BVI | New Probate Act

A new Probates (Resealing) Act, 2021 enables a simplified procedure (significantly fewer documents would be needed) to be followed in circumstances in which grants of probate or letters of administration had been issued by the courts of other jurisdictions, including Hong Kong and Singapore.

Previously it was only possible to reseal grants from a limited number of jurisdictions. When the new Act comes into force, time for the transfer of the shares to their heirs would be shortened and the relevant costs would be lowered.

#BVI #probatelaw

Link 相關連結: https://lnkd.in/g5tUtHS

BVI | Economic Substance

January 1, 2019

The BVI Economic Substance (Companies and Limited Partnerships) Act, 2018 became effective from 1 January 2019 and BVI company doing specific business activities would be required to engage employee in BVI.

FAQ - Economic Substance (BVI)

>>Simplified<<

What is Economic Substance?

A BVI Company that engages in one or more of the Relevant Activities would be required to maintain an appropriate level of economic substance like hire people or rent an office in the BVI.

What are the "Relevant Activities"?

• Holding company

• Banking business

• Distribution and service center

• Finance and leasing

• Fund management

• Headquarter business

• Insurance business

• Intellectual property (IP) holding

• Shipping business

What is "Holding Business"?

A company that carries out no relevant activity other than holding or managing equity participations, and which earns passive revenues from dividends, distributions, capital gains and other incidental income only

BVI | BOSSS Act, 2017

On 30th June 2017, the Beneficial Ownership Secure Search System Act, 2017 came into force. Information of the ultimate beneficial owner (>25% of shares) is required to be registered and submitted to BVI BOSS System for record and exchange of information when necessary.