FIDINAM (GENEVE) SA proudly celebrated its 50th Anniversary in 2022, and we are all very excited to step into this second half-century of presence in business and continue serving private and professional clients, in Switzerland and internationally, on various matters including business, accounting, and tax consulting, with the same inspiration and loyalty as through the past five decades.
We are continuously working to enhance the quality of our trust and fiduciary services and also to develop new synergies with our affiliates within the FIDINAM group, in strategic fields, such as payroll management and integrated HR and accounting services.
The United Arab Emirates’ (UAE’s) Federal Decree-Law No.37/2022 on Family Businesses (“the new Family Companies Law”), issued on 10 October 2022, came into effect on 11th January 2023.
It is the first UAE law to regulate family businesses, giving them means to organize their wealth management and succession planning structures. It will apply to all free zones, including the Dubai International Financial Centre and Abu Dhabi Global Market, subject to the relevant company laws already in force.
What are the main provisions of the the new Family Companies Law?
The Bahamas Financial Services Board has recently announced that it has now attained technical compliance ratings of “Compliant and Largely Compliant” in 40 of the 40 FATF Recommendations – International Anti- Money Laundering, Countering of Terrorism and Proliferation Standards.
As such, the country becomes the second jurisdiction in the Caribbean, South and North American Regions to attain such standing.
Effective January 1st 2023 Hong Kong amended its Foreign Source Income Exemption (FSIE) regime for passive income in accordance with the Guidance on FSIE regimes promulgated by the European Union.
These amendments apply to Hong Kong companies being qualified as members of a Multinational Enterprise (‘MNE’) group. A MNE group is defined as a group that includes at least one entity or permanent establishment that is not located or established in the jurisdiction of the ultimate parent entity of the group.
A recent judgement of the Court of Justice of the European Union (CJEU) has ruled that the measures of the 5th European Anti Money Laundering Directive (AMLD) go beyond what is strictly necessary and is disproportionate to the AML objective. The information disclosed on the register enables a potentially unlimited number of persons to find out about the material and financial situation of a beneficial owner, and that information can never be recalled from the register.
A number of important amendments to the BVI Business Companies Act 2004 came into force on January 1, 2023. The most relevant areas covered by these amendments are the following:
Le Conseil Fédéral a révisé le droit des successions pour donner plus de liberté aux testateurs.
Ainsi, par exemple, la réserve héréditaire des enfants est réduite de 3/4 à 1/2, et celle des parents est simplement supprimée.
Since 1972, Fidinam Genève provides international tax advice to entrepreneurs, private and companies. Learn more about Fidinam Genève services or sign up here below to receive Fidinam Genève Newsletter directly to your e-mail box.
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