As of October 11, 2019 the ES Act (ESA) (the “Act”), came into force in Belize and it is required that Belize entities carrying on relevant activities (included entity) must demonstrate adequate economic substance in the Belize. The Belize entities that do not carry out relevant activities (non-included entity) have to inform the authorities accordingly in order to be exempted from substance requirements and avoid penalties too.
The Fast-Track Business Activation policy was approved by the Cyprus Government aiming to attract foreign businesses to Cyprus by providing fast and efficient services to them for installation in Cyprus. The policy enables the eligible companies to enjoy an accelerated procedure for the incorporation and the registration with relevant public bodies required for the company’s operations. In addition, companies under the Fast-Track Business Activation are entitled to hire an increased number of personnel in key positions and the employees’ family members can be granted Cyprus residence permits.
We would like to inform you that further extension is given to the start date of the Central Registry of Beneficial Owners. Based on the official announcement of the Cyprus Registrar of Companies and Official Receiver the start date for the collection of data on Real Beneficiaries and other legal entities is March 16, 2021.