News

We are featuring a guest blog post by Richard Grasby TEP.  Richard has more than 20 years’ post qualification experience in a wide variety of areas predominantly with a focus on private client and private wealth. Richard is admitted as a solicitor in England & Wales, the British Virgin Islands (“BVI”) and the Cayman Islands.  He has lived and worked in Jersey, the UK, the Cayman…

Further to our previous updates, please be reminded that companies that were incorporated before 1 January 2019 must file the economic substance details in the BOSS Register before 31 December 2020. It is vitally important to remember that ALL entities MUST file. Even where an entity is not performing a relevant activity and is therefore out of scope for ES purposes, there is still an…

As we outlined in our previous updates, for companies that were incorporated before 1 January 2019, their registered agent has the obligation to file the economic substance details in the BOSS Register before 31 December 2020. As your registered agent, we at Newhaven have a responsibility to ensure compliance with the legislation, and there are potential sanctions for us, as well as the company…

As we outlined in our last update the BVI has now released to the industry, a draft of the Data Model for filing companies’ details of their economic substance status, and related compliance measures (if applicable), via a filing by the company’s Registered Agent under the BVI Beneficial Ownership Secure Search system (BOSSs) platform, together with an explanatory Economic Substance Decision…

We are pleased to be able to share with you some significant new developments regarding the applicability of the BVI economic substance requirements, and the procedures for satisfying the filing obligations of companies which are subject to them.After much anticipation and speculation, the BVI International Tax Authority (ITA) has now released to the industry, a draft of the Data Model for filing…

Dear Valued Client, You will have received numerous communications from us in recent months detailing the requirements to classify entity economic substance status in respect of your BVI company (/ies). A further reminder of the urgency of this requirement has been made by way of notice on your annual renewal invoice(s).   Please see the explanatory note, which details exactly why it is…

With the Covid-19 pandemic creating unprecedented global disruption and uncertainty to businesses, individuals and institutions, as well as massive economic losses and upheavals in communities around the world, at Newhaven our thoughts are with all those whose lives have been affected by the coronavirus. Please be assured, that in every one of our offices and operations, we are taking every…

As you will know from our previous updates, the Rules on Economic Substance in the BVI were published by the BVI International Tax Authority (ITA) on 9 October 2019 and were updated on 10 February 2020 (the Rules). If you have not seen it already, take a look at our Quick Recap Video here. We consider that the changes are mostly common-sense based and reflect a refinement of the first draft of…

As we have mentioned in our previous notifications, it is important for you to note that the BVI ES legislation differentiates between what are termed “legacy” companies (those incorporated prior to 2019) and “new” companies; that is to say, companies incorporated on or after 1 January 2019. In respect of new companies, the financial period runs for 12-months from the date of…

Do you need to classify for your inactive companies? Many of our clients are asking us whether companies that are no longer active and are, consequently, being liquidated or have been allowed to be struck off are required to make an ES classification and report in respect of economic substance in BOSS? As we know from our previous mailers, the first financial period in respect of which economic…