REPORTING BVI Economic Substance (ES) NOW
NOW you should receive notice on request for reporting your BVI entity relevant activities. Do you really understand what is it about? What kind of information need to report?
Does your entity carry on a relevant activity?
Under the Economic Substance (‘ES’) Law in BVI, a legal entity is carrying on the “relevant activities” are subject to the ES Law and required to comply with the ES requirements.
Your entity is carrying on ONE of “relevant activities”: banking, shipping, insurance, finance and leasing, fund management, distribution and services with subsidiaries or affiliates, headquarters, Holding, Intellectual Property.
What is the financial year of the BVI entity?
If your BVI entity has incorporated before 1st January 2019, the substance year-end for these BVI entities is the end of June 2020 and the deadline for first Substance Reporting will be at the end of December 2020.
If the entity has incorporated after 1st January 2019, what will be the financial year?
Does your entity have a Tax Residency outside BVI?
If Yes, you should report a foreign tax residency country and Tax Identification Number (TIN) for your entity. Proof of foreign Tax Residence should be provided.