BVI ECONOMIC SUBSTANCE ACT (ESA)
ANNUAL REQUIREMENT
We emphasise the crucial importance of the Economic Substance classification deadlines for the period 2023-2024, as imposed by the International Tax Authority of the BVI:
The Economic Substance classification must be done before the end of its financial period.
You can request a link to the QA Hub portal to fulfil your annual obligation.
We also remind you of the User Guide, a comprehensive tool for easily accessing the Economic Substance BVI portal.
Penalties are imposed both for failure to provide required information and for operating a legal entity in breach of the economic substance requirements, and they may include fines, imprisonment, and/or strike-off.
Fines imposed by the authority may range from US$5,000.00 to US$75,000.
Please ignore this message if you have filed your ESA 2023-2024.
If you require any additional information, please contact us at Contact@viss.com.hk.
