A brief summary of the BVI's economic substance legislations, highlighting some of the most common classifications of business activities and outlining the next steps required for a BVI legal entity to comply with its reporting obligations under the legislation.
Following the economic substance regime that was brought into effect in the BVI on 1 Janaury 2019. Of Counsels' Karen Zhang Pallaras and Joana Russell provide a brief summary of the BVI's economic substance legislations, highlight some of the most common classifications of business activities to assist you with determining to the extent that your BVI entities may need to demonstrate economic substance, and discuss the next steps required for a BVI legal entity to comply with its reporting obligations under the legislation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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