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
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