Belize | Economic substance reminder

Belize economic substance

Belize | Following our previous communication related to Economic Substance in Belize, we remind you that all IBCs must report their status in this regime on an annual basis through their Registered Agent to the Competent Authority, the Belize International Financial Services Commission (IFSC).  The Economic Substance Act, 2019 (ES Act) was enacted in Belize on October 12, 2019, and came […]

5 Best practices to safeguard your legacy

Economic Legacy

Economic legacy | There are 5 best practices to safeguard your economic legacy that has proven to be highly effective for decades. Perhaps you think that because it is the 21st century these practices may have lost credibility, but the rules for legacy protection have been governed by the same principles since the beginning of […]

Belize Economic substance

Belize Economic Substance

Belize economic substance | The economic substance Act, 2019 (ES Act) in Belize was enacted on October 12, 2019, and came into force on January 1, 2019. This act applies to legal entities which are incorporated or continued under the International Business Companies Act (Chapter 270) – i.e. IBCs.  This legislation was introduced to address the concerns expressed by […]

Barbados Economic substance requirements

Barbados Economic Substance Requirements OMC Group

Barbados economic substance | Barbados enacted the Companies (Economic Substance) Act, 2019-43 (CES Act) on November 27, 2019. This law was enacted in response to the requirements of the Organization for Economic Cooperation and Development (OECD) and the European Union (EU) to prevent tax avoidance. A resident company is required to file an Economic Substance […]

Bahamas | Economic substance report filing extension

Bahamas sustancia económica imagen de Firma de Contrato

Bahamas economic substance | The Bahamas Ministry of Finance has granted an extension on the deadline to file the 2019 economic substance report (from December 31st, 2020) to January 31st, 2021 for entities incorporated prior to January 1st, 2020, and with fiscal year-end December 31st, 2019. Bahamas | economic substance report filing extension What needs to be […]

BVI | Economic substance frequent questions (FAQ)

BVI Economic Sustance BVI Company OMC Group FAQS Image

BVI Company. BVI Economic substance frequent questions (FAQ) 1. Could my BVI company be conducting “banking business”? 1.            Is the company subject to any banking regulations or supervision anywhere? If “Yes”, your BVI company is conducting banking business. 2.            Will the company be receiving funds or deposits from the public in any manner? If “Yes”, […]

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