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In response to the requirements of the EU Code of Conduct Group (the Code of Conduct Group), from 1 January 2019 the British Virgin Islands implemented new legislation setting

As an Overseas Territory, the BVI is not a member of the EU but currently enjoys an indirect relationship with it via the UK.

Under the ES Act, "legal entities" carrying on a "relevant activity" need to establish economic substance in the BVI.

In response to the OECD's global Base Erosion and Profit Shifting ("BEPS") initiative and EU Code of Conduct Group substance requirements modelled on BEPS Action 5 ...

Your usual Maples Group contact will be able to assist you in making these determinations.

On 28 December 2018, the British Virgin Islands published The Economic Substance Act, 2018 which came into effect on 1 January 2019 and was further amended on 30 January 2019 (the "Economic Substance Act").

The draft Economic Substance Code has now been published by the ITA and contains rules and guidance from the ITA with regard to the application of the Economic Substance (Companies and Limited Partnerships) Act 2018.

Companies will be required to confirm the above details to their Registered Agent within 6 months of the end of the first applicable financial period, as above.

The issue of economic substance is not a new one. More and more, modern companies coupled with new technology and trading practices challenge the notion of "economic substance" for value creation in the traditional sense ...

It is anticipated that the International Tax Authority (the "ITA") of the British Virgin Islands will soon issue its Economic Substance Code (the "Code").