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We may be aware of the significant changes of BVI - Business Companies Act taking effective January 1st, 2023, which our Offshore Update was hopefully addressed to you. Otherwise, please kindly link to this update in our website.

The Corporate Sustainability Reporting Directive (“CSRD”) entered into force on 5 January 2023 which revises the 2014 Non-Financial Reporting Directive (NFRD). The goal of the new CSRD is to enables businesses increase transparency and accountability of their reporting; broaden the scope of sustainability management and reporting to include sustainability risks and opportunities; and encourages businesses to develop a strategy to improve on sustainability.

We have released the previous newsletter of the Amendment BVI Business Companies, however it is important to highlight several key points affecting a BVI Company from the 1st of January, 2023.

You may be aware of a New Inspection Regime for person information on the Company Register issued by the Hong Kong Companies Registry that will be implemented in three phases from 2021 to 2023.

It is important to know that the British Virgin Islands (BVI) authorities enacted a certain number of amendments to the BVI Business Companies Act, 2004.

FATCA/CRS Compliance: 3 Frequently Asked Questions

On April 6, 2021, RAK International Corporate Centre (RAK ICC), a corporate registry operating in Ras Al Khaimah, United Arab Emirates, has signed a memorandum of understanding (MOU) with Ras Al Khaimah Municipality Department (Land and Properties Sector) to provide foreign investors with opportunities to purchase and register properties in the Emirate as well as structure their investments under a RAK ICC entity.

It is important to remind that all BVI companies must pay an annual license fee (ALF) each year for renewal and in order to remain in good standing.

On 16 February 2021, the Singapore Budget 2021 was delivered by Mr Heng Swee Keat, Deputy Singapore Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance.

The BVI International Tax Authority has extended the Economic Substance reporting deadline by 90 days from the previous due date, 29 December 2020. This means that if you have not yet submitted your ES filing, you can do so before 29 March 2021 on BOSS.

On Thursday, 12 November 2020 the Department for International Tax Cooperation of Cayman Islands set out an extension to the deadlines for reporting period and Economic Substance reporting. The detail are presented in more detail below.

The European Union (EU) announced on 6 October the removal of the Cayman Islands from its list of non-cooperative tax jurisdictions. The list is a tool of the EU that aims to tackle external risks of tax abuse and unfair tax competition in low and tax neutral jurisdictions.

Singapore is highly regarded as a sound legal and regulatory jurisdiction, anchored within a stable political and economic environment The Singapore Variable Capital Companies (“VCC”) legislation has recently created a framework that aims to attract funds, asset management firms and investors to expand their activities in Singapore.

With the introduction of BVI’s Securities and Investment Business (Amendment) Act (SIBA) since December 2019, all closed-ended funds incorporated or registered in the jurisdiction would likely fall within the scope for “Private Investment Funds” and must comply to this new regulation within the transition period by 1st July.

While the majority of offshore businesses have prepared to meet the mandatory Economic Substance Regulations (ESR) in their jurisdiction, some businesses now look at re-domiciling as an alternative solution for their situation. RAK ICC appears to be an additional choice in this case.

All of us are aware that Covid-19 caused severe economic damage to the global economy.