Canada now has new transparency measures for UBO’s
Starting in June of 2019, Federally Incorporated entities in Canada will be subject to a register of individuals that have significant control over the corporation to determine the UBO, whether directly or indirectly. The pressure around the globe for more transparency and compliance with regards to tax evasion, anti-money laundering…
FRANCE CONSIDERS PULLING OUT OF FATCA
France is currently in a position to renegotiate its tax treaty with the United States. This came after senior politicians explored ways to protect citizens with dual citizenship. It believes that if negotiations fail, France should pull out of the agreement. Introduced in 2010, FATCA requires financial institutions located anywhere…
USVI Annual Reports due by June 30th
All companies formed or qualified to do business in the US Virgin Islands must file an Annual Report and pay franchise tax to the Office of the Lieutenant Governor each year. The deadline is June 30, 2019. Need help with the preparation and filing of your annual…
Liens, Mexican Commercial Code, and the RUG
The Uniform Commercial Code (“UCC”) is a United States code and, as such, it can only provide coverage in US territory. Mexico’s secured financing laws are more complex than the UCC in the U.S. First of all, there is no central registry in Mexico to search for…
Corporation vs. LLC
A limited liability company, or “LLC”, is an unincorporated business entity which is a cross between a corporation and a partnership. Like a corporation, an LLC protects its members from personal liability for the debts and obligations of the company. Like a partnership, an LLC is typically formed by the…
Ontario Limited Partnerships- Are there any advantages?
A limited partnership (LP) is a partnership among persons carrying on business in common. It is composed of a general partner (or partners) and one or more limited partners. The limited partners benefit from limited liability.In an LP, management is conducted by the general partner(s), who is/are fully liable for…
New Federal Revenue Law 2019 in Mexico
Mexico has always generally been one of the more complex countries for compliance matters due to many legal and accounting regulations. On January 1, 2019, the Federal Revenue Law 2019 became effective which has brought about new changes that businesses must be aware of in order to stay compliant. The…
Luxembourg’s new UBO register
Effective on March 1st, 2019, Luxembourg has enacted a register of Ultimate Beneficial Owner’s (UBO), implementing provisions of the fourth Anti-Money Laundering Directive dated May 20, 2015 (the “AML Directive”). The new register will record information on individuals having effective control in entities that are in Luxembourg which aren’t listed…
Wyoming has two new House Bills
Wyoming House Bill 0070 was signed by the governor on 2/26/2019. This bill authorizes the Secretary of State, not later than December 31, 2021, to develop and implement a block chain based filing system for business entity and commercial filings otherwise required by law to be filed with the Secretary…
Massachusetts now accepts conformed signatures
The Massachusetts Secretary of State Corporations Division recently began accepting conformed signatures on all electronically submitted filings, including fax filings. Original hand signatures are still required when submitting documents over the counter or via mail in direct to state. Certain non-standard circumstances will call for over counter submission. This can…