Background: On the 22nd of November 2022, The European Court of Justice (ECJ) made a significant ruling against public access to beneficial owner registers of EU companies. This decision, based on fundamental privacy rights, clashed with the Anti-Money Laundering Directive, leading EU states to restrict access. On the 8th December 2023 the BVI Government published […]
The British Virgin Islands (BVI) has been removed from the European Union’s (EU) roster of non-cooperative jurisdictions for tax purposes as of 18th October 2023. This progress reflects the BVI’s adherence to the international standards outlined by the OECD Global Forum concerning the exchange of information upon request. Here’s the context: The BVI was initially […]
The amendments to the BVI Business Companies Act have brought focus to restructuring options for BVI companies looking to simplify their operations across different jurisdictions. Historically, migrating or continuing a company out of the BVI was a common approach due to its simplicity and speed. However, since January 1, 2023, new advertising and notification requirements […]
Demystifying the BVI Business Update: Your Guide to the Annual Financial Return Requirement Recent changes in the British Virgin Islands (BVI) business landscape have introduced a crucial requirement known as the “Annual Financial Return” for companies. This new obligation is aimed at enhancing transparency and accountability without compromising privacy. Here’s a simplified breakdown for those […]
July 2023 The BVI International Tax Authority (ITA) is now actively enforcing compliance with economic substance (ES) requirements, investigating entities and taking necessary action. This enforcement follows legislative changes made in 2022, expanding the ITA’s enforcement powers. The economic substance regulations were initially introduced in 2019 to meet international commitments to the EU Code of […]