DXSynergy News, Updates & Support MessagesImportant News and Updates from GDT
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Created: Fri Dec 14th 2007 6:01:12 AM
Created By: DXSupport / DXAdministration
Message:
Hello Ben,
.....Federal Gold was to be released when the system upgraded in August 2006 but a delay in setting up the DXGlobal Company placed the development team back several months.
Ironically the DXGlobal Company (International Company) was not the intended entity, which was to be released last year, and it is now a further twelve months on that we've had to wait before being ready to release the more suitable entity with our services. The IC is still a full and ideal legal entity to operate with and will remain as the necessary registration for the DXMerchants to now.
The new product is probably the key to a fully working system. It's probably the intended product for the DXM Network. That's probably why the console was never attached to the DXGC.
A Cybersuite can be described to the best of my knowledge, as an account within an account owned by an IBC held under trust that you "rent" on a 12 months basis. It's truely brilliant and if this is the plan it will revolutionize business on the internet and business in general.
Cybersuite account to be maintained with National Bank of Vanuatu
18 (1) A company must keep an account with the National Bank of Vanuatu for use for all transactions conducted through its cybersuites.
(2) If a company contravenes subsection (1), the company is guilty of an offence punishable on conviction by a fine not exceeding VT 5 million.
If I recall correctly GDT were talking about this not being possible with their business model back in mid 2006... On the morning of the 27th of July if I'm not mistaking.
That part of the Act has now been amended to:
Quote:
""18. E-currency services and e-services provider
(1). A company that is incorporated under the Companies Act may apply to the Minister for a licence to conduct an internet-based e-currency business.
(2). The Minister may issue, upon payment of the prescribed fee, a licence to a company to conduct an internet-based e-currency business if the Minister is satisfied that the company possesses the required expertise and skills to conduct such business.
(3). Upon issuing a licence under subsection (2), the Minister is to appoint the company referred to under subsection (2) as an e-services provider.
(4). The appointment made under subsection (3) must be published in the Gazette.
(5). The terms and conditions and the period of appointment are to be set out in a licensing agreement between the Minister and the e-services provider.
(6). An e-services provider is:
(a). not deemed to be a financial institution as a consequence of it providing e-currency services; and
(b). not deemed to be carrying on international banking business under the International Banking Act; and
(c). bound by the Financial Transactions Reporting Act; and
(d). bound by the Code.
(7). An e-services provider must not carry on any business activities other than the e-currency services and such other activities that are incidental to or in furtherance of its e-currency services.
(8). The prescribed fee referred to under subsection (2) is payable to the Commission.
(9). Subject to subsection (10), the e-services provider may establish and maintain such bank accounts in such jurisdiction as it determines necessary for it to provide e-currency services.
(10). An e-services provider must not:
(a). establish and maintain a bank account with any financial institution that does not have an effective anti- money laundering policy; and
(b). establish and maintain any bank account in a jurisdiction that does not have a Financial Transactions Reporting Act or other laws or regulations which are equivalent to the Financial Transactions Reporting Act.""
very interesting reading. One thing that jumped out at me, though was:
Quote:
(7). An e-services provider must not carry on any business activities other than the e-currency services and such other activities that are incidental to or in furtherance of its e-currency services.
Seems to me that this would pose a problem for Federal Gold. I can't see how according to item 7 above it could be considered an "e-service provider" because of its relationship with DXS.
Regardless of whether they state FG is or is not "connected to" DXS, the fact remains that when DXS is up - FG is up, when DXS is down - FG is down. No coincidence there!
I think this definitely points to a connectivity whether by ownership, by association or incidental, and that "business activities other than the e-currency services and such other activities that are incidental to or in furtherance of its e-currency services" are most definitely occurring.
__________________
In Loving Memory of Richard Tin Lai Wong
Pearl Harbor Survivor
July 4, 1918 - July 8, 2008
The offshore tax haven industry is a hobby of mine, it has been for over nine years, so I know a bit about it.
Given my experience with the DXGC and GDT's expertise shown so far in the "offshore" industry, I wouldn't touch this if it was released.
In particular, if you are a resident in the USA, the EU, Canada, Australia or New Zealand, you would need an International Tax law expert to make sure that you personally would be complying with your countries International Taxation Laws.
Offshore company law is well established and understood by International Tax law experts, this is new, unchallenged, (test case anyone?) and therefore a potential minefield.
Also, given the high caliber of work (sarcasm intended) and business acumen shown by GDT inc, so far, I would expect that it also would have the same cracks & errors.
