British Virgin Islands Economic Substance Reporting Requirements

British Virgin Islands ("BVI") 'legal entities' are required to report their status on an annual basis pursuant to the Economic Substance (Companies and Limited Partnerships) Act, 2018 (as amended) and the Rules on Economic Substance (together the "Economic Substance Regime").

Each BVI company or limited partnership must provide its registered agent (the "Registered Agent") with the prescribed particulars under the Economic Substance Regime on an annual basis. The Registered Agent must provide such particulars to the BVI's International Tax Authority ("ITA") within six months of the end of the relevant reporting period. Reporting is made by the Registered Agent through the Beneficial Ownership Secure Search System which has been set up by the ITA to facilitate secure reporting.