BVI – Economic Substance: Enforcement and penalties for non-compliance
The penalties imposed by the Economic Substance (Companies and Limited Partnership) Act, 2018 (“ESA”) are intended to be rigorous, effective, and dissuasive, ranging from financial penalties to striking off from the registry. The BVI International Tax Authority (“ITA”) is responsible for assessing and enforcing compliance with the requirements of the ESA. Assessment Following the assessment
Read MoreHatstone appoints new BVI corporate counsel for its BVI office
Hatstone is pleased to announce that Mark Harbison has been appointed as BVI corporate counsel. Based in Hatstone’s BVI office, Mark will continue to specialise in banking, finance and corporate matters. He has also previously advised on a variety of regulatory reviews and contributed to multiple client guides and BVI articles in the industry press, including Practical
Read MoreHatstone’s BVI team advises the Bank of London and The Middle East plc
Hatstone’s BVI team has advised the Bank of London and The Middle East plc (BLME), led by Paul DeCroos, Head of Real Estate Finance, on the BVI law aspects of its successful Sharia’a compliant financing of a valuable commercial property in Swindon. The team, led by Group Partner Philipp Neumann alongside Group Partner, Bella Ward, focused on the financing
Read MoreInnovation in Funds – A Hive of Activity
Hatstone’s Calum McKenzie and Philipp Neumann explain the innovation and dynamics of the British Virgin Islands (BVI) Approved Manager licence, Incubator Funds and Private Investment Funds to Simon Gray from BVI Finance. BVI’s approach The BVI’s approach to economic substance requirements on companies and limited partnerships and the adaptability of the Hatstone teams to continue to work efficiently during the challenges
Read MoreHatstone named as one of the world’s top private client firms
Top private client firm Hatstone Lawyers has been named by eprivateclient as one of the world’s top private client firms in its 2020 Top Offshore Law Firm rankings. The rankings are based on a survey of over fifty leading private client firms. They recognise the success of Hatstone’s fast-growing team of partners, lawyers and other professionals in the BVI, Jersey, London, Panama and South
Read MoreBVI – Economic Substance Rules and Explanatory Notes’ Published
On October 9, 2019 the BVI International Tax Authority published the final version of their ‘Rules and Explanatory Notes’ (the “Rules”) on Economic Substance. The Rules replace the draft BVI Economic Substance Code (the “Code”). The Rules provide very important guidance and explanatory notes to assist with the interpretation of the Economic Substance (Companies and
Read MoreBVI – Economic Substance – Update: Final rules and explanatory notes expected to be published on 30 September 2019
By way of background, a first draft Economic Substance Code was published by the BVI International Tax Authority (“ITA”) in April 2019. It is anticipated that the final code, now referred to as Rules (and Explanatory Notes), will be published on 30 September 2019 (the “Rules”). A further update will be circulated once the final Rules are available.
Read MoreBritish Virgin Islands – Update on substance rules for BVI companies and limited partnerships
Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) in the British Virgin Islands (BVI) on 1st January 2019 all BVI companies and all limited partnerships with legal personality will need to assess their compliance with the Act and submit compliance reports within six months after the end of
Read MoreBritish Virgin Islands – The domicile of choice for crypto asset funds
According to last year’s reports published by CoinShare, the British Virgin Islands (BVI) is the 2nd largest cryptocurrency market in the World (after the USA) and is responsible for 2 of the largest 3 Initial Coin Offerings. Perhaps this follows given that the BVI is also a very well-known and regarded domicile for investment funds. Crypto Asset
Read MoreHatstone BVI expands with new senior lawyer
Solicitor of the Eastern Caribbean Supreme Court Hatstone Group Partner Carl O’Shea has recently been sworn in as a Solicitor of the Eastern Caribbean Supreme Court (British Virgin Islands). Carl said: “I am delighted to have been admitted in the BVI joining my colleagues Philipp Neumann and Sarah Masson. My admission is a further statement of the Hatstone Group’s commitment
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