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Economic substance – BVI law in force
Compliance Solutions

Economic substance – BVI law in force

The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the BVI. The Act also introduces extended reporting obligations. Any company or limited partnership registered or incorporated in the BVI should be aware of this legislation and consider how it may be affected.

Economic substance – Cayman Islands laws in force
Compliance Solutions

Economic substance – Cayman Islands laws in force

The Cayman Islands has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the Cayman Islands. Any company, LLC or LLP registered or incorporated in the Cayman Islands should be aware of this legislation and consider how it may be affected.

Bringing Your BVI Company to an End - Striking Off vs Liquidation
Corporate Services

Bringing Your BVI Company to an End - Striking Off vs Liquidation

A BVI company has no limit on its duration (unless provided otherwise in its memorandum or articles). Indeed, Harneys Fiduciary continues to act for many companies incorporated in the very early days of the International Business Companies Act - now over 30 years ago. Many companies do, however, at some point reach the end of their useful life and, to misquote Benjamin Franklin, for companies it is not death but dissolution that is the (almost) certainty of life as a company.