LEGAL GUIDE: Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA)

LEGAL GUIDE: Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) ______________________________________________________________________________________________ 1. Background The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) was enacted in the British Virgin Islands on 31 December 2018. Its purpose is to fulfil the BVI’s commitment to ensuring the highest standards of tax governance and to ensure that…

Guide to British Virgin Islands Segregated Portfolio Companies – September 2018

British Virgin Islands Cayman Islands Nevis London New Zealand Singapore Guide to British Virgin Islands Segregated Portfolio Companies This guide provides an introduction to British Virgin Islands (the “BVI”) Segregated Portfolio Companies which are formed under the BVI Business Companies Act, 2004 (the “Act”), as amended by the BVI Business Companies (Amendment) Act, 2018, the…

BVI limited partnership with legal personality

Background – Old Act Under the old Partnership Act 1996 of the British Virgin Islands (“Old Act”) limited partnerships were not a separate legal entity from their partners. Partnership under the Old Act is defined as the relation which subsists between persons carrying on business in common with a view to a profit. In other…

BVI Beneficial Ownership Reporting Requirements – BOSS

This note provides a general introduction to the British Virgin Islands (“BVI”) beneficial ownership regime that has created a secure, non-public search platform called BOSS (Beneficial Ownership  Secure Search System).  1. The legislation On 30th June 2017, the Beneficial Ownership Secure Search System Act, 2017 (the “Law”) came into force (although the deadline for full…

Hurricane Irma Client Communications

  Hurricane Irma hit the BVI on September 6.  As has been widely reported, Irma caused severe damage to buildings and infrastructure in the islands.  Our thoughts remain with all those affected. We gratefully acknowledge the kind messages of support from our friends, clients and colleagues.   We are happy and relieved to report that…

Hurricane Irma annoucement

Hurricane Irma hit the BVI on September 6. Irma was the most severe Atlantic hurricane on record, and caused widespread damage.  We gratefully acknowledge the many kind messages of support from our friends, clients and colleagues. Our business continuity procedures are fully operational, and we can continue to assist clients with all BVI-related matters. The…

Press Statement regarding Hurricane Irma

Group statement from the Alliance of BVI Professional Services Businesses, representing the legal and professional services firms with operations in the BVI:   “Our thoughts remain with all those who have been affected by Hurricane Irma across the region. This is a challenging situation for the BVI and its 30,000 residents, and our priority continues…