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 obligation on the directors of that entity to demonstrate that the classification process has been performed and to make a corresponding “out of scope” filing in the BOSS(ES) system. Ideally, this procedure should be recorded by way of a director’s resolution.

Furthermore, the requirement to make a filing also applies to companies that have been allowed to be struck off since 1 January 2016 and what’s more, the directors have an obligation to keep making a relevant filing in the BOSS(ES) system in respect of struck off entities for each relevant financial period until they are dissolved, which is approximately 7 years after strike off. We fully understand the concerns which our clients have in dealing with this requirement and are able to provide solutions, including arrangements for filing throughout the struck off period or, alternatively, dissolution to avoid the need for such filing. For details, please do reach out to your usual Newhaven contact, or the NEST Team who will be pleased to discuss this with you.

Given the huge success of our NEST BVI ES compliance portal, and the benefits which it has brought to our clients in meeting the ongoing ES compliance obligations in the BVI, we are in the process of further enhancing the platform to offer a comprehensive, seamless, easy-to-use reporting tool that does all the hard work for you. So, watch this space.

We have developed a number of ES solutions products now, so if you’d like to learn more about how we can help you achieve substance in the BVI, please get in touch with your dedicated client services executive or send enquiries of a general nature to the NEST Team

The Nest Team

Reference
Rules & Related Legislation