BVI Companies Have Tough Decisions to Make in Light of New Compliance Measures

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BVI Finance has clarified that the first compliance financial period under Section 4 of the BVI Economic Substance (Companies & Limited Partnerships) Act commenced for entities formed or registered before 2019 a few months earlier on June 30th 2019.

All BVI companies and relevant entities should now have determined whether they will continue providing certain specified activities requiring increased reporting requirements or stop offering them. In order to provide these services, companies are facing additional costs to keep up with the growing compliance obligations.