Does your financial center company have economic substance?

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Cayman Laws

The International Tax Co-operation (Economic Substance) Bill, 2018

PASSED : By the House for the Third Meeting of the 2018/2019 Session of the Legislative Assembly on December 17th 2018.

^{[A Bill For A Law To Provide For An Economic Substance Test To Be Satisfied By Certain Entities; And For Incidental And Connected Purposes.]}

The Companies (Amendment) (No. 2) Bill, 2018

PASSED : By the House for the Third Meeting of the 2018/2019 Session of the Legislative Assembly on December 17th 2018.

^{[A Bill For A Law To Amend The Companies Law (2018 Revision) To Make Miscellaneous Changes To The Provisions Relating To Accounting Records And Exempted Companies; And To Provide For Incidental And Connected Purposes.]}

The Local Companies (Control) (Amendment) Bill, 2018

PASSED: By the House for the Third Meeting of the 2018/2019 Session of the Legislative Assembly on December 17th 2018.

^{[A Bill For A Law To Amend The Local Companies (Control) Law (2015 Revision) To Provide For Exempted Companies Carrying On Business In The Islands; And For Incidental And Connected Purposes.]}

British Virgin Islands Law - VIRGIN ISLANDS ECONOMIC SUBSTANCE (COMPANIES AND LIMITED PARTNERSHIPS) ACT, 2018

ARRANGEMENT OF SECTIONS
Section
1. Short title and commencement.
2. Interpretation.
3. Meaning of finance and leasing business.
4. Meaning of financial period.
5. General obligations.
6. Meaning of relevant activities.
7. Meaning of Core income-generating activities.
8. Economic substance requirements.
9. Presumptions of non-compliance for intellectual property business.
10. Assessment of compliance.
11. Requirement to provide information.
12. Penalties for non-compliance with economic substance requirements.
13. Right of appeal.
14. Procedure on appeal.
15. Time for compliance with section 12 notice.
16. Amendments to the 2017 Act.
17. Regulations and Rules.
SCHEDULE