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ARTICLE · 03 DECEMBER 2021

Continuing Requirements For BVI Companies

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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All companies incorporated or registered in the British Virgin Islands ("BVI") must comply with the following requirements.

British Virgin IslandsCorporate/Commercial Law
Clinton Hempel
Clinton Hempel
Elizabeth Killeen
Elizabeth Killeen
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ECONOMIC SUBSTANCE

A company must carry out an annual review of its assets, activities and tax residency (an "Annual Review"), to determine: (1) if the company has carried on a Relevant Activity; (2) where the company is tax resident; and (3) if the company needs to demonstrate substance in the BVI.

(a) Has the Company carried on a Relevant Activity?

There are nine Relevant Activities in the BVI: (1) Banking Business; (2) Insurance Business; (3) Shipping Business; (4) Fund Management Business; (5) Finance and Leasing Business; (6) Headquarters Business; (7) Holding Business; (8) Intellectual Property Business; and (9) Distribution and Service Centre Business. For more information about the Relevant Activities, please refer to our Economic Substance Factsheet.

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