March 2007 Archives

The Republic of the Marshall Islands becomes the jurisdiction of choice for publicly trade companies in the USA.

For the past couple of years, Marshall Islands companies have led the way in new shipping company IPOs (initial public offerings) on both the NYSE and NASDAQ in New York. With a dozen Marshall Islands shipping companies now publicly trading and more to come, it is clear that professionals, such as lawyers, bankers and underwriters, trust the reputation of the Marshall Islands Corporate Registry and the corporate law of the Marshall Islands.

The natural bonding of the Internet and Offshore stems from the fact that both, of their nature, manage to avoid tax. Businesses which can operate on the Internet without, so to speak, touching ground in a high-tax jurisdiction will naturally migrate to offshore or low-tax jurisdictions; while businesses that already have offshore existence will find it highly convenient to be able to use the Internet to trade with their high-tax customers without having to make a landing in their countries.

The article called “US tags ‘Dirty’ Money Launderers In the Pacific” referred to in your latest newsletter incorrectly says that the Republic of the Marshall Islands (RMI), among other nations, has been included in the list of “Jurisdictions of Concern” published by the US Department of State. The NICSR 2007 (www.state.gov/p/inl/rls/nrcrpt/2007/, see Volume II), puts the RMI among “Other Countries / Jurisdictions Monitored”. This reflects the efforts made over the years by the RMI to criminalize, investigate and prosecute money laundering. The RMI remains a safe jurisdiction and this fact is acknowledged by governments, stock exchanges, high profile companies and individuals all over the world.

Sincerely,

James Myazoe
The Trust Company of the Marshall Islands”
www.register-iri.com

Pro Mujer, a leading microfinance and women’s development network in Latin America, is pleased to announce that Pro Mujer Nicaragua has been awarded the 2006 Financial Transparency Award from the Consultative Group to Assist the Poor (CGAP).

New York, NY (PRWEB) March 21, 2007 -- Pro Mujer , a leading microfinance and women’s development network in Latin America, is pleased to announce that Pro Mujer Nicaragua has been awarded the 2006 Financial Transparency Award from the Consultative Group to Assist the Poor (CGAP).

by Vern Jacobs

There seems to be a huge amount of non-sense and some outright deception about the impact of tax havens and the alleged abuse of tax havens. The following comments are offered as an attempt to provide some balance to the arguments of those who rail against U.S. persons with foreign income, particularly in a so-called tax haven. This article is not copyrighted and I encourage readers to forward it to anyone who might be interested in shedding the light of truth on this subject. However, please don't alter or edit the article because it could easily change the intended meaning.

A Massachusetts-based St. Maarten website, everythingstmaarten.com, is giving away nine one-week St. Maarten vacations and many other prizes (including a month-long vacation to the top winner) to celebrate reaching two million site visits this year.

(PRLEAP.COM) Panama City, Panama – Panama International Business Corporations (IBCs) have been an offshore strategy for 75 years. Over recent months, Panama companies - and foundations and offshore bank accounts - have been elevated to a new level in the offshore arena. In response, an American-owned company is helping entities that wish to keep their wealth adjust before it is too late.

Internet gambling works around law meant to block it

Thinking of going online and wagering on a few games in the upcoming NCAA basketball tournament?

Uncle Sam doesn't want you to, but he's having trouble stopping anyone.

The government's latest effort to get Americans to stop gambling via the Internet has been largely ineffective, according to the online gambling industry.

South Africa is one of the most sophisticated and promising emerging markets in the world. It is also one of the most advanced and productive economies in Africa.

The country's remarkable ability to put centuries of racial discrimination behind it in favor of reconciliation was widely considered a social "miracle" and inspired similar peace efforts.

Singapore government has recently come up with some good news for entrepreneurs planning to incorporate a company in Singapore.

For newly incorporated Singapore companies, full tax exemption will be granted on normal chargeable income of a qualifying company up to $100,000, for any of its first three consecutive years of assessment (YA) that fall within YA 2005 to YA 2009.

His Excellency Abdullah Salem Al-Turifi, Chief Executive Officer of Emirates Securities and Commodities Authority, today kicked-off the much awaited trading of shares of Dubai Financial Market (DFM), the world's first Islamic stock market amidst strong sentiments.

Not only has the Cayman Islands continued to maintain its leadership position in international financial services and national economic performance, but it is also moving ahead of competitors, the government has claimed, pointing to a new credit rating report.

Think Again! Bermuda used to be a good privacy jurisdiction in years past. Today Bermuda has been chasing the tourism industry. Every day numerous cruise ships tie up in Bermuda. They have beach front hotels, gambling casinos, diving, fishing etc. The tourism industry employs more people and is more lucrative than the banking industry was so Bermuda gave in to international pressure and eliminated their secrecy and privacy to a very large extent.

So much media attention lately about "Conflict Diamonds" largely due to Leonardo DiCaprio portraying a smuggler in the new movie "Blood Diamond" which depicts the issues and horrors of violence related to the illicit diamond trade. Just in the Congo alone hundreds of people stake their claims hoping to strike it rich in the fourth-largest diamond-producing country in the world. Officials say that last year, diamond exports from the Congo grew to $2 billion, nearly one-fifth of the country's gross domestic product.

by Thomas Crown

Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, offshore banking does not prevent assets from being subject to personal income tax on interest. Except for certain persons who meet fairly complex requirements, the personal income tax of most countries makes no distinction between interest earned in local banks and those earned abroad.

Tips from Industry Expert on Travel Insurance Services

A surprising percentage of cruise passengers pay a visit to the ship's doctor and not always for a sunburn or hangover. Travelers planning a cruise should take a few simple steps ahead of time to prepare for the possibility of getting sick or hurt. This includes being up to date on immunizations and having ample medical and evacuation insurance that travels with them.