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My time at Peregrine so far...
I joined the board of Peregrine Corporate Services Limited (“Peregrine”) in August and I’m responsible for day to day operations of the company, managing key client relationships and developing new business opportunities. In my previous two roles I have worked my way through the ranks which has given me the opportunity to learn from the ground up. I’m a firm believer you need to have an understanding of the company’s processes from the ground up to enable you to provide a direction for the business and the team.
Central Public Register of Isle of Man Beneficial Owners of Isle of Man Companies
The Isle of Man currently has a central register of Ultimate Beneficial Owners (“UBO”) of Isle of Man registered companies.Each company has a Nominated Officer or Corporate Service Provider (“CSP”) charged with keeping the details of the company’s UBO(s) up to date on an annual basis using an online portal.
South Africa’s Expat Tax
With the South African Government increasingly coming under pressure to make up billions of Rands in revenue collection they have had to look at other sources. The large number of skilled South African’s who have moved abroad have become the latest target. For South Africans living abroad the amendment to the Income Tax Act meant that, from 1st March 2020, expats who are deemed to be South African residents would be liable for tax in South Africa on their foreign employment income insofar as it exceeds ZAR1 million. This change has become known as the “Expat Tax”.
Isle of Man - Substance over style. (Or Mann of Substance?)
Following the review carried out by the EU Code of Conduct Group on Business Taxation (“COCG”) and the subsequent release of the proposed Income Tax (Substance Requirements) Order 2018, there has been an increase in the number of businesses looking to restructure and re-domicile companies to the Isle of Man.
Short Form Trusts
At Peregrine, we have developed a simplified trust called the “Short Form” trust which can be used to hold a single asset or investment. The short form trust is a variation of a discretionary trust and is used when the activities are limited. Short Form Trust offers an alternative solution to simply holding investments in your personal name or replying on your Will to deal with assets post death. A trust provides greater flexibility, security and is protected by trust law.
Managing any vessel in today’s highly regulated environment is a difficult task and it is important that it is done correctly. The pressures of rising operating costs can often add to the challenge. The Isle of Man is perfectly placed and is easy to access. Here at Peregrine, we can help you and your business with the initial registration and ongoing administration of your vessel.
Whether you choose to invest in commercial or residential property, in the UK, Europe or further afield, Peregrine can assist you; providing managed corporate structures in a stable, low tax jurisdiction. Property is one of the most secure and consistent investment opportunities available, we can help to make sure it stays that way. We have a wealth of experience providing services to clients investing in property in several different countries.
Inheritance and Estate Planning
Whether you have existing estate planning in place or if you are only just considering the best way to provide for future generations of your family, we are able to help. Working with your own advisors or via our network of global connections, we can help find the most appropriate solution for your estate. Once established we can help to put in place and administer the appropriate structure to ensure planning is effective and carried out correctly.
Peregrine director Basil Bielich has been instrumental in establishing the Manx Cleantech Hub (“MCH”) which is the Isle of Man Hub of the Commonwealth Environmental Investment Platform (“CEIP”). This is an international network to encourage the exchange of ideas and services between Cleantech industry specialists around the world.
Business Structuring and Restructuring
Finding the correct ownership structure for your business is an important step in your future planning. At Peregrine, we can work with new start-ups or existing structures to create the format that will deliver the best results for you. We have extensive in-house experience in dealing with the intricate matters involved in restructuring and we are able to incorporate companies as and when required. We also have a broad network of international contacts that we can call on to assist you in the process.