Economic Substance Rules
30. June 2020
Reporting: The first financial period ends on 30 June 2020
Most of the countries offering Offshore Domiciliation for companies have introduced Economic substance rules. The relevant laws have been enacted in the first days of January 2019. For many these new set of rules did not sink into consciousness until spring 2019. Whoever administers an Offshore company in one of the countries concerned (Channel Islands, Isle of Man, BVI, Cayman etc.) must check whether the company is to be classified of engaging in a so-called “relevant activity”. Among others, trade structures, companies that own intellectual property and receive royalties or "pure equity holding" companies are affected. Those affected should address the relevant issues as soon as possible. Restructuring/reorganization takes time and should - whenever possible - be completed or initialized before 30 June 2020.
Non-compliance with the rules will result in fines and/or imprisonment for natural persons. The companies concerned can be deleted from the register. To be deleted from the register sooner or later results in the loss of the assets held by the company.
- 30 June 2020: the Registered Agents must ensure that the requirements of the BOSS Act are actually met. Within 6 months after the end of the financial period, the Registered Agent must make the necessary entries in the so-called BOSS registered agent (RA) database. For this purpose, he needs appropriate confirmations from the administrators / Directors of the company.
- September 2019: the BVI have incorporated new reporting rules into the BOSS Act (Beneficial Ownership Secure Search System).
- January 2019 - most countries offering Offshore companies have made corresponding legal provisions.
FINMA Licence as Trustee
1. January 2020
we have applied for a Trustee licence with FINMA
On 15 June 2018, Parliament adopted the Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). The FINIG essentially standardises the licensing rules for certain financial institutions. We act as trustees for many of our clients. This activity now requires a licence from FINMA. We have applied for the licence. There is a 3-year transition period.
on our own account
31. December 2019
Expansion of the management board
Ms Regula Huber has joined the management board as per 1 January 2020.
No news are good news
29. December 2019
Since summer 2013 FATCA is keeping us busy and we work closely with competent experts on the upcoming issues. The banks are asking for more paperwork every day in order to understand who is behind a bank account. Form triumphs over contents, unfortunately.
We are moving ahead in a complex world!
Liechtenstein Register of Beneficial Owners
15. December 2019
The register must be completed not later than end of January 2020
The Liechtenstein Service Providers must complete the entries in the Register of Beneficial Owners with the data of the persons concerned. This new law is based on the 4th AML Directive of the European Parliament.
- 1 August 2019 the new law has been enacted.
- 6 December 2018 The Principality creates a new law: a Register of Beneficial Owners of Liechtenstein legal entities.
on our own account
20. December 2018
Signature right for Ms. Huber
We congratulate Ms Regula Huber. The Board of Directors has granted her signature right for Huber Partners AG. She is signing jointly by two.
1. July 2013
More competence added
Alain Gass joins our team. More than 15 years back he was already in Walter Huber's team in Basle. We are very happy to have him back as a resting pole in our office.