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Osiris provides inspired solutions for multi-jurisdictional entities

Osiris Corporate Solutions (OCS) is a Global Advisory, Corporate and Trustee Firm operating in, Mauritius, the United Kingdom, the British Virgin Islands, the Cayman Islands, Hong Kong and China. Primarily OCS focuses on sophisticated and innovative solutions to the corporate and private sector.

The corporate sector primarily includes financial assistance and expertise in corporate finance including corporate relocation, cross-border investing, fundraising, and listing of trading companies and funds. The private sector primarily involves wealth management and advice for individuals and families across jurisdictions and over the generations. This will often involve assisting with the relocation of families and or their wealth.

Solutions

Jurisdictions

BVI

The British Virgin Islands (BVI), officially the Virgin Islands, is a British overseas territory located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago; the remaining islands constitute the U.S. Virgin Islands.Financial services account for over half of the income of the Territory. The majority of this revenue is generated by the licensing of offshore companies, hedge funds and related services. The British Virgin Islands is a significant global player in the offshore financial services industry with the use other world’s offshore companies .  Whilst this has come with some controversy,  since 2001, financial services in the British Virgin Islands have been regulated by the independent Financial Services Commission.  The quality of regulation is high and the BVI prides itself on its transparency. What it is trying to achieve now is a sophisticated easy to use corporate vehicle that is as well known in London as it is in Shanghai and Hong Kong.  No other corporate vehicle has come close to this level of acceptance.  The BVI Business Company is also frequently used as a listing vehicle and is to be found on the LSE JSE and Hong Kong stock markets in decent numbers.

Cayman Islands

The Cayman Islands are a British Overseas Territory in the western Caribbean Sea. The 264 sq km territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, located south of Cuba and northwest of Jamaica. The Cayman Islands are considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is one of the more sophisticated offshore centres with an emphasis on hedge funds (where it is the market leader)The Cayman Islands are a major international financial centre. The largest sectors are banking, hedge fund formation and investment, structured finance and securitisation, captive insurance, and general corporate activities. Regulation and supervision of the financial services industry is the responsibility of the Cayman Islands Monetary Authority (CIMA).Since the introduction of the Mutual Funds Law in 1993, which has been copied by jurisdictions around the world, the Cayman Islands have grown to be the world’s leading offshore hedge fund jurisdiction. As of 2016 there were 11000 hedge fund registrations.  To put this in perspective the next biggest is the BVI at about 2100 and Ireland at several hundred.The Cayman Islands goes hand in hand with sophistication which is borne out by the presence of all of the major offshore law firms banks and accounting firms. The Cayman Island company also often serves as a vehicle for listing and is well represented on the list of companies listed on the Hong Kong Stock Exchange.

Hong Kong

Osiris currently only has a representative office in Hong Kong. However, it is one of the most dynamic centers in the region. It is evidence of what freedom to trade and a low tax rate can achieve. At 16.5%, no Capital Gains Tax, a source based tax system and next door to China, it has developed into a regional powerhouse. Osiris tends  to focus on assisting companies intent on listing on the Hong Kong exchange with all of the necessary pre IPO planning, often in conjunction with our Cayman Office.  We also assist with the set up and administration of pension schemes under the ORSO rules which offer a very attractive pension regime indeed.Hong Kong has signed a total of 32 Double Tax Treaties with the following countries:Austria, Belgium, Brunei, Canada, China, Czech Rep, France, Guernsey, Hungary, Indonesia, Ireland, Italy, Japan, Jersey, Korea, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Qatar, Russia, South Africa, Spain, Switzerland, Thailand, United Arab Emirates, United Kingdom

Mauritius

Osiris Corporate Solutions (Mauritius) Ltd (OCS) are licensed as a management company by the FSC in Mauritius. Osiris also has a licence to act as trustee of Mauritius trusts and to conduct fund administration services in Mauritius. We are able to set up GBC1 and GBC2 companies in Mauritius and to provide accounting and tax services to sophisticated corporate clients.One of the key benefits of setting up a company in Mauritius is the extensive double tax treaty network that has been negotiated and that is being continually expanded. The summary provided here is for general information only and to serve as an initial point of reference.Mauritius has concluded 43 tax treaties and is party to a series of treaties under negotiation. As Mauritius is regarded as a gateway into Africa we have highlighted those treaties with African countries in the table shown below.Mauritius has strong and friendly relations with the West, as well as with South Asian countries and the countries of southern and eastern Africa. Trade, commitment to democracy, and the country’s small size are driving forces behind Mauritian foreign policy. The country’s political heritage and dependence on Western markets have led to close ties with the European Union and its member states, particularly the United Kingdom and France, which exercises sovereignty over neighbouring Reunion Island.Considered part of Africa geographically, Mauritius had friendly relations with other African states in the region, particularly South Africa, by far its largest continental trading partner.  Mauritius has excelled in positioning itself as the entry point into India and Africa and has succeeded in drawing significant investment by companies setting up regional headquarters.Mauritius has introduced legislation that aims to encourage this type of activity including: no exchange controls, 3% tax rate, no Capital Gains Tax, no withholding taxes.  It has also negotiated a very  extensive double tax treaty network that is being continually expanded.

OCS International

Osiris provides inspired solutions for multi-jurisdictional entities

Osiris Corporate Solutions (OCS) is a Global Advisory, Corporate and Trustee Firm operating in, Mauritius, the United Kingdom, the British Virgin Islands, the Cayman Islands, Hong Kong and China. Primarily OCS focuses on sophisticated and innovative solutions to the corporate and private sector.The corporate sector primarily includes financial assistance and expertise in corporate finance including corporate relocation, cross-border investing, fundraising, and listing of trading companies and funds. The private sector primarily involves wealth management and advice for individuals and families across jurisdictions and over the generations. This will often involve assisting with the relocation of families and or their wealth.

UK

Osiris Advisors Limited in the UK specialises in the planning and implementation of corporate structures and corporate finance vehicles, as well as assisting high net worth individuals and families. The Company also facilitates the provision of high level legal, tax and accounting advice and services.Osiris Advisors Limited is also able to coordinate the formation of UK structures and, where applicable, assist with accounting and company secretarial services, as well as a host of support services relating to tax planning and legal services.The UK corporate regime is attractive for specific activities and the Company can assist clients with this implementation.The UK has a relatively low corporate tax rate (it is now approaching the same rate as Hong Kong and not far off Ireland), no dividend withholding taxes and a large double tax treaty network. It is also an attractive investment destination, and the Osiris Group, through Osiris Advisors Limited, is able to assist those who would like to invest into the UK. In particular, we have assisted with numerous residential and commercial property investments and several large property listings on AIM, the JSE and elsewhere.

Team

Latest Posts

post October 23, 2017

Global Competitiveness Report 2017/2018: Mauritius in the Lead in Sub-Saharan Africa

Mauritius occupies the leading position in the Sub-Saharan African region for the fourth consecutive year, according to the Global Competitiveness Report 2017/2018; published by the World Economic Forum on 27th September 2017. Out of 137 countries, the country maintains its same ranking, at 45th, however with a slightly improved overall score.…

post October 16, 2017

Recovery Continues: New Developments In The BVI Financial Services Industry

We are pleased to report that substantial progress is being made in the restoration of the financial and legal services available on Tortola in the BVI. The backlog of past filings has been cleared. The BVI’s online incorporations system, VIRRGIN, is fully functioning. Regulatory submissions can now be completed electronically and on-island banking services…

post October 13, 2017

UK’s Partnership with Mauritius Government to Further Position Mauritius as Fintech Hub for Africa

The high-level delegation led by Mr. Dev Manraj, the Financial Secretary is currently on mission in the United Kingdom met with representatives of the Foreign and Commonwealth Office (FCO) on 05 October 2017. Working sessions were held with Mr Tim Morris, Senior Trade Advisor for Africa at the Department of…

post October 13, 2017

Citizenship-by-Investment in Cyprus

The Republic of Cyprus has implemented various incentives in order to enhance and attract further foreign direct investments into the country. One of the schemes is the citizenship-by-investment program which grants Cypriot citizenship to those that invest EUR 2,000,000 or more in residential real estate, an investment amount which has…

post September 22, 2017

Regulatory Sandbox Licence – More Opportunities For Business Investors In Mauritius

The Regulatory Sandbox Licence is an initiative proceeding from the Mauritius 2016/2017 National Budget.  The RSL regulation was broadcast under the Investment Promotion Act in October last year. The relevant guidelines were subsequently put in place. The RSL is a measure issued by the Board of Investment, after consultation with…

post September 18, 2017

Hurricane Irma: Osiris Reports “Staff Are Safe And BVI Office Is Operational”

We can now report that all our colleagues and their families are all safe and well following the recent historic Category 5 Hurricane Irma, which hit the BVI less than 2 weeks ago. Irma was followed by Cat. 4 Jose, which past north of Caribbean islands and Puerto Rico. We…

post September 11, 2017

Hurricane Irma Update: Full Restoration Of BVI Registry

As you are all aware the BVI has been severely impacted by Hurricane Irma as the hurricane traveled directly over the island. We would like to bring you up to date with the current state of affairs from an Osiris perspective. We have located most of our staff bar 3…

post July 27, 2017

Res Non-Dom Changes to Proceed

In our article dated 1st May 2017 ‘Hold on Changes to UK Taxation of Res Non-Doms’, we noted that the proposed changes to the UK taxation of non-domiciliaries, which were to take effect from 6 April 2017, had recently been put on hold due to a shortage of Parliamentary time…

post July 26, 2017

Relocation Services to Mauritius

Mauritius as a relocation destination offers the ideal package with its political stability, cultural diversity, low tax rates and sustained economic growth. Foreign nationals who wish to relocate to Mauritius may select from various options such as the Occupation Permit, the Residence Permit, Permanent Residence permit, Investor Permit and Retirement…

post June 27, 2017

Mauritius Means Business With Its New Budget

No longer just a tourist destination, this little island is flourishing. Through its 2017/18 Budget Speech, Mauritius has emphasised its commitment towards invigorating corporate growth, expanding social programmes, and stimulating the development of small businesses. With a projected growth rate of 4.1% expected during the next financial year, the Mauritian…

post June 27, 2017

South Africa Demise of 183-Day Exemption. Should I Emigrate And If So, Where?

For years, South Africa has offered an exemption from tax in respect of South African residents who worked outside of South Africa for at least 183 days a year, including at least of one stint of 60 days.  They would remain taxable in respect of any income earned in the…

post June 9, 2017

Mauritius Commits to Sign the Multilateral Convention

Mauritius, as a fully collaborative and responsible International Financial Centre (IFC) of substance, has always supported the implementation of best practices as set by leading globally recognised institutions. To this end, in June 2015, Mauritius signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, jointly developed by the…

post June 1, 2017

Mauritius Business Facilitation Program

Ease of doing business is recognized the world over as a desirable attribute in trying to attract business into a jurisdiction. Over 10 years ago, the Business Facilitation Act 2006 (BFA) was introduced to improve the Mauritian business environment.  Several measures were introduced such as the cut down on paperwork…

post May 30, 2017

UK Property: Have They Killed the Golden Goose?

After investment in the UK property market sank to its lowest level in four years during the quarter after the Brexit vote, with the first quarter of 2017 well behind us, investment into UK real estate is not looking as gloomy as one would have anticipated and investment by non-UK…

post May 30, 2017

Mauritius Property Purchase Of Property By Non-Citizens

With its attractive tax system and physical location, Mauritius has attracted its fair share of people attracted to relocate there for both the fiscal and physical attributes. In order to attract HNW’s to make it their home, Mauritius has offered several property investments, which lead to a right to live…

post May 9, 2017

The OECD Common Reporting Standard

The Common Reporting Standard (“CRS”) was born out of an OECD-led initiative currently supported by over 100 countries (“Participating Countries”).  CRS requires jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.  The purpose of CRS is to counter tax…

post May 3, 2017

Italian Investment Visa To Complement The Resident Non-Domiciled Scheme

As we have detailed in earlier blogs, Italy has recently announced the introduction of an attractive resident-non-domiciled type scheme aimed at attracting high net worth individuals. Allied to this there has also been an introduction of a new Visa scheme aimed at allowing wealthy individuals to obtain residence in Italy.…

post May 1, 2017

Mauritius GBC1 Company To Own A Private Jet And Register It In The Cayman Islands

The Cayman Islands is one of the premier aircraft registration regimes in the world, often competing only with the Isle of Man in that regard.  What is often not recognised is that registration is not restricted to Cayman Islands Entities.  We deal with it in more detail here but a Mauritius…

post May 1, 2017

Hold on Changes to UK Taxation of Res Non-Doms

The UK has a well-established Resident Non Domiciled (“Res Non Dom”) scheme, which allows those residents of the UK who are domiciled outside of the UK to elect to be taxed only on UK source income (remittance basis of taxation). Our article of September 2011, found here, sets out the then…

post January 12, 2017

Amendments to Listing Rules on the Stock Exchange of Mauritius-International Issuers

In an attempt to make itself more of an attractive international platform for listed companies, the Stock Exchange of Mauritius (SEM) has recently made some amendments to its Listing Rules (dated December 2016), further to changes made to Chapter 15 for International Issuers. Some of the main amendments include: The…

post September 8, 2017

Update: Osiris Staff And Offices Safe After Hurricane Irma. Category 3 Storm, Jose Still En-route

Hurricane Irma has moved past the Tortola, BVI, however it continues to tear a deadly path through the Caribbean, causing widespread destruction and reducing buildings to rubble, on a track that could lead to a catastrophic strike on Florida. We are very relieved to have made contact with some of…