Failure to Act Could Result in Substantial Penalties23rd April 2020
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 imperative that you classify your entity(/ies) now. Any BVI entity that has not classified its economic substance status and taken appropriate action to address any applicable requirements is now potentially in breach of the law and may be liable to, among other sanctions, significant penalties. Any such breach will not be capable of remedy once the current financial period has expired, which for companies incorporated before 1 January 2019 is 30 June 2020, and for all other companies, the anniversary of the incorporation date.
Here is a link to our classification tool NEST. If you require support using the Newhaven Economic Substance Tool, our proprietary software, please feel free to reach out to your usual client executive or to the specialist substance team on firstname.lastname@example.org who would be delighted to assist you.
We understand that times are hard right now. We are also doing our best to cope with the huge disruption to business caused by the CoViD-19 pandemic. Our sympathies are with you at these difficult and challenging times. We are sure you appreciate that we would not put you under pressure to complete this task if we did not feel that is it is of critical importance to your business and your relationships with your clients. Please classify now.
The NEST Team