According to Trident Trust Company the BVI’s Economic Substance Rules, which govern the practical application of the Economic Substance (Companies and Limited Partnerships) Act, 2018, have now been finalized. The Rules were published by the BVI International Tax Authority (ITA) at the beginning of October 2019 and will come into force at the same time as the latest amendments to the BVI's Beneficial Ownership Secure Search System Act, 2017.
The amendments to the Act were gazetted on 31 October and are expected to take effect soon.
Trident's Latest Briefing Materials
- The full text of the Rules can be accessed here.
- Trident's memo on the Rules summarizes the changes made to them prior to them being finalized.
- For more comprehensive information on economic substance in the BVI, please read our new Guide to Economic Substance in the BVI, which provides a detailed overview of the jurisdiction's substance rules.
Need to Structure An Entity or Trust in the BVI?
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