Hensley&Cook is a business advisory service and corporate service provider with offices in the Seychelles, Singapore, Cebu (Philippines), and Dubai (United Arab Emirates). We help clients to examining the legal framework, implication on tax, availability of finance, market potential and the risks factors involved to start up a business or do their estate planning. In our solutions we follow high ethical and moral values with strict compliance to tax and other legal requirements.
Hensley&Cook offers a highly professional company formation and administration service based on best practice and streamlined processes. Our multicultural and multi-lingual team of experts makes sure, that the incorporation processes run smoothly and within the promised timeframe, but still follows stringent and comprehensive compliance checks and processes.
We have, among others, expertise in the formation and administration of trading companies, holding companies, private or family investment companies, international investment funds, foundations and trust. Our clients own real estate, ships or aircrafts with such companies, do active trading, use structures to build holding structures for international business conglomerates or administrate intellectual property rights and royalties through such companies.
We at Hensley&Cook know, that each customer is unique and has specific requirements. There is not one solution that fits all, that’s why we offer tailor made solutions for each client. Carefully adapted to the needs, cost effective and with the target in mind.
Nevertheless it may be interesting to learn more about some of the solutions Hensley&Cook has put in place for some clients, but these examples do not show a comprehensive list of solutions and our specialists are always happy to look into your specific requirements.
Hensley&Cook is a licensed Trustee in the Seychelles (ITSP), licensed to register private foundations (FSP) and international business companies (IBC) corporate service provider in the Seychelles. In the UAE we are a registered agent for IBCs and incorporate companies in all the Free Zones and with the different departments of economic development, the local registrars.
In addition Hensley&Cook offers the formation of companies in numerous jurisdictions, relying on a well established network of partner firms in the respective countries. Please note, that Hensley&Cook offers the incorporation of companies as part of a problem solving solution and is not in the business of factory like mass incorporation of firms.
As a common saying goes, there are only two fun days in the life of a yacht-owner – the day he buys it and the day he sells it. However that is not true if you’re registered in the Seychelles! This beautiful country of everlasting summer and home of one of the most plentiful fishing grounds in the world just calls for a boat trip to come and explore the 115 islands for treasures they offer.
Can you imagine, that the ownership of a boat can be 100% foreign? The process of registration is streamlined and the port offers modern facilities for all size of yachts and vessels.
Should you prefer to own a yachting business and lead your customers on the journey of exploration and big game fishing, then for you there is exemption from social security contributions for non-Seychellois personnel and no capital gains on sale of the vessel.
Hensley&Cook is now the NUMBER 1 YACHT REGISTRAR in the Seychelles! Please contact us if you like to learn more about the advantages of a yacht registration in the Seychelles.
Hensley&Cook provides comprehensive HR solutions for small and mid-sized businesses. HR, benefits, tax administration, and regulatory compliance assistance are some of the many services we provide.
By taking care of paperwork and providing regulatory compliance assistance, Hensley&Cook helps businesses to improve productivity, increase profitability, and to focus on their core mission.
Seychelles International Financial Services Association (SIFSA) took part in its kicked-off meeting, of which Hensley&Cook is an active member of the association.
The government of Seychelles is putting greater attention to its financial sector as a vital pillar of the economy. Various financial departments met on the 27th April 2021 to discuss the creation of a new committee. Headed by Naadir Hassan, the country’s Minister for Finance Economic Planning and Trade, addressing the members, “By reforming the sector which is dynamic and keeps moving, we need to adapt in order to stay relevant to new circumstances,” said Hassan.
These reforms will enable Seychelles financial sector to survive, thrive, and contribute to the wealth of the country. The initial call to reform the sector was made following his February 2021 budget speech in the National Assembly.
The new committee will consist of 10 members which include representatives from this organisation, noting that SIFSA represents 2 members:
Ministry of Finance
Financial Services Authority (FSA)
Seychelles Revenue Commission (SRC)
Central Bank Seychelles (CBS)
Seychelles International Financial Services Association (SIFSA)
Seychelles Bankers Association
Seychelles Chamber of Commerce and Industry (SCCI)
Securities Exchange and Insurers Association of Seychelles
Ending the meeting, Naadir Hassan emphasised the work on strict compliance that mirrors the country’s reputation and should be given more importance. With the creation of the new committee, he is confident that the financial services sector of the country will foster economic growth.
In a recent press conference, Seychelles President has declared the new FSA CEO. Mr. Damien Thesee, presently Principal Secretary for Finance Department.
Pres. Ramkalawan is inclined to select the new FSA head as the seat is vacant for quite some time now, following the passing of Dr. Steve Fanny, a pioneer, and expert in the field of finance that made remarkable contributions to the authority.
The official appointment date has yet to release.
The restrictions, which came into effect from 11:59 pm on Saturday, April 24 will be reviewed after 10 days.
The decision has been announced by the National Emergency Crisis and Disaster Management Authority (NCEMA) in coordination with the General Civil Aviation Authority (GCAA).
For more details and assistance, you may reach our consultants at +971 4 406 9700.
For the developing story, visit https://www.arnnewscentre.ae/en/news/uae/uae-suspends-flights-from-india/.
The new visa reforms include allowing professionals to reside in the UAE while having the freedom to working remotely anywhere in the world, this visa which they called a remote work visa.
The other one is a multiple-entry tourist visa which is open to all nationalities. Last January, the UAE also announced that would benefit select foreigners for Emirati citizenship. Other reforms mentioned include students being able to sponsor their parents and long-term Golden Visas.
UAE is not only a melting pot of different cultures but also a home for exceptional talents and professionals that work along with the vision of the great builders of this nation. These new visas aim to retain contributors who greatly showed an impact in this progressive country. It also aims to attract visitors to one of the safest and tourist-friendly countries in the world.
The following visas are included in the latest residency reforms:
1. Remote work visa
This visa is valid for one year, which enables professionals from different parts of the world to reside in the UAE. It doesn’t matter if the work is remotely or the company is based in another country. This doesn’t need any sponsorship.
2. Multi-entry tourist visa
The five-year visa is open to all nationalities and does not need a guarantor. The visa holder can stay in the UAE for up to 90 days per entry, extendable by another 90 days. The visa holder can get in and out of the country multiple times
For more information and guidance, contact one of our business consultants.
Hensley&Cook would like to extend our deepest sympathy and sincere condolences to the family and friends upon hearing of the sudden passing of Dr. Steve Fanny, the Chief Executive Officer of Seychelles Financial Services (FSA).
“It was with immense sadness and shock that we have learned of the passing of Dr. Steve Fanny. Dr. Fanny was a Pioneer and expert in the field of finance and had made invaluable contributions to the Financial Services Sector in positioning the Seychelles on the International arena as a respected and strong Jurisdiction. Dr. Steve Fanny was also instrumental in the set up of Hensley&Cook in the Seychelles and we truly appreciated all of his guidance and support over the years. His passing is a great loss for the country and to an extent, irreplaceable. He will be greatly missed”
– The Managing Director
The announcement took effect on February 12, 2021, when the airline confirmed that Dubai residents dont need GDRFA approval to fly back. Previously, the approval was valid for 30 days, so residents who were planning to return in less than 30 days could apply before their scheduled departure.
Some expats with UAE residence visas who were in their home country, received an email from the airline stating that Dubai residents returning to the emirate are not required to take approval. The only requirement for Dubai residents returning to the city is a negative PCR test result certificate for COVID-19 taken no more than 72 hours before departure.
However, it is also advised that passengers travelling to and connecting in Dubai must present specific documents at check-in to board the flight. They would also need to double check the travel requirements for their final destination and ensure to comply with the entry requirements of their destination country.
There are various regulations applied and followed by different airlines, hence it is highly advisable to frequently check the requirement regularly before travelling. Hensley&Cook collected important links from various airline and official governmental news update during COVID-19, visit https://hensleycook.com/covid19-uae-travel-visa-information/ for more details.
The Mutual Fund and Hedge Fund Act of 2008 states that only a licensed regulated entity can administer mutual funds. As one of the few license holder in Seychelles, Hensley&Cook boost its client’s confidence towards handling a full range of fund administration services associated with Investment fund setup and administration according to individual requirements including support for both regulated and unregulated funds.
Transparency and confidence are the key factors that clients are looking into a service partner especially in handling financial and investment matters. With this license, options expanded for clients which the team effectively matches clients’ requirements.
Seychelles enjoys a stable political and economic climate with a robust and sophisticated Capital Markets Systems. With a responsive Regulator and a flexible Mutual Fund law, this has allowed for the possibility for example to have multiple sub-funds to exist within the overall fund structure, making it more strategic, less expensive and providing ease for investors to switch from one fund to another. We can even go a step further and list your Fund on the Local Stock Exchange as an accredited sponsor.
If you are looking for expert advice, end-to-end solutions on fund entity setup, Hensley&Cook Seychelles can provide the required solutions based on your requirements.
Our team of professionals not only has the knowledge but offers efficient fund solutions across a range of asset classes.
Hensley&Cook serves clients across UAE, Seychelles, the Philippines and Singapore. We offer a full-suite business solution that facilitates the incorporation and management of companies to a number of different jurisdictions through a well-established network of partner companies.
The UAE announced another breakthrough news to select group of foreigners offering country’s citizenship. The following are the requirements for each category
– Doctors and specialists need to be experts in a scientific discipline that’s highly needed in the UAE, with over 10 years of experience and should be part of ‘a reputable organisation in his field of specialisation’;
– Investors need to own a property in the UAE;
– Scientists should be active researchers with over 10 years of experience in the same field. They should have a recommendation from recognized scientific institutions in the UAE;
– Inventors should have one or more patent from the UAE or a ‘reputable international body’ coupled with a recommendation from the Ministry of Economy;
– Creative talents should be recognised pioneers in their field and have a recommendation letter from local authorities in the field.
For more information and guidance, contact Hensley&Cook team.
On 9th January 2021, the UAE has announced reopening its ports (sea, land and air) to Qatar marked its restored cooperation after signing the Gulf reunion at the Al Ula Summit.
The Undersecretary of the UAE’s Ministry of Foreign Affairs and International Cooperation, Khaled Abdullah Belhoul confirmed that the UAE will begin to end all measures taken against the State of Qatar.
This new permanent solidarity agreement is another Arab Gulf achievement indicative to strengthens the unity and cohesion of the Gulf, Arab and Islamic ranks.
The three-year standoff between Qatar and its immediate neighbours will benefit GCC economies, particularly the UAE in either medium and long term effect. The following industries would have an advantage:
4. Oil & Gas
6. Investment Channels
7. Financial Sectors
8. Service Industry
9. Real Estate
Hensley&Cook provides business advisory and set-up of companies in the GCC countries and the United Arab Emirates (UAE) and can facilitate the incorporation of companies to a number of different jurisdictions through a well-established network of partner companies.
We provide full-suite solutions which include Yacht Registration, Estate Planning, set-up of Funds with Bonds investments mainly in Asia, Merger & Acquisition and the set-up of trusts and foundations for Charity.
Contact us today to get started and take advantage of starting up a new venture with the resuming of ties between Qatar and the GCC countries.
Indeed, a great welcome to the year for Hensley&Cook for receiving the official marketer accreditation by the Philippine Retirement Authority (PRA), a government-owned and controlled operation under the supervision of the Department of Tourism.
As an accredited marketer of the Philippine Retirement Authority (PRA), Hensley&Cook is now ready to provide a seamless service promoting the PRA program related to living, working, and tourism in the Philippines. This will bridge the increasing demands of existing and potential clients who wish to relocate to the Philippines. Offering a wide range of solutions concerning housing prices, labor costs, visas, government regulations, insurance and schools among others, all under one roof.
We are confident that this will be an added value to our product portfolio and will help thousands of clients who are eyeing the Philippines as a tropical retirement haven in Southeast Asia. There are numerous numbers of accredited marketers available but what makes Hensley&Cook’s service offering unique is not only the solution, we provide our clients with peace of mind, confidentiality, transparency and after-sales customer support. Our team of experts with local-global knowledge will advise on the right investments, support on every step of the visa applications and guide them on local areas best suitable to live as their second home, said Alexander Chang-Sam, Hensley&Cook Managing Director.
Whilst the Philippines is known as a tropical climate country, the Filipino’s being a family orientated nation with warm hospitality attracts the foreign nationals more. The locals’ zest for life is acknowledged through world-class professional human resource, budding financial and business hubs, the low cost of living that assures a comfortable lifestyle which complements long term retirement plans. The Philippines is well known for countless choice of world-renowned destinations, prime locations with clean air and outstanding sceneries which makes the country the right choice for retiring foreign nationals and locals working abroad. This new breakthrough will open a door of opportunities, especially during difficult times. Combining Hensley&Cook expertise in the field of business advisory with full suite solutions and PRA’s support program to its accredited marketer, a powerhouse and reliable go-to retirement solutions provider is born in the region.
The Ministry of Finance has announced the Notice on the requirement to file the Economic Substance Regulations (ESR) and Reports directly to the newly developed Ministry of Finance Portal.
To get started, a Notification Template and Report Template are required to be filled up by all entities that conduct Relevant Activities. The filing will be required to submit directly to the Ministry of Finance even if companies have previously filed details with RAK ICC or similar free zone authorities.
The filing deadline is due on December 31, 2020, and late Notification filing will be subject to AED 20,000 penalty by the Ministry and late Report filing will be subject to AED 50,000 penalty by the ministry.
The UAE government sets on one of the biggest overhauls or updates on their legal system in years announced on Saturday, November 7, 2020. This new regulations cover divorce, inheritance and alcohol, as well as tougher punishments for men who harass women and a “Good Samaritan” law
With these changes a lot will be affected and ease especially with family law, and affecting people’s daily lives in general.
Amendments to existing laws and the introduction of new laws seek to regulate crucial personal and civil laws, with provisions allowing expats to have their personal affairs dealt with according to the law of their home country.
Reforms will affect laws that relate to the following, Hensley&Cook along with CRESCO in-house legal firm, CRESCO Legal take on this new regulations and explain further how this will affect Non-Emiratis living in UAE, its pros and cons.
Find out more as they breakdown the details of these new regulations and guide you through the process of these changes.
The law also covers wills and inheritance. Until now, family members of a deceased person, particularly in acrimonious cases, could have found assets were divided under Sharia, which expats may be unused to.
Now, a person’s nationality will dictate how their assets are divided among their next of kin, unless they have written a will. The one exception is for property purchased in the UAE, which will be managed according to UAE law.
In Dubai, non-Muslims have been able to register wills with Dubai International Financial Centre’s wills and probate registry, which is linked to the government, but not in Dubai’s state-run civil courts, for some years now. In Abu Dhabi, non-Muslims have been able to register a will at the emirate’s Judicial Department since 2017.
However, there are other options other than a Will which can be used to secure assets in the UAE through proper inheritance planning and asset protection vehicles such as Trust and Foundations. Hensley&Cook as Estate Practitioners can help with ensuring that assets are properly secured according to the clients wishes.
There are a number of amendments seeking to protect the rights of women. There will no longer be a distinction of crimes known as “honour crimes”, where a male relative can get a lighter sentence for assaulting a female relative under the guise of “protecting honour”. Rather, such incidents will be treated as crimes, similar to any other assault.
There will be tougher punishments for men who subject women to harassment of any kind, which is thought to cover street harassment or stalking. The law appears to be a reiteration of legislation brought in last year that brought tougher offences for harassment, and also recognised that men could be victims of harassment or stalking.
The punishment for the rape of a minor or someone with limited mental capacity will be execution. (source: The National)
Bankruptcy Law in UAE Amendments is Now Approved to Cover Pandemic Situations.
Under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has approved amendments to the provisions of the Federal Law by Decree No. (9) of 2016 on Bankruptcy as part of the government’s continuous efforts to develop the legal and legislative frameworks in the various sectors, particularly the economic sector, which is a fundamental pillar within the UAE strategy for the next fifty years.
This is good amendments as it will give facility to repay the debts in installments (however it has to be cleared in 12 months). The significant point is that, the money necessary for running the business (day to activities), shall not be touched to enable the debtor to run the business during liquidation proceedings.
Speak to us, for more information.
Professionals working abroad can now apply for a one-year remote working visa to live in Dubai while keeping their employment overseas. With a cost of US$287 or Dhs1,054 you can get the new visa plus UAE medical insurance coverage and processing fee per person.
The new announcement came from Dubai Tourism which attracts people who are working virtually from home. Entrepreneurs and business owners with an active company existing in a year or more are also welcome to apply, providing an average monthly income of US$5,000 per month and up to date three months’ bank statements.
Speak to us, for more details and assistance in availing the new visa.
The Federal Authority for Identity and Citizenship released an announcement stating the deadline for visa and card renewal on October 11.
UAE residents whose visas expired between March 1 and July 11 must renew them by Sunday to avoid paying a fine.
Failure to comply will incur a daily penalty of AED 25. An additional fine of AED 250 will be imposed when leaving the country.
There is also a daily AED 20 fine for not renewing an Emirates ID – this can go up to AED 1,000. In addition, residents must undergo a medical test to renew their status.
For more information, visit https://bit.ly/3nl852f
United Arab Emirates Ministry Of Justice has issued a circular that demonstrates the amends made to the UAE Citizenship Act.
The new amends allow for investors, entrepreneurs, professionals and talents of any nationality to be granted an official UAE citizenship, in compliance with a list of conditions.
Dubai’s authorities have made it easier for interested individuals to commence their applications for the five year Dubai retirement visa. Medical insurance plan can be purchased later on during or after your medical test result. For more info, visit https://www.visitdubai.com/en/
There will be three categories which travel destinations have been classified:
Under medium risk categories, traveller’s or limited specific group will be allowed to travel, in cases such as emergency situations, with medical reasons or visiting family of first degree, or for military, diplomatic and official missions.
The following travel protocols must be observed by citizens and resident who wish to travel:
Hensley&Cook can guide you on the updated travel protocols and can assist you further for a smooth and pleasant journey. Contact us to get started.
Fujairah’s ruler and Supreme Council Member HH Sheikh Hamad bin Mohammed Al Sharqi, issued Resolution No. 04 of 2020 lifting local licensing fees and taxes for the current year. As per the resolution, some activities shall be exempted from the annual fees, starting from January 1 to December 31, 2020.
For more details regarding the included selected activities, visit https://bit.ly/2zaG3Sx
Hensley&Cook is proud to announce a new strategic partnership with the International Free Trade Zone, Fujairah, UAE. We would like to inform all of our clients and partners about our newly forged partnership.
IFZA prides itself on working predominantly with Professional Partners, Corporate Advisors, Law Firms and Agents alike, making IFZA the only B2B focused Free Zone in the United Arab Emirates. Offering an assortment of scalable business set-up solutions, IFZA caters to over 1000 Trade, Service and Consultancy activities to reflect to client’s objectives.
As an authorized partner, this means that we have access to more than 1,000 business activities to offer to clients. Doing business for potential clients who wished to set up at IFZA becomes much easier, flexible and convenient with Hensley&Cook
Inline with the precautionary measures taken by the government in various sectors against repercussions of the new coronavirus (COVID-19), the UAE Cabinet has adopted a package of new decisions in order to facilitate the current circumstances of UAE citizens, residents and visitors to preserve their health and safety, and to support the performing and continuity of government work.
One of the decisions is important for holders of UAE residence visas: The cabinet has agreed to extend residence visas expiring on March 1, 2020, or within the time frame specified by this decision, for a period of three months. There will be no additional fees charged upon renewal. The measure shall simplify the procedures for residents in the country and furthermore exempt them from any fines incurred in the current conditions.
In addition, it has been agreed to halt the administrative fines for all violations resulting from services provided by the Federal Authority for Identity & Citizenship for a period of three months, starting from April 1, 2020, and subject for extension. This covers, for example, fines related to the Emirates IDs.
Please contact H&C in case you need further clarifications.
It has been announced by the UAE government that the holders of an UAE Investor or Partner Visa
can now stay outside the country for an additional 6 months. This extension is granted due to the uncertainty caused by the COVID-19 pandemic.
The UAE government is now allowing the holders of an investor or a partner visa to stay outside the country for a maximum of 1-year from the last exit date from the UAE (subject to expiry of the visa). Residents, that are currently outside the UAE and like to travel back, are advised to contact the UAE diplomatic missions in their respective host countries for all necessary support to facilitate their return.
Please note, that this ruling does NOT apply to “normal” employment visas.
Don’t hesitate to contact Hensley&Cook if you are directly affected from this new decision.
Hensley&Cook in cooperation with the other companies of the CRESCO Group and in line with the processes as defined in ISO 22301 has taken measures to stay operational during the COVID-19 pandemic. Our IT infrastructure and our processes support remote working and the cooperation between distributed teams. We are confident, that we can continue serving you with our high level of quality and short response time as you are used to. We are here for you.
Sheikh Mohammad bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC) stating the responsibility of DMCC authorities in supervising the law and regulations to entities under DMCC.
The new law stipulates that any company registered to operate within DMCC is prohibited to practice any activity beyond what is only stated on their registration permit, additional to this are activities that against public order and norms.
The regulations also apply to custom duty and tax exemptions relevant to trade commodities, re-export and storage within DMCC and any private establishments, commercial and joint venture companies. Furthermore, companies under DMCC must define themselves as free zone companies to all communications documents including advertisements, invoices, contracts, etc.
After a year of active promotion and successful deliveries in cooperation with local partners, Hensley&Cook has now established its own presence in the Philippines. From our office in Cebu, we are going to serve the growing number of clients, that decide to establish a company in the Philippines, attracted by the high number of qualified people with high work ethos, or that like to retire in a country, that offers excellent living conditions at very attractive price.
We are constantly innovating; finding ways to improve our existing solutions and continuously providing new solutions to meet our customers’ evolving needs and to ensure Hensley&Cook remains at the forefront of the corporate services industry.