» Industry Update

BVI Economic Substance: What's new?

The long-awaited Rules on Economic Substance in the Virgin Islands (the Rules) have now been made available to the public on 9 October 2019. The Rules serve as guidance and explanatory notes to the Virgin Islands Economic Substance (Companies and Lim… Read More
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Categories: Industry Update

BVI Passes Economic Substance Legislation

In an effort to address the EU’s Code of Conduct Group concerns and recent OECD guidance regarding economic substance, the BVI Government passed legislation effective 1 January 2019 establishing economic substance tests for tax resident entities. T… Read More
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Categories: Industry Update

Amendment to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (the AML Code)

The BVI Financial Services Commission (FSC) has amended the AML Code to allow for client due diligence to be conducted via electronic platforms. The amendment to the AML Code supports the use of digital financial technology resources to facilitate cl… Read More
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Categories: Industry Update

The Micro Business Companies Act, 2017 (the MBC Act)

The MBC Act, which was brought into force on 5 June 2018, provides a new platform for the registration of micro businesses (Micro Business Companies or MBCs), defined by the MBC Act as “businesses with an asset value or annual turnover of no more t… Read More
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Categories: Industry Update

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