New regulations in Bermuda, the British Virgin Islands (BVI) and the Cayman Islands came into force at the start of 2019 which require certain entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction. New laws and regulations (Substance Regulations) have been adopted in each jurisdiction in response to concerns expressed by the Council of the European Union about the absence of clear general legal substance requirements for entities doing business in and through these jurisdictions.
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First published by the Hong Kong Lawyer, July 2019.
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