Promotions at Hatstone’s South Africa Office

Hatstone has in the last six months promoted four of its lawyers in South Africa. Dr Erin Nel, who is an international trust and compliance specialist, was promoted to Senior Associate. Her role entails dealing with regulatory and trust-related matters, drafting corporate agreements and documents, wealth management, as well as supporting the Hatstone Group with local and […]

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Promotions at Hatstone’s Jersey Office

Hatstone’s Jersey office is delighted to announce the promotion of two of its lawyers. Private client specialist Michael Shenkin has been promoted to Of Counsel and corporate lawyer Marianne Hendry has been promoted to Senior Associate. Michael advises trustees, beneficiaries, family offices and private individuals on the establishment, maintenance, administration and governance of their structures […]

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Tax Amnesty for Panama Companies and Foundations

Panama has recently approved a new law, Tax Amnesty in Panama Law 99 of 2019 (the “Law”), relating to outstanding fines and penalties payable by Panamanian companies and foundations. Currently, companies and foundations that do not pay their annual tax of $300 and $400 respectively incur fines and penalties, which over time do add up. […]

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BVI – Economic Substance ‘Rules and Explanatory Notes’ Published

On October 9, 2019, the BVI International Tax Authority published the final version of their ‘Rules and Explanatory Notes’ (the “Rules”) on Economic Substance. The Rules replace the draft BVI Economic Substance Code (the “Code”). The Rules provide very important guidance and explanatory notes to assist with the interpretation of the Economic Substance (Companies and […]

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BVI – ECONOMIC SUBSTANCE – UPDATE: FINAL RULES AND EXPLANATORY NOTES EXPECTED TO BE PUBLISHED ON 30 SEPTEMBER 2019

By way of background, a first draft Economic Substance Code was published by the BVI International Tax Authority (“ITA”) in April 2019. It is anticipated that the final code, now referred to as Rules (and Explanatory Notes), will be published on 30 September 2019 (the “Rules”). A further update will be circulated once the final […]

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Hatstone’s Sanmari Crous qualifies as a CERTIFIED FINANCIAL PLANNER® Professional

Sanmari Crous has recently qualified as a CERTIFIED FINANCIAL PLANNER® Professional with the Financial Planning Institute of South Africa (FPI). This achievement comes after successfully completing a post-graduate diploma in Financial Planning at the University of Free State in 2018, which she passed with distinction, and sitting the professional competency exam in February this year. […]

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British Virgin Islands – Update on substance rules for BVI companies and limited partnerships

Introduction: Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) in the British Virgin Islands (BVI) on 1st January 2019 all BVI companies and all limited partnerships with legal personality will need to assess their compliance with the Act and submit compliance reports within six months after the end […]

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BVI Economic Substance – effective date delayed

In an extraordinary Gazette published 28 June 2019, the effective date for Economic Substance (Companies and Limited Partnerships) Act, 2018 (section 16 – deadline on economic substance reporting) coming into force was delayed from 30 June 2019 to 1 October 2019. We encourage all clients and users of BVI companies to take the necessary steps […]

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Company Formations: A jurisdictional guide to setting up a business

QUESTION ONE – What are the most common structures used when international clients want to form a company in your jurisdiction? Any examples? Examples of common structures utilised in the BVI, include: Primary Vehicle for Operational Companies. BVI companies are often used as the primary vehicle under which a business is operated. This can be […]

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Hatstone South Africa advises on major virtual healthcare services deal

Hatstone Lawyers Incorporated recently advised an industry-leading IT company in the successful conclusion of an agreement for the supply of virtual healthcare services in collaboration with one of the largest pharmaceutical retailers in South Africa. The service which is set to roll out nationally towards mid-2019 will allow patients to interface with a healthcare professional remotely via live […]

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British Virgin Islands – New Substance Rules for BVI Companies and Limited Partnerships

Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) in the British Virgin Islands (BVI) on 1st January 2019, BVI entities conducting certain business activities must meet economic substance requirements in the BVI. This BVI legislation was enacted in response to requirements established by the EU Code of Conduct […]

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