The BVI Economic Substance (Companies and Partnerships) Act, 2018 (the ESA) roll-out continues with a target date of October 1, 2019. At that time, various changes to the BVI’s Beneficial Ownership Secure Search System Act come into force. These amendments provide the framework for reporting on substance requirements using the BVI’s BOSSs interface.
No reporting is required until 2020. However, stakeholders are reminded that entities that are subject to the ESA, particularly those that are engaged in “relevant activities,” must be able to demonstrate economic substance in the BVI commencing no later than June 30, 2019.