BVI Economic Substance (April Update)

The situation created by the Covid-19 pandemic all over the world has led the Government of the British Virgin Islands to the imposition of a curfew as of Thursday, April 2 at 6:01 a.m. The curfew restrictions will be limited and managed until 6:00 p.m. and there will be absolute curfew restrictions from 6:00 pm. overnight till 6:00 a.m. from this date until further notice.

Please be informed that, in spite of the strict measures decreed by the Government of the British Virgin Islands in the light of the Covid-19 pandemic, we will continue to work in order to assist our clients under a continuous plan designed to maintain our service as usual. However, in order to comply with all the restrictions enacted, we have been forced to adjust timetables and staff organization, which may slightly affect our traditional policy of replying within 24 hours.

Following up on our last communication of January 29th, 2020 regarding the Economic Substance Act 2018, we will continue to assist your requirements concerning the classification of your entities under such Act, as well as providing substance obligation solutions when required.

For further information or guidance please do not hesitate to contact us.

Sincerely,

V. I. Services & Solutions Ltd.