Starting on January 1, 2019, the British Virgin Islands Government enacted new legislation, the Economic Substance (Companies and Limited Partnerships) Act, 2018.
This act requires companies that perform the activities listed below, meet a list of economic substance requirements such as establishing a physical office in the BVI and having staff that participates in the income generating activities.
- Banking
- Insurance
- Fund Management
- Finance and leasing
- Headquarters
- Shipping
- Holding Business
- Intellectual Property
- Distribution and service centers
*For definitions of the activities listed above from the BVI, please contact one of our corporate specialists.
There are tests of compliance in place by the competent authority in the territory. We ask that you contact us directly to explain further.
For more information on this act, please contact us