(1) the company or LP has been found to be in breach of the economic substance requirements (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk”IP company or LP provide economic substance information to the competent authority of the EU member state in which the entity’s holding entity, ultimate parent, owner or beneficial owner is incorporated, formed, resident or registered. 5.5. Transition The economic substance requirements are applicable from 1 January 2019 for all new entities formed

(1) the company or LP has been found to be in breach of the economic substance requirements. (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk” IP company or LP. (1) the company or LP has been found to be in breach of the economic substance requirements (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk”IP company or LP provide economic substance information to the competent authority of the EU member state in which the entity’s holding entity, ultimate parent, owner or beneficial owner is incorporated, formed, resident or registered. 5.5. Transition The economic substance requirements are applicable from 1 January 2019 for all new entities formed About Us. The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI. On 23 October 2018, the draft Taxation (Companies –Economic Substance) (Jersey) Law 201 –(“ESL” or “Economic Substance Law”) was lodged for debate, with a view to ensure that Jersey addresses its commitment in relation to the lack of economic substance requirement for doing business in and through Jersey. The British Virgin Islands (BVI) International Tax Authority (ITA) rules and explanatory notes on economic substance (the Rules) were published on 9 October 2019. Joshua Mangeot, Senior Associate at Harneys, summarises what BVI companies and limited partnerships should be doing now in view of the BVI economic substance requirements and the key deadlines involved. ECONOMIC SUBSTANCE DECISION-MAKING FLOW CHART 9 BVI and the Channel Islands. This memorandum updates that of July 2019 to economic substance declaration (see section 5.1 below) and the Registrar will also have regard to the information provided in the declaration in making the assessment. 4.3. Intellectual Property .

(1) the company or LP has been found to be in breach of the economic substance requirements (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk”IP company or LP

Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands (BVI), the Cayman Islands, Guernsey, Ireland and Jersey  4 Mar 2019 Substance requirements. • What to file? • Deadlines. • Automatic Disclosure to EU . • Enforcement. • Penalties and right of appeal. • Flow chart. For new legal entities, the economic substance requirements will apply for only that part of the financial period during which the relevant activity is being conducted  ECONOMIC SUBSTANCE DECISION-MAKING FLOW CHART. 9. LIST OF CORE the Cayman Islands, BVI and the Channel Islands. This memorandum 

(1) the company or LP has been found to be in breach of the economic substance requirements (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk”IP company or LP

4 Mar 2019 Substance requirements. • What to file? • Deadlines. • Automatic Disclosure to EU . • Enforcement. • Penalties and right of appeal. • Flow chart. For new legal entities, the economic substance requirements will apply for only that part of the financial period during which the relevant activity is being conducted  ECONOMIC SUBSTANCE DECISION-MAKING FLOW CHART. 9. LIST OF CORE the Cayman Islands, BVI and the Channel Islands. This memorandum  BVI Finance issued a flow chart (download here) to provide a high level illustration of the Economic Substance (Companies and Limited Partnerships) Act 2018, in respect of its application to legal entities incorporated or formed under the law of the BVI.The legal team in this matter will be in the BVI to discuss the regulations and answer questions mid next week.

Economic substance requirements in the British Virgin Islands. The British Virgin Islands (BVI) government has enacted legislation that will require certain BVI entities carrying on specified activities to have ‘adequate substance’ in the BVI.Any relevant entity that may be impacted by this legislation will wish to monitor these developments closely.

24 Oct 2019 Philip Graham and Joshua Mangeot of Harneys outline the recent British Virgin Islands legislation on economic substance and the key  12 Jun 2019 The tax authority of the British Virgin Islands is expected to issue a draft “ economic substance code” (rules or regulations) that would implement  Legislation in the British Virgin Islands requires certain entities that are incorporated or registered in those jurisdictions and which conduct one or more of a set  Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands (BVI), the Cayman Islands, Guernsey, Ireland and Jersey  4 Mar 2019 Substance requirements. • What to file? • Deadlines. • Automatic Disclosure to EU . • Enforcement. • Penalties and right of appeal. • Flow chart. For new legal entities, the economic substance requirements will apply for only that part of the financial period during which the relevant activity is being conducted  ECONOMIC SUBSTANCE DECISION-MAKING FLOW CHART. 9. LIST OF CORE the Cayman Islands, BVI and the Channel Islands. This memorandum 

The British Virgin Islands (BVI) International Tax Authority (ITA) rules and explanatory notes on economic substance (the Rules) were published on 9 October 2019. Joshua Mangeot, Senior Associate at Harneys, summarises what BVI companies and limited partnerships should be doing now in view of the BVI economic substance requirements and the key deadlines involved.

ECONOMIC SUBSTANCE DECISION-MAKING FLOW CHART 9 BVI and the Channel Islands. This memorandum updates that of July 2019 to economic substance declaration (see section 5.1 below) and the Registrar will also have regard to the information provided in the declaration in making the assessment. 4.3. Intellectual Property . Economic substance requirements in the British Virgin Islands. The British Virgin Islands (BVI) government has enacted legislation that will require certain BVI entities carrying on specified activities to have ‘adequate substance’ in the BVI.Any relevant entity that may be impacted by this legislation will wish to monitor these developments closely. (1) the company or LP has been found to be in breach of the economic substance requirements. (2) the company or LP carries on an IP relevant activity and either accepts that it does not have substance in the BVI, or claims that it does have substance, but is a “high risk” IP company or LP.

Entity meets substance requirements This flowchart is issued by BVI Finance and is intended to provide a high level illustration of the Economic Substance (Companies and Limited Partnerships) Act, 2018 in respect of its application to legal entities incorporated or formed under the law of the BVI.