Economic Substance Act 2019 Guidance Note G-CD-No.7 2 of 2020

GUIDANCE NOTE GUIDANCE NOTE Economic Substance Act, 2019 FSC/2/GN/009(2) For the attention of all the Commission’s Licensees and IBCs: Licensees and IBCs are aware that the first fiscal year reporting period for entities incor￾porated before January 1, 2020 shall commence on April 30, 2020 unless the entity gave notice to the Commission that it wished to elect an earlier commencement date (but not before October 11, 2019). The entity has 9 months to file after the end of the fiscal year. Licensees and IBCs are also aware that the first fiscal year of an entity incorporated on or after January 1, 2020 shall commence on the date of incorporation and shall terminate on the expiry of one year from that date, unless the entity gives notice to the Commission that it wishes to elect for an earlier termination of the first fiscal year. The entity must then provide the Commission with a notice to request an earlier date within 3 months of the date of incorporation. The entity has 9 months to file after the end of the fiscal year. The template Forms annexed to the Economics Substance Act are guides. Therefore, entities are to await the launching and publication of the Economic Substance Forms, B, C and D by the Commission. In the interim, entities are encouraged to seek professional advice if they are uncertain as to whether or to what extent they are subject to follow the economic substance requirements. Licensees and IBCs are also encouraged to contact the Commission via economicsubstanceforms@belizefsc.org.bz and complianceandinspections@belizefsc.org.bz with queries or concerns in respect to economic substance. FINANCIAL SERVICES COMMISSION 27th April 2020