Unravelling
Complexity

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Unravelling Complexity

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BVI companies remain attractive particularly in Latin America and Asia
Private Wealth

BVI companies remain attractive particularly in Latin America and Asia

One wealth planning vehicle remains constant through the many developments and challenges taking place in the last few years - the British Virgin Islands company. There remain around 600,000 active BVI companies worldwide, and although some client groups diversify away, others from Latin America and Asia, for example, continue to incorporate new BVI companies in great numbers.
SOS Substance on Substance: Episode fourteen - timing of compliance and reporting obligations
Economic Substance

SOS Substance on Substance: Episode fourteen - timing of compliance and reporting obligations

In the fourteenth instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot discuss timing for compliance and reporting and address the ongoing obligation on BVI companies and other legal entities to identify “relevant activities”. This obligation came into effect from 1 October 2019 but is distinct from the reporting obligations which will generally commence in 2020 (except in the case of previously “exempt persons”, who now need to be reporting beneficial ownership information if they carry on any relevant activities).
BVI Economic Substance Requirements
Economic Substance

BVI Economic Substance Requirements

The British Virgin Islands (BVI) International Tax Authority (ITA) rules and explanatory notes on economic substance (the Rules) were published on 9 October 2019. Read on to find out what BVI companies and limited partnerships should be doing now in view of the BVI economic substance requirements and the key deadlines involved.
Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships
Investment Funds

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related amendments to the Beneficial Ownership Secure Search System Act, 2017 will implement an economic substance reporting regime. Harneys has issued this guide to assist directors and operators of BVI companies and limited partnerships.
Important updates to the BVI Regulatory Code 2009
Regulatory and Tax

Important updates to the BVI Regulatory Code 2009

The BVI Regulatory Code 2009 (the RC09) was amended by the Regulatory (Amendment) Code 2019 (the Amendment). The Amendment was issued and Gazetted on 11 November 2019 and comes into force on 13 November 2019. There are a number of important points to note from the Amendment.
SOS Substance on Substance: Episode thirteen – What should directors and fiduciary service providers be considering?
Economic Substance

SOS Substance on Substance: Episode thirteen – What should directors and fiduciary service providers be considering?

In the thirteenth instalment of Harneys’ Substance on Substance series, Joshua Mangeot and special guest George Weston discuss BVI directors’ duties in the context of the Economic Substance (Companies and Limited Partnerships) Act 2018 (the ES Act) and provide an update on amendments to the Beneficial Ownership Secure Search System Act 2017 (the BOSS Act).