The Law requires that certain entities from BVI that execute specific activities, have adequate substance in the British Virgen Islands. The law is applied to the legal entities the execute relevant activities , different than those of none resident companies , none resident limited companies or limited companies that have decided not to have legal personality .
Since the publication of the law. The legal community in BVI has been awaiting for the issuance of a regulatory body (the Code) to provide Government orientation to determine if a particular entity is carrying out a relevant activity , and if such is the case, if it complies with the requirements of economic substance ( for example , the definition of adequate under the context of each relevant activity under diverse circumstances)
We are pleased to inform you that BVI Finance announced on march 29, 2019, that with the assistance external writers it is advancing on the development of a guide for the Government of BVI to be known as Code of Economic Substance (The Code) . BVI Finance anticipates that a draft of the Code will be published by end of april of 2019. – Ismael Gerli – Panama
