Regulatory AlertsEconomic Substance (Companies and Limited Partnerships) Act (Revised 2020)
The Government of the Virgin Islands enacted this Act to impose substantive economic substance requirements on companies and limited partnerships conducting specific relevant activities. Legal entities must demonstrate adequate direction, management, employees, expenditure, and physical presence within the jurisdiction to comply with these standards. The legislation establishes a competent authority to assess compliance, mandates information provision, and defines penalties and appeal procedures for non-compliance.
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