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| Dear Friend of Zetland, |
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| This month has seen great devastation in the Caribbean region. Many persons have lost their livelihoods and too many died tragically due to Hurricane Irma. The Zetland Team extends our deepest condolences and sympathies to all our colleagues in the Caribbean dealing with the aftermath of the disaster. Our Belize office was far from the storm and remains fully operational. |
| In keeping with international trends a change in Belize legislation has implemented the duty for each provider to keep a register of Beneficial Owners, imposing heavy fines otherwise. The legislation has also abolished Bearer Shares, creating a need for existing bearer shares in a Belizean IBC to be converted into registered shares or be null and void. On the other side of the world, in Hong Kong, new legislation has introduced the Significant Controllers Register. Our compliance team will be busy working with our clients to smoothly fulfil the legislative requirements in all our jurisdictions. |
| There has been an introduction of an inward re-domiciliation regime in Singapore, allowing foreign corporate entities to transfer their registration to Singapore instead of setting up subsidiaries- foreign corporate entities may want to relocate their regional and worldwide headquarters to Singapore and still retain their corporate history and branding. The regime is expected to be implemented by year end. |
| Please enjoy our articles, and feel free to write to us if you have any questions or require our services. |
Yours sincerely,
Marcin Galas
Group General Manager
Zetland Fiduciary Group |
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| The Significant Controllers Register |
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| The Companies (Amendment) Bill 2017 was gazetted on 23rd June 2017 and its provisions will come into operation effective 1st March 2018. |
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| Wills and Probate in Hong Kong |
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When it comes to ownership of property, Hong Kong law does not differentiate between residents and non-residents, or between nationalities. Similarly in terms of inheritance, there is no restriction on the persons to whom property may devolve on death, provided they are 18 or over.
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| The New Media - Zetland Official WeChat Account |
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With the rapid growth and popularization of digital technology, the media of marketing communication are also evolving at an alarming speed. Nowadays the Wechat has become one of the mainstream social and communication platforms in the mainland.
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| Belize Update |
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New amendments have been made to the International Business Companies Act, Chapter 270 of the Laws of Belize, Revised Edition 2011. In accordance to the Act, the amendments and new provisions passed on July 21st, 2017.
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| Singapore’s New Inward Re-domiciliation Regime |
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The Companies (Amendment) Act 2017 has introduced an inward re-domiciliation regime in Singapore, to allow foreign corporate entities to transfer their registration to Singapore instead of setting up subsidiaries.
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