Legislation in the British Virgin Islands and in the Cayman Islands requires certain entities that are incorporated or registered in those jurisdictions and which conduct one or more of a set list of relevant activities to comply with local substance requirements known as ‘economic substance’.
For clients that need to establish and demonstrate substance in the British Virgin Islands or in the Cayman Islands, we are perfectly positioned to provide bespoke and integrated legal and administrative solutions. We provide a full suite of governance, resident director and accounting services, and can work with you to obtain trade licences, work permits, premises, specialist equipment, or dedicated human resources.
In order to help you determine whether or not your entity is required to comply with economic substance requirements. Harneys (our affiliated law firm), has created the BVI Economic Substance Classification Solution designed to simplify the classification process and deliver tailored legal advice. This innovative solution is provided at a flat fee and is accessible through an online platform which you can access at your convenience.
For more complex structures that do not fall into the “in” or “out of scope” boxes, our legal team in the BVI and in the Cayman Islands are ideally placed to a perform a full review of your entities to determine and advise on all aspects of compliance with substance legislation and, where appropriate, what actions must be taken. To contact our economic substance lawyers click here.
If you believe that you manage or own an entity that may be affected by substance rules based on the nature of its operations, please contact one of the key contacts below.