BVI Economic Substance Act Roll-Out

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.

For more information, contact Kerry Anderson at kanderson@onealwebster.comor Christopher Simpson at csimpson@onealwebster.com, or your current O’Neal Webster lawyer at +1 284-393-5800. 

O'Neal Webster is a leading offshore law firm in the British Virgin Islands providing superior legal services to clients globally. The firm is a member of Lex Mundi, the world's largest association of independent law firms.

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