The Economic Substance (Companies and Limited Partnerships) Act,
2018 (the Act) came into force on 1 January 2019
(with certain retroactive revisions being made shortly thereafter)
and applies to all companies and limited partnerships registered in
the British Virgin Islands (or foreign companies and limited
partnerships doing business in the territory), other than British
Virgin Islands registered companies or limited partnerships that
are "non-resident" in the British Virgin Islands. The Act
applies to existing entities and new entities incorporated or
formed from 1 January 2019.
The Act did not originally apply to limited partnerships without
a legal personality. However, on 29 June 2021 the Economic
Substance (Companies and Limited Partnerships) (Amendment) Act 2021
(the Amendment Act) came into force and this
extended the scope of the Act to limited partnerships without a
legal personality.
