Articles

Russia has recently adopted the Organisation for Economic Cooperation and Development (OECD) Anti-Bribery Convention. Alongside 34 OECD members which have previously undertaken the accession process, Russia is welcomed as an additional member.  The OECD said the adoption of the Convention is a major step for the nation towards upholding international anti-bribery standards. On April 17, … more »

A second protocol has been signed between the UK and Singapore.  The purpose of this 2nd protocol is to amend withholding tax rates for their Double Taxation Agreement (DTA). Now with this new protocol the withholding tax rate for dividends will be 0%, the exception will be in the case of real estate investment trusts … more »

The Statistical Service of Cyprus announces that it has published the new monthly electronic publication “Intra-Extra E.U Trade Statistics (by commodity and country)” for January – October 2011. It includes detailed quantity and value data on imports/arrivals and exports/dispatches of domestically produced goods and foreign goods classified by the 6th digit commodity code and by … more »

On February 17th, the government of Singapore will announce the 2012 country budget.   Of great interest is what will have been decided on the policy proposals from The Singapore Business Federation-led Small- and Medium-Sized Enterprise (SME) Committee. The government has been asked to put a focus and make decisions based on the following high priority … more »

OBLIGATORY ISSUE OF VAT INVOICES AND RECEIPTS According to the new amendments in VAT Legislation dated January 16, 2012, all Cyprus VAT Registered Companies are obliged to issue invoices and receipts when they are trading (in goods and services) with non – VAT registered companies and/or individuals. The invoice should include the following: i.        Date … more »

Due to the recent austerity measures imposed by the Cyprus Government Cyprus company compliance has been tightened and therefore all companies have to be up to date on the filing of Annual Returns. Prior to the implementation of new measures, the Registrar of companies had a relaxed approach toward compliance matters. Failure to submit the … more »

PROCEDURE TO ACQUIRE TEMPORARY WORK PERMIT FOR EMPLOYEES FROM NON – EUROPEAN COUNTRIES WHO ARE EMPLOYEED IN INTERNATIONAL COMPANIES IN CYPRUS An International Company registered in Cyprus can employ non – European personnel. In order to do so, the company must firstly apply for a permit to employ non-European personnel. The Required Documents are: Certificate … more »

Following a Law proposition the House of Representatives has decided, for a period of 6 months, to ban transfer fees where VAT is imposed on buying and selling and to reduce transfer fees by 50% in the remaining cases. more

According to Bank of Cyprus analytical Research, issued in June 2011, Cyprus is still an attractive regional financial hub, due to its strong rule of law, Euro-area membership and low corporate tax rate (10%). Of course, it is hard to give certain future investment activity predictions due to the world economic imbalance. However, Cyprus position … more »

In recent months Eltoma Corporate Services has been engaged in assisting clients with debt collection services.  This is now to be a new service offered by Eltoma (Singapore).  An agreement is in its last stages for cooperation between Eltoma (Singapore) and D & B Debt Collections. When you operate a business, you shoot make a … more »

Eltoma has worked with several clients on registering their trademark in Singapore. The application process is quick and low cost.  We are seeing an increased interest from our Russian clients that wish to protect their brand in Singapore.  Your brand is important and in order to protect it, you should register it as a trade … more »

Eltoma offers comprehensive solutions for the creation of EU-regulated Cyprus-domiciled financial services companies (Cypriot Investment Firms, hereinafter referred to as “CIF”).  Such CIFs are licensed to provide brokerage and portfolio management services in the EU and third countries.  The major benefit of creation of a CIF is that income derived from the transactions in financial … more »

Holding Structures – Advantages & Benefits A holding structure is an ideal way in which to manage diversification and growth of business operations.  There are a large number of benefits that can be seen by the implementation of a holding structure. A holding structure can address certain constraints, costs and risks; it ensures assets are … more »

On 26 August 2011 the House of Representatives voted as a first package of austerity measures a number of amendments to tax legislation for the purpose of raising revenues and decreasing government spending and for the objective of avoiding entry into the support mechanism. These changes relate to increasing various taxes, introducing a levy for … more »

The severity of the crackdown is almost certainly related to the financial crisis. Governments that imprudently increased their spending during the recent boom are now running record budget deficits. But heavily indebted governments are mistaken if they think their campaign against OFCs will solve their fiscal crisis. In reality such measures, by penalizing productive, wealth-generating … more »

Mixed In With Affiliate Marketing Are you a webmaster who needs funds to keep your website running? Or is your website the only way for you to earn income? Whichever you are, for as long as you are a webmaster or a web publisher and you need cash, affiliate marketing may work well for you. … more »

A Russian philanthropic foundation with the name “International Club Philanthropists and Patrons of Europe” unveiled plans to build the tallest statue of the world in Cyprus’ southern coast. Particularly the project will be located at Monagroulli village which is located in Limassol. The construction will cost 100 million euro and will be a 135 meter … more »