Vanuatu

: Business Environment Vanuatu is on the OECD's blacklist of tax havens deemed to be engaging in 'harmful tax' competition. Sanctions are due to be applied after April 2002. Vanuatu is not on the Financial Action Task Force's blacklist of jurisdictions deemed to be uncooperative in preventing money...

Turks and Caicos Islands

: Business Environment The Turks and Caicos is in the process of revising its legislation according to recommendations made in a UK-commissioned review by KPMG. The report was issued in February 2001. On 8 March 2002 the Turks and Caicos signed a letter of commitment agreeing to establish a system to...

Switzerland

: Business Environment While Switzerland is not a member of the European Union, it is a member of European Free Trade Association (EFTA). The agreement allows goods to move between Switzerland and the EU free of quotas and without customs barriers. Government has been negotiating bilateral sectoral...

St. Vincent and the Grenadines

: Business Environment Government is adjusting legislation so as to comply with the standards set by international organisations. St. Vincent and the Grenadines was targeted on three tax haven and anti-money laundering blacklists. The country was removed from the Organisation for Economic Cooperation...

St. Lucia

: Business Environment St. Lucia is a member of the Caribbean Community (Caricom). St. Lucia is a member of the Organisation of Eastern Caribbean States (Other members: Anguilla, Antigua and Barbuda, the British Virgin Islands, Dominica, Grenada, Montserrat, St. Kitts and Nevis, and St. Vincent and...

St. Kitts and Nevis

: Business Environment St. Kitts and Nevis is in the process of changing its financial services legislation so as to avoid punitive measures against offshore jurisdictions by the G-7 and OECD member countries. The G-7's Financial Stability Forum listed St. Kitts and Nevis among group three...

Singapore

: Business Environment Company law and securities regulation are undergoing changes as new legislation is being brought into force or being updated. The Monetary Authority of Singapore is the regulator for the banking, insurance, securities and futures industries. Under the Business Registration Act...

Panama

: Links Panama Directorate of Consular and Maritime Affairsama (Directorate of Consular and Maritime Affairs) Presidencia de la República de Panamá (Panamanian government) Panama Canal Authority Consulate General of Panama (New York) Superintendencia de Bancos

Niue

: Business Environment Organisation for Economic Cooperation and Development ces Niue Commits to Co-operate with OECD to Address Harmful Tax Practices 15/04/2002 - The OECD is pleased to announce that Niue has made a commitment to improve the transparency of its tax and regulatory systems and...

Nauru

: Offshore, Online's resources for each jurisdiction are listed at the bottom of the fact sheets. This fact sheet is being updated. Send any comments or corrections to Ahmed ElAmin (editor@offshoreon.com). Nauru’s economy is in a dismal state and the country could soon be in a crisis, the Asian...

Monaco

: Links: Gouvernement de Monaco (Government of Monaco) Division de la Propriété Intellectuelle (Division of Intellectual Property) Direction du Tourisme et des Congrès (Directorate of Tourism and Congresses)

Mauritius

: Business Environment Mauritius made a commitments to the OECD to eliminate harmful tax practices by the end of 2005. Under the Financial Services Development Act 2001 the Financial Services Commission took over the functions of the Stock Exchange Commission, the Controller of Insurance and the...

Malta

: Business Environment As Malta is one of the leading countries vying to become a member of the European Union, government is in the process of adapting legislation and the tax system to comply with EU directives. The Malta Financial Services Centre (MFSC) is the sole regulator of the financial...

Luxembourg

: Business Environment Luxembourg became one of the six founding countries of the European Economic Community, which later the European Union. Luxembourg joined the euro currency area in 1999. The establishment of the Luxembourg Stock Exchange and the 1929 laws on holding companies marked the...

Liechtenstein

: Business Environment Liechtenstein and Switzerland signed a tariff and trade agreement in 1924, which has evolved into an economic, monetary and postal union. As a result, the border between Switzerland and Liechtenstein is open and the Swiss franc is Liechtenstein’s legal currency. Liechtenstein...

Labuan

: Links Labuan Offshore Financial Services Authority Labuan Development Authority Bank Negara Malaysia (Central Bank of Malaysia) Securities Commission Holidays (2004) 1 January (New Year’s day), 1 February (Federal territory day), 22 and 23 January (Chinese New Year), 1 February (Hari Raya Qurban),...

Jersey

: Business Environment The main areas of business are banking, mutual funds, investment, treasury, trust, administration, and insurance. Jersey is not part of the European Union, but has a special relationship defined by a protocol attached to the UK’s membership in the European Community. Under the...

Isle of Man

: Business Environment As a UK crown dependency the Isle of Man’s relationship with the EU is defined by a protocol attached to the UK’s membership. The Isle of Man is not a member state of the European Union, nor is it an associate member. Under protocol 3 to the EU Act of Accession, the Isle of Man...

Hong Kong

: Business Environment Hong Kong is the world's tenth-largest trading entity and ninth-largest banking centre. At the end of 1999 Hong Kong was home to 285 financial institutions, including 76 of the world’s top 100 largest banks. The banking system held external assets of US$482 billion at the end...

Guernsey

: Business Environment The main areas of business are banking, mutual funds, investment, treasury, trust, administration, and insurance. Guernsey and Jersey (see Jersey Fact Sheet) and other dependencies make up the Channel Islands. As a UK crown dependency Guernsey’s relationship with the EU is...

Grenada

: Business Environment Grenada is a member of the Caribbean Community and market (Caricom) and of the Organisation of Eastern Caribbean States (OECS). The regional Eastern Caribbean Central Bank is responsible for regulating the availability of money and credit, maintaining monetary stability,...

Ireland (Dublin)

: Business Environment Ireland is a member of the European Union. Government designated Dublin as an international financial services centre (IFSC) in 1987. Many of the world’s major banks and insurance companies as well as the principal Irish institutions have established operations in the IFSC....

Gibraltar

: Business Environment Gibraltar's status as a UK colony and its relationship to Spain and the European Union is currently under negotiation. In April 2002 the European Court ruled that Gibraltar's exempt company tax concessions was not state aid under EU rules, but that qualifying company status...

Dominica

: Business Environment In October 2002 Dominica was taken off the Financial Action Task Force's blacklist of jurisdictions deemed as 'unco-operative' in the fight against money laundering. Dominica has also signed a letter committing the jurisdiction to implementing tax information exchange...

Cyprus

: Business Environment As Cyprus is working toward joining the EU and is considered a front runner for membership, legislation and the tax system are undergoing reform. Cyprus was listed by the Financial Stability Forum as a 'group three' country (low quality of supervision of financial sector) but...

Costa Rica

: Taxes The corporate income tax rate is 30% in 2004 a drop from 36% in 2003. Reduced rates are available for smaller companies. Corporate entities with gross income under C21,468,000 (Costa Rican colons) are subject to a 10% corporate income tax rate. Those with gross income over the amount but...

Cook Islands

: Business Environment The Cook Islands is on the Financial Action Task Force (FATF) blacklist of jurisdictions that do not meet international standards against money laundering. In March 2002 the jurisdiction made a commitment to the Organisation of Economic Cooperation and Development agreeing to...

Cayman Islands

: Business Environment Cayman Islands law allows exempted companies, exempted limited duration companies, exempted limited duration companies, exempted segregated portfolio companies, ordinary non-resident companies, ordinary (local) resident companies, foreign (overseas) companies, and continuations...

British Virgin Islands

: Business Environment British Virgin Islands legislation allows international business companies, banking and trust business, Insurance or re-insurance business, partnerships, and company management. Under the International Business Corporations Act 1984, international companies are authorised to...

Bermuda

: Business Environment The principal forms of business entity operating in Bermuda are companies, partnerships, and trusts. Bermuda exempted and permit companies (those registered in another jurisdiction, but doing business from Bermuda) receive an undertaking from Bermuda that they are not subject...

Belize

: Business Environment Government is in the process of changing its regulation of the offshore financial sector in response to the criticisms from the OECD which labelled it as a 'tax haven'. Belize has signed a letter of commitment with the OECD agreeing to exchange information with overseas...

Barbados

: Business Environment Barbados was identified by the OECD as one of the 35 jurisdictions considered to be a tax haven but was taken off the list in January 2002. The OECD said that Barbados' long standing tax exchange treaties with other jurisdictions were sufficient for the country to be excluded...

Bahrain

: Business Environment Bahrain's government has been promoting the island as a major financial centre to diversify the economy. The country's strengths lies in commercial, investment and corporate banking, project finance, foreign exchange and money brokering. It is also the leading centre for...

Bahamas

: The Bahamas is a centre for banking and mutual fund administration. The legislation allows for the incorporation of banks, trusts, insurance and reinsurance entities, mutual funds, international business companies, limited duration companies and exempted limited liability partnerships. The Bahamas...

Antigua and Barbuda

: Business Environment Antigua is a member of the Caribbean Community (Caricom) and of the Organisation of Eastern Caribbean States (OECS). The regional Eastern Caribbean Central Bank is responsible for regulating the availability of money and credit, maintaining monetary stability, maintaining a...

Anguilla

: Business Environment Anguilla is an overseas territory of the UK. It is a member of the Organisation of Eastern Caribbean States and of the Eastern Caribbean Central Bank (ECCB). Anguilla’s offshore sector is mainly based on company and trust services and to a lesser extent on offshore banking....

Directory of Service Providers

: Welcome to the service providers directory. Click on the country name to the right to see a list of service providers in each country. Service providers can submit their contact details for inclusion in OffshoreOn.com's directory. There is no charge to list your firm. Send us the following details...