We have recently updated our website www.zetland.biz. The new website is more streamlined than the old version and content has been reduced. The website is offered in English, Chinese (Cantonese and Mandarin), Japanese, Spanish and Russian. We would welcome any feedback on the new website since we intend to continuously improve it.
Under pressure from the European Union amongst others offshore jurisdictions are increasingly bringing in regulations which require “economic substance” to be demonstrated for resident corporations. In this newsletter is an important article on the requirements in the British Virgin Islands (“BVI”). What is notable is the speed at which the BVI has acted (30 June 2019 deadline for old companies) and the severe penalties for non-compliance. However the BVI is merely the first jurisdiction to act others will follow – for example Belize has just tabled similar legislation.
Zetland staff will be reviewing all clients’ BVI companies with a view to advising any action needed. Don’t worry – we do have solutions that will not require shipping staff and office equipment out to Tortola to show business activity! We are also happy to offer advice and options to any non-clients who may be interested.
