October brings new regulatory requirements and practical changes for business – from taxation to financial monitoring. Below we have collected the key innovations and important changes worth your attention.

1. Canada completes the modernisation of BC Registries

The Government of British Columbia has completed the multi-year modernisation of BC Registries and Online Services. The previously separate BC OnLine, Business Registry, Personal Property Registry and Manufactured Homes Registry systems are now combined in a single portal.

What is available on the new platform:

• Business Registry (company name requests, registration and maintenance).

• Business and Person Search (search for companies and individual partners).

• Personal Property Registry (search, registration, amendment, renewal and discharge of liens on personal property).

• Manufactured Home Registry (registration search).

• Court Services Online (filing documents with BC courts, viewing daily court lists)

• Rural Property Tax Search and Site Registry (environmental status of land)

For companies and their corporate agents, this means a move to a single digital environment for the main registration and administrative procedures in British Columbia.

2. The United Kingdom clarifies transfer pricing rules for domestic transactions

HMRC has updated its guidance on the application of the UK-to-UK exemption within the transfer pricing rules under Section 164A TIOPA 2010.

Key provisions:

• a separate exemption is established for domestic transactions between UK residents, provided the parties do not obtain an artificial tax advantage;  

• the exemption applies subject to the established criteria being met and no corresponding tax advantage arising;  

• mid-sized companies retain the possibility of obtaining a Transfer Pricing Notice from HMRC;  

For business, this means that UK groups of companies with subsidiary structures in the United Kingdom may reduce the compliance burden of preparing local documentation for domestic transactions.

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3. The UAE introduces new rules for opening bank accounts for SMEs

A Central Bank regulation on the protection of small and medium-sized business customers has entered into force in the UAE. The document sets new procedural requirements for banks when opening corporate accounts.

Key provisions:

• for companies with a low AML risk and a full standard set of documents, an account must be opened within 3 working days;  

• the bank must give the reason for refusal in writing, unless its disclosure is prohibited by law;  

• the customer must be informed in advance of the minimum list of required documents;  

• if account opening is delayed, restrictions on transactions must not last longer than two weeks;  

For companies opening a corporate account in the UAE, this means a more predictable KYC/AML procedure and more opportunities to challenge the bank's procedural violations.

4. Cyprus expands its network of double tax treaties

Cyprus continues to update and expand its network of double taxation treaties (DTTs).

Main changes:

• the first bilateral DTT between Cyprus and Oman has been signed; it has officially entered into force and applies from 1 January 2026.  

• the first DTT with Curaçao has been signed and will take effect from 1 January 2027.  

• a revised DTT between Cyprus and France (signed on 11 December 2023) has been signed and is currently awaiting final ratification by the parties to enter into force.  

The expansion of the DTT network matters for international companies and holding structures engaged in cross-border dividend, interest and royalty transactions, since such treaties determine how taxing rights are allocated between jurisdictions.

5. OECD updates rules and guidance on the global minimum tax

The OECD/G20 Inclusive Framework has published a new package of decisions to improve the consistency and tax certainty of the Pillar Two (GloBE) rules for multinational groups and jurisdictions.

Key provisions:

• a methodology for reviewing national legislation for conformity with the Model GloBE Rules has been approved;  

• the Side-by-Side package simplifications have been integrated and an updated XML schema for data exchange has been announced;  

• the approach to "conditional taxes" has been clarified.

• the continued availability of the QDMTT Safe Harbour has been confirmed, even where the reporting periods of the jurisdiction and the parent company do not fully match.

For international groups within the scope of Pillar Two, the updates aim at more uniform application of the rules and less uncertainty when calculating the global minimum tax.

Author: Khrystyna Kravchuk, Junior Business Development Manager