ECONOMIC SUBSTANCE ACT UPDATE 190930

Economic Substance Act Update 190930

BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM UPDATED TO PROVIDE FOR REPORTING IN ACCORDANCE WITH THE ECONOMIC SUBSTANCE ACT

The BVI Economic Substance (Companies and Partnerships) Act, 2018 (“ESA”) comes fully into force on October 1, 2019 at which date various changes to the BVI’s Beneficial Ownership Secure Search System Act (BOSS Act) have been implemented which pave the way for mandatory reporting on substance requirements.

The first report will be due within 6 months of the first financial year-end after implementation of the ESA – for most companies year ended December 31, 2019 reporting by June 30, 2020.

However companies that conduct a relevant activity are already subject to the ESA and must address the economic substance requirements immediately.

The International Tax Authority will also publish the Rules (and Explanatory Notes) on Economic Substance expected by September 30, 2019 2019

SUMMARY – ALL ENTITIES CONDUCTING A RELEVANT ACTIVITY MUST IMMEDIATELY COMPLY WITH THE ECONOMIC SUBSTANCE REQUIREMENTS. ALL ENTITIES MUST BE PREPARED TO REPORT IN 2020.

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