Economic Substance Requirements - How Tricor can Support

July 17, 2019

Each BVI entity is required to review and make necessary reporting to the International Tax Authority of whether or not it is carrying on relevant activities under the Economic Substance (Companies and Limited Partnership) Act 2018.

Tricor is able to assist entities in determining how to comply with the economic substance requirements and reporting obligations as set out in the Economic Substance (Companies and Limited Partnership) Act 2018 (the “Act”). We offer the following solutions to accommodate for your different needs:

  Services Description Deliverables
In-scope or Out-of-scope Classification and Documentation To classify whether the companies are  undertaking relevant activity / activities on an entity-by-entity basis.
  • Provide Classification Checklist
  • Draft Board Resolution to record the classification/determination
Establishing Economic Substance To assist (for entities that are in-scope) in substantiating economic substance under the Act.
  • Coordinate with relevant legal and tax advisers to analyse and review the most suitable service offerings under the relevant economic substance requirements
Annual Reporting To advise on the information/
documents required for fulfilling the annual reporting requirements.
  • Collect the requisite information/ documentary evidence for annual reporting
  • Arrange for submission of the annual report
Others Alternatives To recommend other corporate actions required to comply with the Act. Assist the entity to carry out the following corporate actions:
  • New incorporations (HK/BVI)
  • Change of business structure
  • Liquidation

Please contact our Tricor executives who are ready and available to assist your legal entities to determine if a legal entity has to comply with the Act, how to meet the compliance requirements under the Act, and/or corporate actions required to be taken to comply with the Act requirements.

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Topics: Regulatory Updates & News

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