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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.
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.
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”.