Economic Substance Compliance Solutions in BVI

The basic obligation imposed by the economic substance legislation in the BVI is that:

  • A legal entity (i.e., a company and a limited partnership except limited partnerships which do not have legal personality) which carries on a relevant activity during any financial period must comply with the economic substance requirements in relation to that activity.
  • A legal entity which carries on more than one “relevant activity” is required to comply with the economic substance requirements in respect of each activity.

The term “relevant activities” mean any of the following activities:

  • banking business; 
  • insurance business; 
  • fund management business; 
  • finance and leasing business; 
  • headquarters business; 
  • shipping business; 
  • holding business;
  • intellectual property business; 
  • distribution and service centre business.

A BVI legal entity which carries on one or more relevant activities must conduct core income generating activity (“CIGA”) in the BVI relating to each such activity.

To help you navigate the Economic Substance requirements in the BVI, we offer a range of solutions services including for securing that your legal entity is directed and managed from the BVI in respect of its CIGA – sourcing BVI resident Directors; providing physical offices or premises in the BVI; organizing board meetings, drafting minutes of meetings, liaising with the International Tax Authority (ITA) to provide documentary evidence of tax residency in a foreign jurisdiction; and submitting the Economic Substance Report to the ITA.

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