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Gibraltar to Offer Foundations

Gibraltar's Parliament recently passed a bill permitting the establishment of Private Foundations. A Private Foundation is an entity with separate legal personality that is able to hold and deal with property in its own name as legal and beneficial owner, as provided in the Foundation Charter. It is often used…
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Shanghai FTZ Reforms May Include New Port

The China (Shanghai) Pilot Free Trade Zone is to unveil reforms to liberalize regulations governing finance, foreign investment, and trade in the area, and a port may establish within the zone. The Zone, citing a Xinhua report, said that a free trade port will likely be established within the zones…
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BVI Affirms Commitment to Transparency

At a recent Hong Kong event, representatives from the British Virgin Islands outlined the territory's efforts to meet international tax transparency standards. At a Companies Registry's Corporate Governance Roundtable in Hong Kong, Leon Wheatley, Asia Representative of the British Virgin Islands Financial Services Commission, said that the territory operates and…
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Cyprus to Sign BEPS Convention in June

Cyprus has announced it will sign OECD Multilateral Convention to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS). The decision to sign the BEPS Convention was approved by the Council of Ministers on April 5, 2017. The Convention, developed by the OECD under Action 15 of…
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Isle of Man 'Prepared For Brexit'

The Isle of Man is as well positioned as possible at the start of the formal procedure for the United Kingdom to leave the European Union," the Isle of Man's Chief Minister, Howard Quayle, has said. The island's senior officers have been examining the impact of Brexit on the Isle…
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Jersey Seeks Free Trade Agreement Talk Involvement

Jersey hopes that the UK's membership of the World Trade Organization is extended to the territory as part of the UK quitting the European Union. Minister for External Relations Philip Bailhache said the UK's WTO membership should extend to both Guernsey and Jersey, as it does for the Isle of…
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Guernsey, China Insurance Regulators Sign MoU

Guernsey's financial services regulator, the Guernsey Financial Services Commission, recently signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission. The MoU sets out a statement of intent to establish a framework for mutual assistance and to facilitate the exchange of information between the authorities. The signing of…
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Bahamas Issues Automatic Tax Information Exchange Regulations

The Bahamas has made regulations in connection with its commitment to automatically exchange tax-related information with other territories. The Automatic Exchange of Financial Account Information Regulations 2017 set out reporting and record-keeping requirements for Bahamian financial institutions, and follows primary legislation passed earlier in the year to implement the Common…
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Shanghai FTZ Issues First All-In-One License

The Shanghai Pilot Free Trade Zone has issued its first ever all-in-one license to Sinopec Shanghai Gaoqiao Petrochemicals Company. The all-in-one license means that manufacturing businesses no longer need to apply for a permit for every new product. Zone authorities can now review a company's manufacturing facilities and all its…
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Shanghai Mayor Sets Out Plan for City's FTZ

Shanghai's Mayor, Ying Yong, set out plans to further the development of the China (Shanghai) Pilot Free Trade Zone at a recent press conference in Beijing. He said the Zone had attained its initial goals and would now be developed into a "high-standard free trade zone with open rules, transparent…
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