The vast majority of BVI companies will need to ensure their registered agent is able to upload their economic substance report into the Beneficial Ownership Secure Search system (BOSS) before 30 December 2020.
Every relevant entity will need to report, even if they are not conducting one of the relevant activities or are going to claim the “non-resident” exemption from the economic substance requirements by virtue of their tax status.
As a director or controller of a relevant entity, failure to show that you have taken reasonable steps to demonstrate that you have considered your entity’s position under the economic substance legislation and/or failing to be able to produce robust evidence of classification may result in penalties and fines.
Need help to classify your entity?
Our Economic Substance Classification Solution provides the most cost-effective way for relevant entities to formally demonstrate that they have considered their position under the economic substance legislation and determine whether they are conducting a relevant activity.
The automated classification solution provides tailored real-time legal advice, signed off by our lawyers, for a cost-effective flat fee and is generated instantly after completion of an interactive and intuitive online questionnaire. It has also been approved by the International Tax Authority in the BVI.
Need help? If you have a query regarding a formal legal review of your entity, or with your classification or your tax residence analysis, our expert team of lawyers would be happy to assist.