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Economic Substance Classification

Posted on: 2/23/2021 3:17:57 AM under General News
As per the BVI Economic Substance (Companies and Limited Partnerships) Act, 2018 ("the Act") which entered into force on 1st January 2019, all the BVI Companies need to comply with the Act. Economic substance means that companies must have adequate presence and / or carry on economic activities in the jurisdiction in which they are tax resident. All entities need to show that they have taken reasonable steps to demonstrate that they have considered their position under the economic substance legislation and produce robust evidence of classification.