The new guidance is intended to provide clarity on the VIRRGIN economic substance transactions, the transition to VIRRGIN and timelines for further development and submissions. It also confirms that there have been no changes to the Economic Substance (Companies and Limited Partnerships) Act (As Revised) or the Rules on Economic Substance in the BVI previously issued by the ITA. Practical guidance and frequently asked questions are included on how to make various different types of economic substance declarations and filings on VIRRGIN and how to complete the relevant data fields.
Where the Maples Group provides BVI registered office and registered agent services, clients should continue to use the Phoenix portal to submit the information required for their economic substance filings.
The Maples Group has extensive experience advising on BVI’s economic substance regime, please reach out to your usual Maples’ contact if we can be of assistance.
