New Economic Substance Requirements in the British Virgin Islands

Geneva Management Group

New Economic Substance Requirements in the British Virgin Islands

On January 1, 2019 the BVI Economic Substance (Companies and Limited Partnerships) Act, 2018 came into force. This new legislation addresses the EU concerns about the use of BVI entities by non-residents for profit shifting. The act remedies the Territory’s previously insufficient economic substance requirements for entities doing business in or through the BVI.

 

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