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British Overseas Territories committed to establish publicly available registers of beneficial owners

On 15 July 2020 the UK Minister for the Overseas Territories and Sustainable Development Elisabeth Sugg have submitted a written statement to the UK Parliament informing that eight British Overseas Territories are prepared to establish publicly available registers of beneficial owners of companies until the end of 2023. The abovementioned Overseas Territories which made a

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The British Virgin Islands

British Virgin Islands: final version of Rules of economic substance adopted

1 January 2019 British Virgin Islands (BVI) has adopted legislation on economic substance requirements applicable to companies incorporated in BVI. As this legislation was adopted in merely short terms, some questions regarding its application have arisen. In this circumstances International Tax Authority (ITA) is preparing a guidance, the first draft of which has been published

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Redomiciliation of companies: international practice

Redomiciliation of companies: international practice

Legislation of many countries allow re-registration to another jurisdiction of legal entity that was originally incorporated in one jurisdiction. Due to substantial changes of requirements to international companies in offshore jurisdictions (British Virgin Islands (BVI), Belize, Cayman Islands, etc.) that was made in 2019 this instrument may be used more frequently than before. Redomiciliation provides

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British Virgin Islands: implementation of economic substance requirement

British Virgin Islands: implementation of economic substance requirement

1 January 2019 the Economic Substance (Companies and Virgin Limited Partnerships) Act 2018 (the Act) that establishes the requirement of real (physical) presence of certain types of legal entities in the territory of British Virgin Islands (BVI) has entered into force. This requirement covers only companies and partnerships resident in BVI. Resident company’s definition includes

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BVI published а list of countries for automatic exchange

BVI published а list of countries for automatic exchange

The Ministry of Finance of the British Virgin Islands (BVI) has published the list of jurisdictions with which BVI intend to implement automatic exchange of financial account information in accordance with the Common Reporting Standard (CRS). This means that the BVI competent authorities has committed to transfer information on bank (as well as other financial)

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British authorities will discover beneficiaries in BVI and other jurisdictions

The Crown dependencies and overseas territories of the Great Britain have agreed to deliver information on company beneficial ownership to the UK competent bodies electronically within 24 hours, or within one hour in ‘urgent’ cases. These agreements have been achieved after months of negotiations. The leaders of the said territories promise the efficient cooperation with

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BVI Legislation News 2015

The important changes have been introduced in the legislation of the British Virgin Islands (BVI) at the end of 2015. I. The first set of amendments concerns the company law (Business Companies Act, 2004 and Business Companies Regulations, 2012). 1. Directors’ details will be filed with the Registrar. According to the new section 118А of

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