BVI has new legislation- Economic Substance Act, 2018
Starting on January 1, 2019, the British Virgin Islands Government enacted new legislation, the Economic Substance (Companies and Limited Partnerships) Act, 2018. This act requires companies that perform the activities listed below, meet a list of economic substance requirements such as establishing a physical office in the BVI…
Global “Good Standing” Equivalents
When it comes to Good Standing Equivalent Certificates around the world, one size does not fit all. Generally speaking in the U.S., a “Certificate of Good Standing” (CGS) is issued by the state’s Secretary of State and the format is somewhat standard. There are state (or commonwealth) variations in what…
Extension granted by the UK for public ownership registers in the British Overseas Territories
The information and specific details of the owners of companies that are duly registered in the British Overseas Territories will not be made public until 2023. This news comes after the government in the UK delayed the mandatory creation of the registers to be used. An amendment was put on…
Barbados Abolishes IBC’s and ISRL’s
Effective January 1, 2019, Barbados has announced major changes to its corporate tax and international company regimes. This has been an effort to comply with the Organization of Economic Cooperation and Development’s framework on Base Erosion and Profit Shifting. One of the key changes include repealing the International Business Companies…
California Corporate and LLC Administrative Dissolution
Effective January 1, 2019, California domestic corporations and LLC’s will be subject to administrative dissolution or administrative cancellation if the entity’s powers, rights, and privileges are, and have been, suspended by the California Franchise Tax Board for a period of not less than 60 continuous months. How does the change…
New Hampshire’s new entity name legislation
Effective January 1, 2019, the New Hampshire Secretary of State has announced the business entity laws have been revised by adding criteria for determining distinguishability of names. The added provisions describe elements that do not constitute distinguishing factors such as plural forms of the same word, phonetic spelling of the…
2018 International Holiday Closings, By Jurisdiction
Most international registries will close for at least part of year-end and early January. In fact, some registries will be closed from mid-December through the first week of January! This makes year-end corporate document retrieval and international lien searches a particular challenge. We encourage our clients to place orders as…
Changes to New Hampshire Legislation
New Hampshire’s Senate Bill 413, part of which was put into effect in August 2018, repeals and reenacts the Late Reinstatement rules for Limited Liability Companies (LLCs). According to the updated legislation, if applying for late reinstatement more than 3 years after the effective date of dissolution, an LLC must…
Key Changes to Delaware Legislation
The State of Delaware has enacted significant changes to various legislation regarding corporations, LLCs and LPs. Some have been effective since the first of this month, while others go into effect in October and August of 2019. More details will be released in due course, but if you have questions…
India Adopts Significant Beneficial Owners Rules
With the goal of increasing corporate transparency, India’s Ministry of Corporate Affairs (MCA) recently passed the Companies Significant Beneficial Owners Rules (SBO Rules) of 2018, modifying Section 90 of the Companies Act 2013. According to the new legislation, every individual, including non-Indian persons and trustees/beneficiaries, who qualifies as a significant…