The upcoming amendments to regulation in British Virgin Islands

 BRITISH VIRGIN ISLANDS THE UPCOMING AMENDMENTS TO REGULATION IN BRITISH VIRGIN ISLANDS The new Regulation entering in force by the end of the year 2018 will implement the requirements of economic substance* for all companies and partnerships registered in British Virgin Islands conducting business falling under the definition of relevant activity. 

Each corporate services provider registering a company, that may be subject of the new Regulation should be aware as to where this company or partnership is a tax resident and should be ready to forward this information to BVI respective authorities. 

BVI Companies and Partnerships engaged in one of the following business should demonstrate its real economic substance: banking services, insurance services, fund management services, financial and leasing services, headquarters services, holding business; Intellectual property business; distribution and service center 

*what an economic substance is considered to be is stated in ECONOMIC SUBSTANCE (COMPANIES AND LIMITED PARTNERSHIPS) ACT, 2018 of BVI.