Compliance


Our Law Firm provides assistance to clients in order to secure compliance and adopt best practices so that their taxation strategy is in line with their business strategy and operational model.
New rules & amendments have been initiated by the OECD Global Forum and monitored through national governments and tax administrations with full backing of the EU Commission and the G20 in order to justify tax optimization.
These new rules & amendments refer to transparency, EOI (Exchange of Information), CRS, BEPS and the EU AML 4th Directive (Anti-Money Laundering) as well as the ATAD (Anti-Tax Avoidance Directive) and a possible CCCTB (Common Consolidated Corporate Tax base).

As a result of the above, a KYC (know your client) & DD (Due Diligence) or EDD (Enhanced Due Diligence for high risk clients) procedure must be engaged by our Law Firm with any new potential client before the incorporation of any structure of the beginning of any business through which the client (of the ultimate beneficiary owner) is requested to provide relevant information and/or documentation on at least the following:

  • Certified true copy of the passport of the ultimate beneficiary owner by a Notary Public, Embassy, Consulate or High Commission, or Apostil.
  • Original recent utility Bill i.e. electricity bill (max 3 months old) bearing name and residential address.
  • Business address.
  • Telephone, Fax, e-mail, Skype, FB, other.
  • Original reference letter from a professional (e.g. Attorney or Accountant) and/or from a Bank.
  • Curriculum Vitae (CV).
  • FATCA (US Foreign Account Tax Compliance Act) related information, if any.
  • PEP’s (Politically Exposed Persons) related information, if any.
  • Tax return / identification number of the beneficiaries and supporting documents.
  • The source of funds funding the new business of the structure/company and supporting documentation.
  • The expected origin of funds of the company: name countries and business counterparts.
  • The expected destination of funds of the company: name countries and business counterparts.
  • The expected annual turnover of the company.
  • The expected average amounts related to the ingoing & outgoing transactions.
  • The relevant correspondence courier address.
  • Number of shares per shareholder.
  • Object/activities of the structure/company including a complete description of the ‘business plan’ of the structure.
  • Whether the structure/company belongs in a group structure. If yes, please provide the name of the mother company and its line of companies.
  • Whether the beneficiary needs a nominee shareholder for confidentiality.
  • Non-exhaustive list.

AML (Anti-Money Laundering) & FT (Financing of Terrorism)
http://www.fatf-gafi.org/

BEPS (Base erosion and profit shifting)
https://www.oecd.org/tax/beps/

CRS (Common Reporting Standards)
https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/
EOI (Automatic Exchange of Information)
https://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/
ATAD (Anti-Tax Avoidance Directive)
https://ec.europa.eu/taxation_customs/business/company-tax/anti-tax-avoidance-package/anti-tax-avoidance-directive_en
CCCTB (Common Consolidated Corporate Tax base)
https://ec.europa.eu/taxation_customs/business/company-tax/common-consolidated-corporate-tax-base-ccctb_en