Happy Holidays Corfu Magazine
Articles and Features (published quarterly) about Corfu and its many attractions
Continued from page 1
Vol. 2, No. 1; September 15, 2006
BARBADOS
Barbados has modern and flexible legislation which allows for cost effective and speedy incorporation and operation of companies formed under the International Business Companies Act of 1982. Government fees are $390 capital duty and $100 annual fee for a minimal authorized capital company. Bearer shares are not permitted and one director, who can also be the secretary, may operate the company from any location. The public register of companies discourages company names with terms such as "International" or "Global" and names can not include "Imperial", "Bank" or "Insurance" without licenses. Audited accounts need to be filed if total assets or revenue exceed $500,000. There are no exchange controls and Barbados has double tax treaties with the USA, UK, Canada, Norway, Sweden, Denmark and Switzerland. A registered office and agent must keep records, shelf companies are not available and details of shareholders are submitted to the Ministry of Finance.
BELIZE
Belize, formerly known as British Honduras, is an English speaking Commonwealth country on the sweltering Caribbean coast of Central America between Mexico and Guatemala. It has a Westminster style constitutional arrangement, free elections and peaceful transfers of power. A British garrison acts as a symbolic deterrent to Guatemala's long held territorial claims.
The country is relatively poor and under-populated (est. 212,000 in an area about the size of Wales or New Hampshire), but offers significant opportunities in the tourism, agriculture, marine culture and finance sectors, at least according to some experts. Its government operates an "Economic Citizenship Program" intended to stimulate inward investment and harness managerial and entrepreneurial skills.
Belize has modern and flexible legislation which allows for very cost effective and speedy incorporation and operation of companies formed under the International Business Companies Act of 1990. Government fees are only $100 capital duty and $100 annual fee for a minimal authorized capital company.
Bearer and no-par-value shares are permitted and one director, who can also be the secretary may operate the company from any location.
There is no public register, no accounts or annual returns need to be filed, no exchange controls are applicable to International Business Companies and there are no double tax treaties. A registered office and agent must keep minimal records such as copies of the register of members (minimum one shareholder) and directors with an impression of the seal. Shelf companies are available and company names may not include "Imperial", "Bank" or "Insurance" without licenses.
BERMUDA
Bermuda is a highly respected jurisdiction with tax neutrality and no exchange control for non-resident undertakings. It has an established stock exchange, political stability, modern business laws, a good judiciary and a very well developed professional infrastructure including a very respected captive insurance industry. With easy access by sea and air it's one of the favorite tax havens and destination resorts for the British and American establishment. It is also expensive.
Annual government fees are $1,680 and there are no double tax treaties. Companies formed as exempt under the Companies Act of 1981 enjoy substantial advantages, including: No capital duty; No restriction on where meetings are held; Bermuda directors are not required; No restriction on location of meetings; No annual return or filing, and; No exchange controls. However, there is public disclosure of directors, officers and shareholders, but not accounts. Identity of the beneficial owners must be disclosed to the authorities prior to incorporation and the granting of tax exempt status. There are no double tax treaties.
Bermuda is recommended for substantial public business enterprises, especially insurance activity or companies which wish to list their shares.
© 2005-2006 Happy Holidays Corfu
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A Tax Haven in the Med -
(continued from page 1)
BRITISH VIRGIN ISLANDS
The BVIs consist of 50 Islands located in the Caribbean approximately 50 miles east of Puerto Rico and has benefited greatly from extensive promotion by attorneys who moved their base of operation there from Panama during the Noriega regime.
The International Business Companies Act of 1984 is very flexible and permits the operation of companies with a minimum of fuss and cost. There is an annual tax of $300, provided the capital does not exceed $50,000, no-par-value and bearer shares are permitted and the company can be managed by one director without a secretary from any location. A registered office and agent are required. The only information on public file is the memorandum and articles, registered office and agent. There are no exchange controls or double tax treaties. Registration can be completed in one day and shelf companies are available.
CAYMEN ISLANDS
The Cayman Islands are a group of three islands in the Western Caribbean and one of the most well established of the Caribbean jurisdictions with a very sophisticated legal and banking infrastructure. It has recently made legislative changes to provide for greater flexibility, but is still expensive in comparison with other Caribbean jurisdictions.
There Are Two Types Of Companies: Non-Resident And Exempt.
A non-resident company must end with the word "Limited" or "Ltd." while an exempt company has no restriction except for words such as "Bank" and "Insurance". Capital duty payable upon incorporation is $500 and $427 respectively. Exempt companies are taxed at a flat rate of $500 per annum and may obtain a guarantee against the imposition of any future taxation for 20 years. Non-resident companies pay $427. Bearer shares are permitted to both, but only exempt companies can have no-par-value shares.
One corporate director may control the company from any jurisdiction and only a registered office in Cayman is required - a resident agent is not. The public file contains only the address of the registered office and a copy on the Memorandum and Articles of Association. No accounts need to be filed, but a limited report is required. Exempt companies must hold one directors meeting per year in the Caymans.
So, apparently my first inclination - to dismiss the idea out of hand - is but a knee-jerk response motivated by the notion that simply because such places do not now exist in Europe, it is impossible, or even morally reprehensible, to assume that they might someday be tried to the advantage of all concerned. With Corfu's tourism once again this year in the doldrums, perhaps it is time to begin thinking in a new way altogether. And perhaps my companion's idea of creating a tax haven in the Med - namely on Corfu - might not be such an extreme one after all. It's something to ponder.
~David A. Ross
Editor & Publisher
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