Main International Instruments for Information Exchange

February 28, 2013 - by Nida U.

There are several instruments that govern procedures related to information exchange between states, these are: Double Tax Treaties – DTT (aka double tax conventions – DTC), Tax Information Exchange Agreements – TIEA, Mutual Legal Assistance Treaties – MLAT and also there are some multilateral agreements available too.

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Do I get any signed document to ensure the nominee shareholder will not claim the ownership of the company?

February 25, 2013 - by Nida U.

The professional service relationship between a Nominee Shareholder and the actual owner of the offshore company would usually be confirmed by a Trust Declaration. By means of this legal document, the owner would at any time be able to prove his ultimate ownership of the shares in the IBC, and his rights to all benefits, dividends and proceeds from such shares.

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To FOREX (FX) or not to FX, that is the question! (Part 3)

February 20, 2013 - by Nida U.

(Part III) Application for a LICENCE to carry on, provide or transact any of the international financial services in or from within Belize.

When planning to start up your own business that involves money transmission services, don’t forget to obtain a special license, otherwise you can get into trouble! Under the Belize IFSC Statutory Instrument No 67 of 2007, we can assist obtaining special license. To be more specific, we can assist with licensing in Belize under thirteen different types of licenses.

Before starting to acquire a Belize broker, forex or any other licensed company, it is important to understand necessary application procedures and to have extensive understanding of the regulatory body that issues Belize special licenses. In Belize it is the IFSC (International Financial Services Commission) responsible for issuing and regulating all the thirteen different licenses.

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Settlor, Trustee, Beneficiray roles in a Trust

Answering Sean’s question left in comments on The origins of Trusts...:

"Sean - Could you please explain what is meant by A, B and C ?"

Just like in physics all smallest particles can be explained, in Trust all parties can be explained! I want to do it short, well, as short as possible, in order to understand something, as we see there is plenty of information, but it is always so long and tends to be very complicated.

At the very basic level, the concept of the trust is when a person (Settlor) places assets in the legal custody of another person (Trustee). Subsequently the trustee holds the assets for the benefit of some third party (Beneficiary). The trust is not a separate legal entity, but more of a legal "obligation" agreed between the two parties - the settlor and the trustee. This agreement is outlined in formal documents, which is known as the Trust Deed.

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The origins of Trusts…

February 7, 2013 - by Nida U.

Trust is a tool that is of somewhat similarity to a will, therefore development of this concept dates back when Roman law had developed this concept. First it was the development of the concept fidecommissum, which translates from latin “trust to commit” (fides – trust, committere – to commit). However this concept was never applied when creator would still be alive, hence just like a will.

The Trust we now know as a vehicle (legal relationship), which is used for the protection of one’s assets, property, estate, money, wealth e.t.c., originates, or shall I say was developed in England. One might say that the origins of trust are just as old as the origins of the term use. And use of land has existed since long ago, since medieval times - as long as 13th century. Why is the 13th century point of acknowledgement? This was because in this time the crusades were taking place and this is when trust was being used to convey ownership to a friend or someone trusted for the time while one would go into battle.

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