BVI Economic Substance Bill Passed with Flying Colours

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The BVI’s Economic Substance (Companies and Limited Partnerships) Act 2018 successfully ascended through parliament and the BVI House of Assembly last month in December and came into full force on the first day of this year (Jan 1st).

It is envisioned to appease EU concerns over economic substance and keep the country off the new edition of the EU blacklist of non-cooperative jurisdictions, currently being created. Already established BVI legal entities have until June 30th 2019 to make the necessary amendments for compliance.