Following the enactment of The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act), in the British Virgin Islands, it is required that BVI entities carrying on relevant activities must demonstrate adequate economic substance in the BVI. The BVI entities that do not carry out relevant activities have to inform the authorities accordingly in order to be exempted from substance requirements and avoid penalties too.

As part of the compliance with the new legislation, each BVI company needs to complete the Economic Substance Assessment Form which will be used by the Registered Agents who will be entering the relevant information onto the BVI Registrar’s online portal (the BOSS System) .

Proceedure includes the following:

• Company review and assessment
• Completion of the economic substance form
• Filing fees
• Preparation of the resolution

Please note that the non-compliance with the obligations may carry on both criminal and financial sanctions.

For more information and clarifications please contact our overseas department:
- Rodoula Stavrinidou This email address is being protected from spambots. You need JavaScript enabled to view it.
- Angela Athanasopoulou This email address is being protected from spambots. You need JavaScript enabled to view it.