Following our previous notification dated May 2019, The British
Virgin Islands (BVI) has passed legislation requiring certain legal
entities carrying on Relevant Activities to demonstrate adequate
Economic Substance in the BVI.
Furthermore, each BVI company must now file reports with the
International Financial Services Commission regarding the
outsourced business activities, if any, including information about
the number of employees, office expenditures, and any other
information, which the Commission may deem necessary to be
submitted.
Bearing in mind all the above amendments, it may be said with
certainty that BVI companies will find themselves at a crossroad in
2019.
The Economic Substance Act of 2018 (“ESA”), came
into force on January 1st, 2019. To help you comply with this new
legislation, we have designed an online interactive portal where
you can obtain the necessary information of your company's
activities and therefore, facilitating the
