The main updates to consider in November are as follows:
October is coming to an end, and businesses are entering the busiest period of the year – November to December. To help you be fully prepared, we’ve gathered the key events and legislative changes that are already shaping the work focus for the coming months.
1. Mandatory verification of directors and PSC in the UK
Starting November 18, 2025, under the Economic Crime and Corporate Transparency Act 2023, all directors and persons with significant control (PSC) of UK companies are required to undergo identity verification.
Without verification, filing a Confirmation Statement and other documents with Companies House will not be possible. For new companies, verification is required for every director and PSC before submitting registration documents.
This reform is aimed at increasing business transparency and combating financial crime.
2. Cyprus on the path of reform
Cyprus is launching a major reform of the Registrar of Companies, updating corporate administration.
In recent months, Cyprus has approved a package of laws that ushers in a new era for the Department of Registrar of Companies and Intellectual Property (TEEDI).
What this means for business:
-A modern online system replacing paper bureaucracy;
-64 new types of certificates and documents;
-Documents will be available only in electronic format, with bilingual versions (Greek/English);
-An electronic seal guaranteeing authenticity.
The reform will cover all companies registered in Cyprus - local, foreign, European, trade names and cooperatives.
Cyprus is strengthening its status as an international business hub, making corporate procedures simpler, more transparent, and aligned with EU standards.
So if documents from the Registrar are delayed - don’t be surprised; “tomorrow” in Cyprus might take a little longer than we’re used to.
3. BVI opens the Beneficial Ownership Register
Starting April 1, 2026, the British Virgin Islands will open access to the UBO Register. Anyone will be able to obtain information about company owners - via a written request and a $75 fee.
However, to access the information, you must demonstrate a legitimate interest, for example:
-For investigating financial crimes;
-If the company is linked to a person under investigation;
-Or if you are conducting Customer Due Diligence (CDD).
The Registrar will review requests within 12 days, and the company owner can raise objections within 5 days.
If approved, only basic information will be disclosed: name, month and year of birth, nationality, and nature of involvement in the company.
4. From 2026 - a new tax return form in Ukraine
Starting January 1, 2026, Ukraine will implement an updated Declaration of Property and Income (Ministry of Finance Order No. 119 dated 26.02.2025).
The changes apply to individual entrepreneurs (IE) as well as owners of controlled foreign companies (CFCs).
Key updates include:
-A new Appendix AP for IE trading fuel;
-Mandatory reporting of personal income tax (PIT) advance payments in Appendix F2;
-An updated CFC Appendix, reflecting the difference between distributed and undistributed CFC profits.
Now, when a CFC distributes profits, the amounts will automatically appear in the declaration and be considered in PIT calculations.
5. Corporate tax return in Singapore
All companies in Singapore, regardless of size or activity, are required to file a tax return with IRAS by November 30 of the year following the reporting period.
Main forms:
-Form C - standard return with a full set of financial statements;
-Form C-S - simplified for small companies with revenue up to SGD 5 million;
-Form C-S (Lite) - an even simpler version for companies with revenue up to SGD 200,000.
Even dormant companies must file a return, but they may be exempt if the expected taxable income = 0 and annual turnover up to SGD 1 million.
6. Switzerland introduces a new beneficial ownership reporting regime
The Federal Parliament of Switzerland has approved a draft law on corporate transparency and beneficial ownership identification, which is set to come into effect in 2027.
The law will apply not only to Swiss companies but also to foreign entities effectively managed from Switzerland. For the first time, the regulation will also cover trustees.
Key requirements:
-Identify individuals who control the company;
-Collect detailed information about beneficiaries;
-Submit the information to the state register within 1 month;
-Timely updates of information when changes occur.
The register will be non-public, with access granted only to government authorities, financial intermediaries, and auditors.
Violations may result in fines of up to CHF 500,000.
By the end of 2025, secondary legislation detailing the procedure is expected to be published.
7. Will FinCEN remove beneficial ownership data in the USA?
The US is unexpectedly rolling back its corporate transparency policy. FinCEN announced that it will delete all previously submitted data on US company owners collected under the Corporate Transparency Act.
A Texas court ruled the law unconstitutional, and the US President described it as a “threat to small businesses” and an “intrusion on privacy.”
From now on, only foreign companies operating in the US will be required to report their beneficial owners. American companies are exempt, and previously submitted data will be removed from the FinCEN database.
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