On 1st of January 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “Act”), which requires the establishment of adequate “economic substance” for legal entities that fall within its scope, came into force in the British Virgin Islands (“BVI”). Regulations and guidelines which will provide clarifications for the implementation of the Act are going to be issued. However, it is expected that these regulations and guidelines will not be available until March 2019.
Αll Cyprus companies regardless if they are dormant or not, have an obligation to prepare and file audited financial statements to both the Registrar of Companies and the Tax Authorities. All companies to be up to date and in good standing should prepare and file Financial statements until 2018. Companies that were incorporated in the second half of 2018 will prepare financial statements together with 2019.
To be able to proceed, we need you to send us all the documents of the company to complete the bookkeeping and send them for audit and the preparation of the financial statements of 2018, until the end of February 2019.
Following an inspection of Google LLC, the restricted committee of the French Commission Nationale de l’Informatique et des Libertés (hereinafter referred to as the “CNIL”) decided that there are two types of breaches of the French Data Protection Act and the General Data Protection Regulation (“GDPR”) by Google LLC and imposed a penalty of 50 million euro.
