I would take this opportunity to update you on the status of the economic substance requirements introduced in the BVI earlier this year, and the proposed course of action in respect of these requirements. Economic Substance in a Nutshell The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “ Act” ) was enacted in the BVI in December 2018, and came into force on 1 January 2019. The Act can be found at this link: https://eservices.gov.vg/ gazette/sites/eservices.gov. vg.gazette/files/ newattachments/Act%20No%2012% 20--%20Economic%20Substance% 20%28Companies%20and% 20Limited%20Partnerships%29% 20Act%202018-%20Revised%2017% 2012%202018%20%28clean%29%20% 281%29_0.pdf The Act applies to all “ legal entities ” that are resident in the BVI and that are carrying on “ the relevant activities ”. “ Legal entities ” include BVI companies and limited partnerships, and foreign companies and foreign limited partnerships that are registered and tax resident in ...