July 2015
Issue No.7

I welcome you to the seventh edition of our Newsletter.
This issue coincides with the proposal for the modernization of Cyprus’ Companies Law and the increased interest of foreign nationals for private funds in Cyprus, the so called Alternative Investment Funds.
To my mind, this marks the re-emergence of Cyprus as an International Financial Centre as the continuing efforts of the Cyprus government and the private sector to raise foreign investments are bearing fruits.
In this edition, we also cover recent developments including proposed amendments to Cypriot taxation, economic news and new double tax treaties.
Concerning the UAE, we cover various issues notably the continuing trend of global corporations to move their headquarters to Dubai. We also set out a summary of benefits from moving headquarters to Dubai. special focus on Ajman the world’s fastest growing free zone (FZ) in Dubai and UAE's double tax treaty news.
In Oneworld news, senior executives of Oneworld MidEast addressed and attended the Wealth Pro Conference in St. Petersburg which covered family offices.
We also draw attention on our affiliated licensed investment company’s One Plus Capital, OPC Trader, a truly top class trader platform that can give its clients the opportunity to explore the world of FX and CFDs investing and the potential that leveraged trading can offer.
I sincerely hope you enjoy reading our Newsletter and, once again, always happy to receive your feedback!

George Philippides
Focus on Cyprus... 
Economic Progress Characterized as “Impressive” by IMF: The International Monetary Fund (IMF) has released the next batch of aid funds to Cyprus last Friday, after completing the 5th, 6th and 7th (combined) review of Cyprus’s economic adjustment program, being impressed by the economic progress of the island. Read more
Proposed Amendments to Cyprus Taxation to Promote Investments: Speaking at the CIPA Investment Awards ceremony at the Presidential Palace in the evening and at the 54th Annual General Assembly of the Institute of Certified Public Accountants of Cyprus (ICPAC) earlier in the day, President Anastasiades announced that “a major tax reform has been approved by the Cabinet.” The tax reform aims at significantly modernising and strengthening the competitiveness of the Cyprus domestic tax system. Read more
Cyprus Companies Law Amendments: The Cyprus parliament has passed an amendment to the Cyprus Companies Law earlier in June, updating some key provisions and modernizing existing procedures. The changes are in effect as from 19th of June 2015. It is evident that the amendments will help current and future stakeholders optimize their use of Cyprus companies and operate more efficiently. Read more 

Cyprus Deadline for Payment of Annual Levy Extended: On 30 June 2015, the Cyprus Registrar of Companies provided an extension on the deadline for the payment of the annual levy of €350. The deadline has been extended to 31 July 2015 from 30 June 2015.
Enhanced Interest of Foreign Investors for Financial Services in Cyprus:  Cyprus has received a lot of attention by foreign investors for Cyprus Alternative Investments Funds, the Cyprus VAT Yacht Leasing Scheme and more recently the new Cyprus VAT Aircraft Leasing Scheme, all offering low tax rates. Read more
Cyprus – Georgia Tax Treaty Details Become Known: The text of the Income and Capital Tax Treaty between Cyprus and Georgia has become available.The treaty was signed on 13 May 2015 and will come into force after the two countries exchange ratification instruments. To read the provisions of the treaty click here.
Spotlight on the UAE...
Companies Move Headquarters to Dubai: The UAE has long maintained a policy of encouraging foreign investment. From a financial perspective, the stable UAE dirham pegged to the US dollar, the absence of income and corporate taxes,  exchange restrictions and the ability to repatriate capital and profits make it a very attractive jurisdiction when considering setting up a business in the UAE.

Many multinational businesses have chosen to locate their regional headquarters in the UAE, which has led to Dubai gaining a reputation as a regional centre. The UAE is a white listed onshore jurisdiction that offers offshore jurisdiction services as well as opportunities that exist only in mature industrial and financial hubs. International businesses moving to the UAE find themselves in a thriving market with excellent infrastructure between the west and the developing east, able to generate new business. A pro-business government encouraging foreign investment, has developed the country into a cosmopolitan centre welcoming a diverse specialist and competitive workforce. Read more

Dubai is Better Than any Tax Heaven:  In today’s global economy and especially after the recent financial problems and scandals, the spotlight has focused on international groups and companies, especially bigger ones, where they pay their taxes.

If we were to say to you that you could have, as an alternative, an international company based in one of the world’s prime business cities, with nearly 400 high rise office buildings, and in the middle of a global business hub, all this whilst keeping all the tax advantages that you would expect of a traditional tax haven, you probably would not believe this. The alternative we talk about is the UAE, in particular Dubai and Ras Al-Khaimah (RAK). Read more

Ajman Freezone: World’s Fastest Growing Free Zone: Ajman Free Zone (AFZ) was established in 1988, leading to massive industrial development in Ajman by attracting a great number of companies to benefit from the investment privileges, thereby strengthening industry and trade and the financial sector in the UAE. Read more

Double Tax Treaty News: United Arab Emirates – Uganda Tax Treaty Signed: On 9 June 2015, the United Arab Emirates and Uganda signed an Income Tax Treaty. Further details will be reported once the text of the treaty becomes available.
New BVI Products: In recognition of the needs of assisting start-up and small/mid-sized non-institutional investment managers to overcome some of the continued barriers to entry into the industry, the British Virgin Islands (BVI) has issued the Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015, which came into force on 1 June 2015. Read more
Oneworld News

Oneworld MidEast Participate in Wealth Pro Conference for Family Office in St Petersburg: Last month senior executives of Oneworld Mideast took part in a conference in St Petersburg, which was attended by leading professionals and businessmen. The conference was organised by Bosco Conferences.  All firms that participated were from Dubai UAE. Read more

OPC Trader: One Plus Capital Ltd (OPC) is registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission under licence no. 111/10. OPC, is committed to provide competitive prices, reliable trade execution, premium trading tools and comprehensive research to help our clients succeed. Our fully transparent, high quality and low complexity platform give us an edge to achieve our goal. Read more 
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