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Notices

A collection of news information shared through our preferred network of law firms and other financial services resources as well as our opinion on how they can effect the corporate landscape around the globe

BVI Economic Substance Update August 2019

OECD approves BVI’s Economic Substance legislation Following the British Virgin Islands’ (BVI) enactment of the Economic Substance (Companies and Limited Partnerships) Act of 2018, the OECD’s Forum on Harmful Tax Practices (FHTP) has acknowledged that the BVI’s...

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BVI Economic Substance Update July 2019

As you may already be aware, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “Act”) came into force on 1 January 2019 with a requirement to determine and demonstrate economic substance for each reporting period starting no later than 30 June...

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Directors Duties and BVI Economic Substance

The tax residence of a company is a key issue that company users have to consider very carefully.  It is at the heart of corporate structuring and governance planning and can have lasting implications for the company, its officers and its owners.  The economic...

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Public UBO Register Deadline delayed to 2023

Public Ownership Registers Delayed by UK The UK Government has delayed the deadline for the establishment of public ownership registers by the British Overseas Territories. The British Overseas Territories, including the British Virgin Islands, will not be directed to...

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Economic Substance in BVI – Changing Laws

New Legislation Enacted The British Virgin Islands has enacted legislation, effective 1 January 2019, that requires companies claiming tax residence in the territory to meet certain BVI substance requirements.   I have attached an excellent introductory memorandum...

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BVI Economic Substance Update August 2019

OECD approves BVI’s Economic Substance legislation Following the British Virgin Islands’ (BVI) enactment of the Economic Substance (Companies and Limited Partnerships) Act of 2018, the OECD’s Forum on Harmful Tax Practices (FHTP) has acknowledged that the BVI’s...