Seychelles: International Business Companies Amendment Act, 2024
These changes introduce updates to the restoration process for struck-off companies, changes to the register of members, and inspection rights to the company’s register of director.
Nevis Income Tax Act Cap
Pursuant to the provisions of the Income Tax Act Cap 20.22, all Nevis Business Corporations (“NBCs”) and Nevis Limited Liability Companies (“LLCs”) are required to file annually a Corporate Income Tax Return (“CIT-101”).
Significant Update on BOI Reporting: Treasury Department Announces Major Changes
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., the Financial Crimes Enforcement Network (FinCEN) has reinstated the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).
Government taxes by jurisdiction
You can find here an overview of the government annual fees associated with corporate entities in various jurisdictions. Please note that the amounts and requirements may vary without notice, depending on the laws of each jurisdiction. This information aims to keep you informed of general obligations, though specific fees are subject to change based on local legal updates.
Panama | Accounting Records Regulation Update
On December 30, 2024, Executive Decree 177 was published, establishing new provisions for legal entities in Panama. These rules apply to corporations, limited liability companies, or any other type of entity, as well as private interest foundations that do not operate in Panama or generate income abroad, and those that hold assets within and/or outside Panama.
Nevis | Update on New Government Fees
We would like to inform you that the Government of Nevis has approved legislation that modifies the fees applicable to entities registered in Nevis, including Nevis Business Corporations (NBCs), Limited Liability Companies (LLCs), and Trusts. The new fees will take effect on April 1, 2025.
British Virgin Islands | Amendments to Business Companies and Limited Partnerships Act and Regulations
On 2 January 2025, the BVI Business Companies (Amendment) Act, 2024, BVI Business Companies (Amendment) Regulations, 2024 and BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 came into force; on 10 December 2024 the BVI Limited Partnership (Amendment) Regulations, 2024 and certain provisions of the BVI Limited Partnership (Amendment) Act, 2024, came into force, aiming to enhance the territory’s reputation as a leading offshore finance center, in keeping with the recommendations of the CFATF Mutual Evaluation Report, following the inspection conducted to the BVI jurisdiction in 2023. Key updates include:
Panama Corporate Registry: Registry of Final Beneficiaries everything you should know
During the years 2020 and 2021, several key pieces of legislation were passed in the Panama Corporate Registry.
Cayman Islands | Beneficial Ownership Regime – The Beneficial Ownership (Amendment) Act, 2023
The Cayman Islands Beneficial Ownership Transparency Act, 2023, which took effect on 31 July 2024, marks a significant regulatory shift aimed at increasing transparency in corporate ownership. This new legislation enhances accountability by mandating that previously exempt entities disclose their beneficial owners. The Ministry has confirmed that enforcement of the Act will not commence until early 2025, at which point all affected legal entities will be expected to be compliant.
BVI || 2024 Amendments – Business Companies and Limited Partnerships Act and Regulations
On 2 January 2025, the BVI Business Companies (Amendment) Act, 2024, BVI Business Companies (Amendment) Regulations, 2024 and BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 came into force; on 10 December 2024 the BVI Limited Partnership (Amendment) Regulations, 2024 and certain provisions of the BVI Limited Partnership (Amendment) Act, 2024, came into force, aiming to enhance the territory’s reputation as a leading offshore finance center, in keeping with the recommendations of the CFATF Mutual Evaluation Report, following the inspection conducted to the BVI jurisdiction in 2023.
