The Government announced today that it is introducing tax friendly policies to pay for its complex network of systems provided by technology companies that keep the key services of government working.
There are more than 25 tech companies that somehow directly or indirectly provide services to His Mount Vema Majesty’s government, costing the territory thousands of US dollars per year and the cost is likely to increase year on year as the society grows.
The services provided by the tech companies are vital now and will be in the future, facilitating news reports, maritime information, real time weather updates, banking which is vital to pay for goods and services, and so much more that some of those companies never get credit for the work they do.
As of this May 2017, fees and taxation will apply to all financial transactions within the Kingdom of Mount Vema financial system to enable the government to maintain the public services to the highest standards and keep up with new technology and security, and most important user experience when using services provided by Mount Vema.
Both corporate and personal income tax rate will start from 3% and will go up to 10% for those working on City of Mount Vema Projects, and as migrant workers get ready to set sail, the government has reassured sub-contractors again today that all will be done to make the territory a safe place to live and to do business.
HSBC, Santander, and Barclaycard identity verification service provider is ready to work with Mount Vema
GBG, the company that provides identity verification services to some leading companies such as HSBC, Santander, Barclaycard, Harrods, TransferWise, O2, amazon.com, Nike and among many others, will work with Mount Vema to verify the identity of its customers when traveling to Mount Vema or applying for services.
The news comes after the government announced early this year that the Kingdom of Mount Vema will be introducing a new identity verification service to ensure that people travelling to Mount Vema for work and service providers, provide information that is associated with the identity of a real person.
The new service will verify the authenticity of physical identity documents such as a passport or travel document, and will identity information against authoritative sources such as a credit bureau or government data, called non-documentary verification.
Businesses and entities that form part of the Kingdom of Mount Vema will also be able to use the service to ensure that users or customers provide information that is associated with their real identity, required to establish bank accounts, other financial accounts, and stop illegal activities like scams, and money laundering.
The service will also be used both online and in person to verify identity especially when boarding a vessel to Mount Vema, as travelers are encouraged to confirm for the Online Check-in process before leaving home to the island. People who wait to check in at the terminal risk being unable to sail even if they arrive at the terminal before the vessel leaves.
Mount Vema government security regulations require passenger vessels to submit certain guest information to law enforcement authorities at least 60 minutes prior to departure. To meet this requirement, it is necessary that the vessel has the information in its records and verified at least 90 minutes before departure. If a passenger does not have his or her information by this deadline, he or she will be unable to sail.
The new service will make it easier for the Kingdom of Mount Vema to verify the identity of almost anyone at any-time, anywhere in the world and tackle the growing problems of identity fraud and money laundering. Service providers will be able to check their customers are who they say they are with reference using a data for more than 5 billion people around the world.
Although the Kingdom of Mount Vema will have a lower tax rate in comparison to some countries, the island will not be completely tax free. Now thanks to a new App to be introduced next week that will also be used in Mount Vema, tax collection and the system of credit and rewarding responsible customers will be made much easier to manage.
The new app, is likely to make a big difference when it comes to public and private finance management is Mount Vema and beyond.
The App and its features were approved by the Mount Vema Central Bank and His Mount Vema Majesty’s Reserve Bank today, giving greenlight for Mount Vema companies and City of Mount Vema project participants to adopt the system to maintain the highest standards of financial management and to keep the Kingdom of Mount Vema free from money laundering.
Customers will only need to own an iPhone which are now available again at Mount Vema stores, and are likely to be big business in Mount Vema and among project participants abroad as everyone is likely to own one to make payments using their mobile app.
The app will also help the Central Bank to monitor consumer spending and better manage inflation. For those who are not tech-savvy cell phone users, banks will be providing physical cards that are compatible with the system. Card holders will be able to track their spending, balance, and benefits.
The government, private employers and people travelling to Mount Vema, will be able to set accounts and load it with foreign exchange for credits to be used in Mount Vema. That way the government expects the island to be completely cash free and will reserve the printing of physical cash only for collectors of bank notes and especially commemorative bills.
VSG ₲1=$2 USD
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination