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“Korpus Prava. Analytics” — Tax & Law Magazine for Top Executives

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Corporate Law

Corporate Law

IFRS 9 – new approach to classification and impairment of financial assets
IFRS 9 mandatory for use since January 01, 2018 was intended to eliminate the shortcomings of then applicable IAS 39, simplify the logic of classification of financial instruments, increase reliability of information about impairment of financial assets.
AUTUMN 2019
Julia Vints
Are banks and businesses still friends?
A few years ago, the procedure of opening a bank account for business was not unusual and was not associated with any complex procedures. Relations between businesses and banks were based on trustworthy partnership, but in recent years the world has changed a lot.
AUTUMN 2019
Irina Otrokhova
Risk-based approach - your the necessary tool to comply with AML/CTF regulations
On 26 June 2015, Directive EU 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Directive EU 2015/849) entered into force. In line with the FATF’s standards, Directive puts the risk-based approach at center of European Union’s AML/CTF regime.
SPRING 2019
Irina Otrokhova
Pressing issues of CFC profit calculation
This article describes some of the most frequent and pressing issues raised by a taxpaying controlling person, when calculating the profits of a controlled foreign company.
SPRING 2019
Julia Vints
Compliance in Hong Kong. No way back
The past year brought significant changes to Hong Kong corporate administrators. Since 2018, provision of corporate services and nominal services has become licensed, and the Registrar of Companies has become responsible for issuing licenses.
WINTER 2019
Irina Otrokhova
GDPR captures the world
The General Data Protection Regulation (EU) 2016/679 ("GDPR") is a regulation in European Union law on data protection and privacy for all individuals within the European Union (EU) and the European Economic Area (EEA). It also addresses the export of personal data outside the EU and EEA areas.
AUTUMN 2018
Irina Otrokhova
I SPY WITH MY LITTLE EYE: ELECTRONIC REGISTER OF BENEFICIARIES IN THE CAYMAN ISLANDS
Transparency tendencies continue to win over international corporate community, including offshore jurisdictions.
SUMMER 2017
Irina Otrokhova
Live Wires in the Family Enterprise
As practitioners, we all know the situation: we arrive at the scene and are presented with the situation.
SUMMER 2017
Dr. Ariel Sergio Goekmen
Well-being comes through action, not through prayer
Once becoming very important, the matter of inheritance transfer to one’s successors has immediately turned into a problem.
SUMMER 2017
Irina Kocherginskaya
Payment settlements with electronic money
Trade development, including via the Internet, led to the search of new faster and more efficient means of payment.
SUMMER 2017
Arina Makarova
Legal status of cryptocurrency in the world
This article will cover the reasons for growing popularity of cryptocurrency as well as its legal status.
SUMMER 2017
Roman Moskovskykh Lawyer
E-money is a new cash
Using electronic money people can make payments more efficient.
SUMMER 2017
Anna Senchenko
Minorities of all countries, unite!
In the system of corporate relations the central player is the shareholder.
SPRING 2017
Roman Moskovskykh
Reconnaissance in Force
It has been three years since the Law On Controlled Foreign Companies was adopted.
SPRING 2017
Anna Senchenko
Inheritance of Property Abroad
Sooner or later every person who owns property starts thinking about what will happen to his/her assets after his/her death.
SPRING 2017
Tatyana Frolova
LATEST CHANGES IN THE LEGISLATION OF FOREIGN COUNTRIES
The Seychelles have taken the next step to disclosure of information following the British Virgin Islands.
WINTER 2017
Irina Otrokhova
How overseas life assurance can help you in Russia?
Many Russian residents have assets held outside of Russia for a number of legitimate reasons, mainly for financial planning purposes and the need to diversification away from the Russian rubble.
AUTUMN 2016
Michael Barry
Legal Principals of an Option Contract in the Russian Legal System. Historical Aspect and Legislative Changes
The legal construction of option contract had not been provided by russian civil legislation, although similar constructions were mentioned in some legal regulatory acts, for example
AUTUMN 2016
Ekaterina Pazemova
A Time to Cast Away Stones and a Time to Gather Stones Together (CFC Calendar)
The main objective of the changes that have been introduced into the tax legislation is that tax residents of the Russian Federation should either refuse of using foreign companies for business and optimization of taxation.
SUMMER 2016
Tatyana Frolova
Struggle for Cyprus: How Authorities Save the Island’s Goodwill
Let us start with a well-known fact: for many years Cyprus has been and still is an almost single-option jurisdiction for international tax planning for Russian business.
SUMMER 2016
Olga Kuramshina
CRS: Beginning of the Transparency Era
Russian business is a young substance, which had to come through a lot even over this short period. The time has proved that a Russian entrepreneur, who survived in the early 90s.
SUMMER 2016
Irina Kocherginskaya
Swiss movement
According to a study by PwC PwC, Private Banking Switzerland: From Yesterday to the Day After Tomorrow (2014)., the decrease in gross-revenue margins at Swiss banks, which have fallen by about 20 per cent since 2006 and today are down to less than 100 basis points on assets under management, is attributable to: the negative press around the Swiss private banking sector.
SUMMER 2016
Ariel Sergio Goekmen
Practical Aspects of Risk Management in M&A Transactions
This division is quite provisional, as the mentioned stages may coincide, intersect in time or be supplemented by other tasks.
SUMMER 2016
Maxim Nikitin
Legal Nature of Trust in English Law. Correlation of Trust in English Law and Trust Management in Russian Law
The concept of trust is the fundamental concept of Anlgo-Saxon law system. Trust is regulated on the basis of equity, and the notion of trust itself can also be interpreted literally as trust.
SUMMER 2016
Ekaterina Pazemova
DISCLOSURE OF INFORMATION AT THE BVI: TRUTH OR DARE
The BVI have always attracted investors as jurisdiction for holding business.
WINTER 2016
Irina Otrokhova
Innovations in the Law and Law Enforcement of State Registration of Legal Entities and Sole Proprietors
First of all, it is related to the fact that in the last two years corporate law underwent significant alterations, and secondly, experience has proven that tax authorities declared war on reorganization through front parties.
WINTER 2016
Olga Kuramshina
Relevant Issues of Legal Status of Business Organizations in the Transition Period
As we have written in special annual edition of Analatika, in September 2014 radical amendments were introduced to the Russian civil law concerning, first of all, corporate law provisions.
SPRING 2015
Olga Kuramshina
Anti-money Laundering: How money launndering is fought in Cyprus
Rendering corporate and fiduciary services in Cyprus is a regulated type of activity, which requires licensing. License for rendering such services is issued by a regulatory authority, Cyprus Security and Exchange Commission.
SPRING 2015
Irina Otrokhova
Risks and Advantages of Life Insurance
Unlike Europe, life insurance in Russia has emerged quite recently, however, during formation of principles of insurance law experience and practice of European countries have been taken into the account and applied.
SPRING 2015
Tatiana Frolova
Amendments to the Second Part of the Civil Code of the Russian Federation
Nevertheless, now it is the turn of the contractual law. Thus, right before the international women’s day Federal Law No. 42-FZ on the Introduction of Amendments to the First Part of the Civil Law of the Russian Federation dd. 08.03.2015 was drafted and adopted.
SPRING 2015
Aleksey Oskin
Overview of legislative changes of foreign jurisdictions
On 02 December 2014 the Cypriot finance minister and the US ambassador to Cyprus formally signed the intergovernmental agreement between Cyprus and the United States under the Foreign Account Tax Compliance Act (FATCA).
WINTER 2015
Olga Bukharina
Real and imagined revolution: sounding changes of the labor legislation in 2014
Lawmakers have begun to actively reform one of the most, perhaps, static branches of the Russian law – the labor legislation. Let’s recall in this article the most significant changes ​​in this area, some of which are already in force, and some will take effect in the years to come.
WINTER 2015
Olga Kuramshina
Corporate Law Reform
The new edition of the Civil Code of the RF lays down a different approach to the classification of organizational and legal forms of legal entities. So, all legal entities (such as non-profit and commercial ones) are now divided into corporations and unitary entities.
WINTER 2015
Aleksey Oskin
Deoffshorization or Come back! I'll forgive everything
As estimated by the Bank of America Merrill Lynch, Russian budget can get an additional income amounting to 6 billion US dollars only due to taxation of dividends, taken away in offshore zones to avoid taxation.
WINTER 2015
Anna Senchenko
Legal Aspects of Organization of Operation of Crowdfunding Platforms in Russia
In accordance with the generally accepted definition, "crowdfunding" means collective cooperation of individuals who voluntarily pool their money and/or other resources together (usually via the Internet) to support initiatives, efforts and projects of other people or entities.
WINTER 2014
Aleksey Oskin
Cyprus citizenship scheme for foreign investors
The Cypriot Council of Ministers issued a decision on the 19th of March 2014, in relation with the scheme for naturalization of investors in Cyprus by exception on the basis of subsection (2) of section 111A, of the Civil Registry Laws of 2002-2013.
WINTER 2014
Phivos Stephanou
«Deposit splitting» of individuals. Legal civil and criminal aspects
There are precedents when the Deposit Insurance Agency refuses to include holders of deposits in the register of claims of the Bank’s creditors and refuses to pay the sum insured in the amount of 700 thousand rubles.
WINTER 2014
Irina Otrokhova
Are harbors good in Malta?
Comparative table of agreements on avoidance of double taxation of Malta and Cyprus, concluded by them with various foreign states and territories below.
AUTUMN 2014
Olga Kuramshina
Controlled foreign companies legislation
Legislation on controlled foreign companies (so-called "CFC-legislation" - a term derived from an abbreviation of "Controlled Foreign Company") - Institute, first implemented in the legal system of the United States.
AUTUMN 2014
Artem Paleev
Offshore Jurisdictions Updates
The new Honk Kong Companies Ordinance has came into effect on the 3rd of March 2014, the New Ordinance provides a modernised legal frame work in relation with the operation and incorporation of Honk Kong companies, it is now divided into 21 parts, contains over 900 sections and 11 schedules.
AUTUMN 2014
Phivos Stephanou
The significant amendments to Vista and other BVI trust and estate legislation
With effect from 15 May 20some important changes were made to the Virgin Islands Special Trusts Act (VISTA),the Trustee Ordinance, 1961 (Trustee Act)and various other BVI statutes relating to trusts and estates. The main alterations are discussed below.
AUTUMN 2014
Christopher McKenzIe Tep
Anti-Money Laundering Awareness in Cyprus and Other Regulated Jurisdictions
The last few decades have seen the tightening of Anti-Money Laundering rules and regulations worldwide. That is confirmed by numerous AML compliance conferences (e.g. Anti Money Laundering Europe organised a lunch seminar at the European Parliament to discuss the proposed European Commission’s the “4th Anti-Money Laundering Directive”)
SPRING 2014
Olga Bukharina
Malta: a small island of big opportunities
Whether you are coming to Malta as a traveler or a business person there are two things that will definitely make you happy and these are that the Maltese work hard and the Maltese respect law.
SPRING 2014
Olga Bukharina
The Peculiarities of the services of escrow agents
An Escrow is a contractual arrangement which allows contracting parties to use the services of an independent trusted third party “Escrow Agent”, who is appointed in order hold as security the consideration agreed between the parties within a transaction.
SPRING 2014
Phivos Stephanou
New Companies Ordinance in Hong Kong
On 3 March 2014, a new Companies Ordinance (“new CO”) comprising of 921 sections and 11 schedules together with 12 pieces of subsidiary legislations will become effective.
WINTER 2014
Belinda Wong
Corporate contract in the system of civil law
Although the fact that initially corporate relations doctrine of Russia was fully borrowed from foreign law orders though it has immediately gained originality which can be briefly characterized as “life by regulations”.
AUTUMN 2013
Leonid Kunin
Information Disclosure in Cyprus
In accordance with Cyprus Law on disclosure and exchange of information, the restrictions and procedures in relation to Exchange of information are set out below to provide a general picture on the policy of Cyprus on this issue in light of the amendment by the Protocol of the Article 26 of the Double Taxation Agreement (Cyprus-Russia).
AUTUMN 2013
Phivos Stephanou
Legal nature of a trust and governing legislation
Trust ownership or discretionary assets management (hereinafter referred to a trust) is one of special tools for assets management and tax planning which exists only in English Law and applied within jurisdictions the legislation of which is based upon English Law, e.g. Great Britain, the USA, British Virgin Islands, Hong Kong, Cyprus and others.
AUTUMN 2013
Irina Kocherginskaya
Legal regulation of trade secret protection in Russian federation
Trade secret is the non-disclosure of the information enabling its owner to increase the income under current or possible circumstances, to retain market position or receive any other commercial benefit. In other words, trade secret or business secret is the access regulation, regulation of its processing and protection supporting means.
AUTUMN 2013
Olga Kurashina
"Squeeze out" in Russian legislation
The Company Law of Russian Federation provides for the possibility to repurchase the remaining securities upon the request of a person possessing 95% of open joint stock company shares. But in reality, such procedure causes a lot of controversial issues demanding precise explanation.
AUTUMN 2013
Artem Platonov
Comparative analysis of legal entities in Latvia
Legal entities in Latvia are specified in the Commercial Law of this country, since this Law regulates any commercial activity and is one of the main norms in this field.
AUTUMN 2013
Alexey Oskin
Amendments on the Laws of Some Offshore Jurisdictions
The most important amendments on the Laws of Some Offshore Jurisdictions
WINTER 2013
Irina Kocherginskaya
Forensic
Forensic is one of the effective tools which allow to minimize dramatically the risks of unauthorized or malicious acts, and sometimes it remains to be the last means to resolve the adverse situation.
WINTER 2013
Svetlana Martynova
Amendments and new regulations introduced in British Virgin Islands
The above changes are beneficial to the BVI regime, its current and potential users and will increase the BVI’s attractiveness as one of the world’s leading offshore jurisdictions.
WINTER 2013
Phivos Stephanou
Protection of beneficiary’s rights
Note that where Cypriot Law has not made legal provisions for certain issues, it has been held by the Cypriot courts that reliance may be placed on the Common Law (case law) and the law of equity.
SPRING 2011
Giorgos Marios Damianou