New Form PF Requirement & Need For ‘Institutional Readiness’
New Form PF Requirement Underlines The Need For ‘Institu
The ESA potentially affects new and existing BVI companies (companies incorporated or re-registered under the BVI Business Companies Act, 2004 [the BCA]) and limited partnerships, as well as foreign companies and foreign limited partnerships that are registered in the BVI (together, “legal entities”).
The ESA does not apply to non-resident companies, non-resident limited partnerships or limited partnerships that do not have legal personality.
Note: all legal entities (even those exempted from the substance requirements) must comply with the self-assessment reporting requirements under the Beneficial Ownership Secure Search System Act (“BOSS Act”).
Name, residential address, date of birth and nationality of their beneficial owners, corporate and legal entities must also identify their parent company (if any).
The corporate and legal entity will also be required to submit a self-assessment that includes the following information:
All legal entities must complete and submit their economic substance report within six (6) months of the end of their financial period (or 18 months from the start of their financial period).
New Form PF Requirement Underlines The Need For ‘Institu
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