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The Global Compliance Calendar – What’s new for 2023?
With 2023 just round the corner, the countdown is on for general counsels, company secretaries, corporate compliance and legal teams to start planning and building their compliance strategy.
Multinationals, with entities spread across the globe, are faced with the constant uphill task of ensuring they are compliant. Regulation and reporting requirements vary greatly across jurisdictions and 2023 brings with it new deadlines, processes and annual obligations to be aware of.
Therefore transparent calendar planning is essential now in order remain compliant and to keep control over a global portfolio of entities.
Here are just a few of the changes to be aware of in 2023:
United Kingdom
The Register of Overseas Entities under the Economic Crime (Transparency and Enforcement) Act 2022 came into effect on the 1st of August 2022. Foreign companies must register updated information about their beneficial owners or managing officers by the 31st of January 2023.
British Virgin Islands
Introduced on the 12th August 2022, and effective as of the 1st of January 2023, the BVI Business Companies (Amendment) Act, 2022 includes changes to:
- Obligations for entities to file Annual Returns
- Modifications to the record retention period
- Abolishment of the existing bearer share regime
- Additional requirements for companies wishing to transfer the seat of their entity outside of the BVI
United Arab Emirates
The new Commercial Companies Law (CCL) took effect on the 2nd of January 2022 and all companies must update their Memorandums of Associations to comply with it by the 2nd of January 2023.
In addition, as stated in the New CCL, several substantial modifications confirm the notion of easing foreign ownership limitations. Additionally, the Abu Dhabi and Dubai Economic Departments have released a broad list of activities that are authorized for 100 percent foreign ownership.
Ukraine
On the 6th of September 2022, the Verkhovna Rada of Ukraine implemented the new Law No.2571. This introduced number of important changes relating to Ultimate Beneficial Owner (UBO) reporting including:
- Shareholders of Ukrainian entities are now responsible if UBO details are not reported;
- The list of Ukrainian entities exempt from the obligation has been extended;
- Electronic signature for certification of documents is now allowed.
Introducing Mercator by Citco’s Global Compliance Calendar
Our Global Compliance Calendar is a customized and easy to navigate tool, with up-to-date information on all corporate compliance obligations across the entire entity portfolio.
It provides a schedule for the full year, with details of the work to be done and accompanying deadlines, increasing efficiency and visibility and ensuring that annual obligations do not take companies by surprise.
The list of recurring corporate compliance deadlines is powered by our rules engine and regularly maintained by our dedicated team of jurisdictional experts.
Entity information is available to all project members 24/7 and located with our proprietary technology platform – Entica™ – ensuring corporate control through transparency.
To find out more about Mercator’s Global Compliance Calendar for 2023 contact mercator@citco.com or request a demo here.