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Chesterfield Group
Chesterfield stands for innovation, focus and expertise, providing services like Offshore Company Formation, Invoicing, contracting and international payroll
Chesterfield stands for innovation, focus and expertise, providing services like Offshore Company Formation, Invoicing, contracting and international payroll

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Cloud – It’s Impact On The IT World

Cloud is relatively new to IT and therefore is developing at a much faster rate than other areas. It is predicted that half of IT infrastructure and software investments will be cloud based by 2018.
When contracting in the IT sector it is important to understand how this evolution in IT technology will impact IT contracting jobs.
Currently the impact is very positive indeed. Even a rudimentary job search brings up hundreds of jobs in a variety of areas including project leaders, consultants, engineers, infrastructure managers, architects and analysts. Certified Cloud Security Professional is one of the top IT certifications tipped for 2016 in the contracting field. There is speculation though that a number of IT jobs will decrease as many systems will be replaced by cloud based applications reducing the need for internal IT staff.
The list of companies adopting cloud is extensive and includes everything from one man bands sat at home working from their computers to Homeland Security in the States.
The press for cloud is not all praise though with parties speaking out regarding data protection and security risks emphasising that when adopting cloud companies should be very clear on what they pay for.
So in conclusion for the foreseeable future it is predicted that there will be a high demand in this area for business analysts, project managers, data integration specialists, infrastructure specialists and security specialists. It is also expected that programmers will see a shift from working for IT organisations to cloud based software vendors as more and more companies opt to use cloud based applications. It is also speculated that demand for internal specialists in other areas of IT might see decreases as many systems are replaced.

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Isle Of Man One Of The First Jurisdictions To Introduce Crypto Currency Legislation

On 26 October 2015 the Isle of Man instigated initial legislation to regulate Crypto Currency making it one of the first jurisdictions in the world to do so, second only to New York whose rather disastrous attempt in August 2015 resulted in the loss of numerous Bitcoin businesses.
The Isle of Man has over thirty years of unbroken growth in its economy and much of this success is attributed to its ability to capitalise early on financial and technological niches such as eGaming and now Crypto Currency.
Crypto Currency is a recent development having only been founded in 2009 and therefore is still in the process of evolving, making detailed legislation not possible at this stage due to its volatile advancement. The Isle of Man believes that due to its established and yet adaptable regulations it is more than capable of providing solutions in this infant industry. Its initial steps to providing legislation and oversight in order to attract serious players to the island appear to have been successful with Isle of Man hosting the Crypto Valley Summit where over one hundred and seventy professionals attended in order to make decisions on the future of digital currencies.
This legislation reaffirms the commitment of the British Crown Dependencies to embracing and adapting much more quickly to changes in the financial environment than many of the world powers with Jersey also accepting Crypto Currencies having set up the World’s first bitcoin fund last year.

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France To Reimburse Social Contributions

In the summer budget of 2012 France introduced social contribution charges to non-residents. This was immediately met with strong opposition. However in October 2015 the French Tax Authority have now announced that it will refund these social contributions, but only to European residents.
The decision to refund these charges has been made after the European Court of Justice ruling in the de Ruyter case, whereby they stated that persons should be subject to the legislation of a single member state only.
France is still refusing to refund residents of third party countries who were also subject to these charges despite criticism that this favourable treatment of EU residents is contrary to EU law.
If you are concerned about being taxed twice for social contributions both in the country you are contracting in as well as your country of residence and would like to discuss this to see what solutions there are then please do not hesitate to contact us. - See more at:

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Gibraltar To Introduce Private Foundations

On the 15th October 2015 Gibraltar published draft legislation for public consultation. The legislation was to introduce the Private Foundations Act 2015 and the Limited Liability Partnerships Act (Amendment) Regulations 2015. The closing date for the consultation was the 30th November 2015.
This legislation is an effort by Gibraltar to remain competitive with other jurisdictions that have already introduced similar private foundations and will be based on the Jersey foundation which was introduced in 2009.
Foundations are becoming popular and are self-owning legal entities which whilst are similar to trusts also enjoy many of the benefits associated with companies and are primarily used for private wealth management and inheritance structuring.
It is reported that private practitioners’ desire for a similar entity to be available in Gibraltar is behind the decision to introduce this to Gibraltar.
If you would like to hear more about the benefits of Foundations and the different jurisdictions available then please do not hesitate to contact us. - See more at:

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What Currency To Be Paid In?

We have said it numerous times before that whilst the life of an international contractor offers many inviting perks, it also comes with its own unique set of problems. One of these problems occurs when a decision needs to be made regarding what currency to be paid in.
Unlike regular full time work when choosing to contract abroad there is often the choice regarding what currency you would like your money to be in. This can be an important decision as once the contract is agreed it is not always possible to change. Therefore it should be carefully considered as to the strength of the currency and liability to fluctuate in the market before committing to it. Another factor would be what currency you are likely to be using the most as unless you are in a position to monitor the market and make conversions based on an informed decision in order to enjoy a more favourable rate then you may end up losing out as converting out of necessity rarely results in better rates.
However, here at Chesterfield we offer solutions to our contractors using multicurrency accounts that allow them to make payment in any currency of their choice regardless of the original contract currency. Our system is designed to make it simple for our contractors working off their instructions without the need for additional inconvenient conversions or annoying paperwork. Our staff are constantly monitoring currency fluctuations in order to keep abreast of the market and offer advice in cases of uncertainty.
If you are a contractor or thinking of taking a contract and would like to learn more about how our solutions might be beneficial to you please do not hesitate to contact us. - See more at:

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Concerns Over Cap On German Contracts

A recent labour law reform has led to the termination of one hundred and eighty local contractors. The reform which comes into effect from January 2017 means that a cap of eighteen months has been put in place with regards to leasing temporary workers, which includes skilled contractors from abroad. Therefore after only eighteen months in the job contractors would be classed as permanent employees.
Agencies have grouped together to fight this planned reform claiming that this will have disastrous effects. Fears are that the freelancer status will become difficult to determine effecting the recruitment of qualified new entrants and that this will heavily impact the German economy which already suffers from a rapidly ageing workforce. Arguments include that fact that freelancers are a necessary resource for projects and on complicated technical projects contracts can extend passed the proposed eighteen months. - See more at:

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Nevis Improves On Its Corporation, LLC And Trust Laws

On the 1 July 2015 Nevis made a number of significant amendments to its existing Corporation, LLC and Trust laws making it a very attractive jurisdiction, especially for those whom asset protection is of primary concern.
A summary of some of the more notable changes can be found below:-

Corporations are now permitted to have a sole director
Share Certificates are now optional with the share register being the recognised record of shareholdings
Single member LLC’s are now permitted
It is now possible to convert an LLC to a corporation
There is now no limit on the duration of international trusts or the accumulation of income
It is now possible to combine and divide trusts
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Abu Dhabi’s Financial Services Regulatory Authority

We wrote in May of last year regarding the new Abu Dhabi Global Market (‘ADGM’), which is an international finance centre in the United Arab Emirates and is independent of the existing legal regime in Abu Dhabi. This is governed under the same law under which the Dubai International Finance Centre was established and is based on English law.
In October 2015 the ‘ADGM’ announced commencement of its Financial Services Regulatory Authority (‘FSRA’). The function of this authority is to establish a strong, enduring financial market which is of a high standard and is able to compete with global markets such as London, Hong Kong and Singapore. It is not only a regulatory authority to ensure that international standards are adhered to, but also an institute to monitor and improve on competitiveness and efficiency. In order to facilitate this, the laws and regulations surrounding the establishment of this ‘FSRA’ are designed to be responsive to market conditions and regulatory development.
The ‘ADGM’ has started the year with productive meetings with key international countries and attending forum’s and summits reinforcing their commitment to international ties and development.
If you would like to learn more about the benefits of establishing an ‘ADGM’ company or how these compare to other company formations in the Emirates then please do not hesitate to contact us. - See more at:

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The Evolving World Of IT Certifications

Due to how quickly the world of IT is evolving this has led to an increase in the need for IT contractors, whether to update an antiquated system or whether to protect them from the ever increasing risks of cyber-crime. - See more at:

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Finance Bill Amendments To Inheritance Tax Rate Impact On Trusts

On the 14th September 2015 the UK Government proposed amendments to the Finance Bill 2015 to clarify in relation to trusts following the introduction of a residence nil-rate tax band to the inheritance tax. - See more at:
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