SCGIBC Corporate Services’ Post

The US has updated Venezuela-related General License 5O, replacing it with General License 5P. The former authorised certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or after August 13, 2024. The new licence (5P) moves the date to November 12, 2024, at which point the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond becomes authorised. FAQ 595 has been amended to reflect the update. #SanctionsUpdate #USA #OFAC #BIS #TradeUpdates #TradeCompliance #InternationalRelations #TurkishExports #herdem #attorneysatlaw

In a recent case of Maven India Fund, ITAT has held that AO cannot deny treaty benefits to the assessee only based on information received from a regulatory body (here, SEBI), if there is genuine material (TRC certificate, Category 1 Global Business License, SEBI registration) on record to clearly demonstrate that assessee was a resident of a foreign country (in this case, Mauritius). AO had not brought any material on record in support of its contention that the assessee was a shell company having no commercial substance to its presence in Mauritius. The fact that the assessee has maintained proper documentation of minutes of meetings in Mauritius & that the assessee had continued its business from Mauritius even after India withdrew the capital gains exemption effective April 1, 2017 went in favour of assessee in deciding that it was not a fly by night operator & hence held that treaty benefits cannot be denied to the assessee. Citation - ACIT v. Maven India Fund [2024] 166 taxmann 198 (Delhi - Trib.) #incometax #internationaltax #dtaa #caselaw

Key conditions for Cyprus offshore company formation: 1) You will need at least one shareholder and a minimum share capital of 1 euro. 2) Both local & foreign investors can incorporate, and anonymity is possible through nominee shareholders. 3) A valid office location in Cyprus is also required, even if business operations are happening outside the country. If you are interested in starting an offshore company in Cyprus, go through this article: https://lnkd.in/gQPSdCGc #OffshoreCompany

The US has updated Venezuela-related General License 5O, replacing it with General License 5P. The former authorised certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or after August 13, 2024. The new licence (5P) moves the date to November 12, 2024, at which point the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond becomes authorised. FAQ 595 has been amended to reflect the update. https://lnkd.in/eePF5vka #UKSanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

Major Advantages of an Offshore Trust

Major Advantages of an Offshore Trust

Think offshore life is all yachts and cocktails? 🍹🏝️ Join us as we debunk common myths about offshore registration with a humorous twist! Learn more from SCGIBC offshore incorporation! Visit us at scgibc.com #offshoreincorporation

Term of the day- Expropriation Expropriation in international trade refers to the act of a government taking privately owned property, often from foreign investors, for public use or benefit. It can be direct, indirect or creeping expropriation. Expropriation can be a tricky issue in international trade because it involves finding a balance between a country's right to control and use its resources for the public good and the rights of foreign investors to have their investments protected. Fortress20 Global Ltd is a trade and export management company that seeks to simplify trade and non-oil exports from Africa. Our services includes export advisory, market analysis, product sourcing, training and export readiness assessment,cargo claims recovery and documentation assistance. Contact us by email- info@fortress20global.com or book a consultation session with one of our export consultants using this link- https://lnkd.in/dJANuHBV. #termoftheday #expropriation #internationaltrade #foreigninvestment #trade #globaltrade #dispute #fortress20global

𝐏𝐞𝐭𝐫𝐨𝐛𝐫𝐚𝐬 𝐕𝐞𝐧𝐭𝐮𝐫𝐞𝐬 𝐢𝐧𝐭𝐨 𝐕𝐞𝐧𝐞𝐳𝐮𝐞𝐥𝐚 𝐀𝐦𝐢𝐝 𝐒𝐚𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲 Despite US sanctions on Venezuela, Petrobras has sent a team to explore oil fields in Lake Maracaibo, signaling potential cooperation. This move comes as Venezuela courts global oil players, navigating US political pressures. With investments planned abroad, Petrobras's re-engagement in Venezuela could mark a significant shift, balancing geopolitical risks against the backdrop of Venezuela's oil sector revival aspirations. #finance #news #Petrobras #VenezuelaOil #geopolitics Source: https://lnkd.in/geuXkJeb