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Singapore Base For Tuvalu OIFC

Wednesday, July 21, 2010

The Tuvalu International Companies Registry Pte Ltd, a company incorporated and operating from Singapore, was recently appointed the Deputy Registrar of the Tuvalu International Companies Registry. Tuvalu International Companies Registry was set up by the Tuvalu Government to facilitate the conduct of businesses by the international business and shipping community, and operates out of Singapore on a 24-on-7 basis to serve the global business market-place.

Situated in the Pacific ocean near the intersection between the equator and the international date line, Tuvalu has emerged as a modern and cost effective offshore jurisdiction to register an international business company, particularly for the shipping industry.

Formerly known as the Ellice Islands, Tuvalu consists of nine islands scattered over a million square kilometers in the Western Pacific Ocean. Tuvalu separated from the joint administration of the Gilbert & Ellice Islands and became an independent state on October 1, 1978 after more than eighty years of British colonial rule. It enjoys political stability, low taxes and a familiar legal system for international business based on common law principles.

Senior Lowtax Business Editor Jeremy Hetherington-Gore welcomed the advent of the Tuvalu International Offshore Financial Centre (OIFC): "You could say that Europe and the Americas are well-served by OIFCs, with nearly forty operating in the Atlantic basin; but there are many fewer in the Asis-Pacific zone, and this is all the more remarkable when you consider that it is going to be the dominant economic region of the world in the next twenty years. So I am very happy to see that Tuvalu is making strides both in terms of its Companies Registry and in terms of its Shipping Registry. I am sure that it will be successful, particularly as it has made the wise choice of basing itself in Singapore."

Tuvalu International Business Companies are governed by the Tuvalu International Companies Act which is regarded as a modern piece of corporate legislation tailored specifically to the needs of international shipping related businesses. Incorporation is quick and straight forward, and a company can be formed within one business day

Under the International Companies Act, a company incorporated as a Tuvalu IBC is required to have only one shareholder and only one director.

Every company incorporated as a Tuvalu IBC is required to keep a Register of Directors and one or more Share Registers. However, the copies of the Register of Directors and Share Register kept by the registered agent and the Registrar are kept confidential, and do not form part of the public record of the Registry.

IBCs are not subject to any tax liability in Tuvalu and need not file any financial statements. There is no minimum issued share capital requirement and offshore companies are exempt from stamp duty on all transactions. Shelf companies are also available.

Like most offshore jurisdictions, certain restrictions are placed on Tuvalu IBCs; for example, they cannot carry on business with persons resident in Tuvalu or own real property located in the jurisdiction. Separate licences must be applied for if a company wishes to carry on banking, trust, insurance or reinsurance business.

Incorporation costs are relatively low; a new incorporation costs USD750 inclusive of the full 'corporate kit.' An annual renewal fee of USD425 is payable from the second year onwards.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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