BVI Economic Substance

What are the latest BVI compliance regulations?

Each BVI entity is required to review and make necessary reporting of whether or not it is carrying on relevant activities under the scope of the Economic Substance (Companies and Limited Partnership) Act 2018 (ESA). Since the implementation of ESA on 1 Jan 2019, any breach of the ESA can result in fines, imprisonment and banishment from the BVI business register. It is important to act now to ensure that your BVI entity complies with the latest regulations.

Time is running out. Complying with the ESA needs resources and manpower to ensure adherence to the rules released by the ITA on 9 Oct 2019.

What entities fall under the ESA?

If you are a Legal Entity including BVI Companies registered under the BVI Business Companies Act, 2004 or Limited Partnerships registered under the Limited Partnerships Act 2017 involved in the following Relevant Activities:

Banking
Insurance
Shipping
Fund management
Finance and leasing
Headquarters
Holding
Intellectual property
Distribution and service center

Tricor has the expertise and experience to assist your classification in a smooth and concise manner.

What is the compliance timeline?

Time is running out. Complying with the ESA needs resources and man power to ensure adherence to the rules released by the ITA on 9 Oct 2019.

Economic substance requirement timeline-01

What do I need to do to comply?

It is advisable to have concrete evidence behind your chosen legal entity classification as well as compliance and adherence to reporting obligations.

Tricor has now partnered with Harneys, a leading BVI Law Firm, who have created a suite of tools as well as cultured valuable expertise in helping you comply with the ESA. Through a online classification system, we can relieve you of the hassle and stress of reading up on the full documentation required to understanding the ESA in its entirety.

Tricor, At Your Service

Your path to compliance is simple with Tricor, the leading business expansion specialist in Asia. Ensure the smooth operation of your BVI entity now by contacting one of our team members or filling in the enquiry form.