Our Services | Sage BVI Consultants | British Virgin Islands

ECONOMIC SUBSTANCE SERVICES: ASSESSMENTS, LEGAL OPINIONS & IMPLEMENTATION ( establishing Economic Substance in the BVI )

The Economic Substance (Companies and Limited Partnerships) Act 2018 ("the ES Act") came into effect in the British Virgin Islands ("BVI") on 1 January 2019. It requires relevant entities to establish economic substance in the BVI and has put in place significant penalties where there is non-compliance.

We appreciate the critical importance of this new regime and the urgent need for owners, directors or managers of BVI legal entities to determine whether and the extent to which this new regime applies to them; as well as what they must do to ensure compliance. Accordingly, we have created the following services that are tailored to providing the expert guidance needed in a cost effective and efficient manner:

1. Economic Substance Assessment Service

We have developed an online assessment questionnaire which helps clients identify how the new economic substance law impacts their entity/ entities; their Tax resident status under BVI law & whether or not they must establish economic substance in the BVI. The information provided through this questionnaire is reviewed by our team and an assessment report provided which summarises our findings. This is a first step only towards compliance with the ES Act. Is it NOT nor is it intended to be legal advice or a legal opinion. This is an independent assessment only based on the information provided.

2. Legal Opinion on the status and Classification of a BVI Legal Entity in relation to BVI Economic Substance

This Legal Opinion involves a review and analysis of a BVI legal entity in order to provide general determinations as to its status & classification under the ES Act. This includes providing confirmation as to the legal entity's tax residency under the ES Act; and identifying whether or not such entity is conducting relevant business activity thus obligating it to establish economic substance in the BVI. Recommendations are also provided in this Legal Opinion as to next steps which should be taken to ensure the legal entity is fully compliant with BVI economic substance law.

3. Legal Opinion on Compliance with Economic Substance

This is geared towards a client that has already conducted an independent assessment of their BVI Legal Entity which resulted in a determination having been made that such entity is conducting any one or more of the categories of relevant business activity under the ES Act.

We will conduct a detailed review and analysis on the BVI legal entity's business activity so that we provide a legal opinion focused on compliance with economic substance, including the specific economic substance requirements that this entity must fulfil. More particularly, this legal opinion will (a) identify the specific economic substance requirements that apply to the BVI legal entity; (b) give guidance on how this entity would comply with these requirements based on the nature & scope of their business; and (c) provide recommendations on how economic substance can be established in the BVI as it relates to the relevant business activity conducted by this entity.

4. Economic Substance Implementation

This relates to our bespoke consultancy service that is focused on providing expert guidance and assistance to a BVI legal entity that must establish economic substance. Our objective is to ensure that this is done in a manner that is compliant with BVI law; as well as scaleable based on the nature and scope of the BVI legal entity's business activity.

E-MAIL: economic-substance@sagebvi.com

DISPUTE RESOLUTION SERVICES:

LITIGATION & LITIGATION SETTLEMENTS

Our Dispute Resolution Services are currently focused on Commercial Litigation and Litigation Settlements.

We have the capacity to provide representation as well as litigation advice and support in relation to a range of matters which include the following:

Shareholder disputes

Freezing injunctions

Norwich Pharmacal / Discovery orders

Insolvency proceedings

Plans/Schemes of Arrangement

Judicial review proceedings

Enforcement of Foreign Judgments or awards

E-mail: info@sagebvi.com

RESTRUCTURING & INSOLVENCY SERVICES

We offer a range of Restructuring and Insolvency services involving BVI companies.

These include the following:

Voluntary Liquidations: Acting as Liquidator in respect of solvent liquidations of BVI companies; Administering and managing the liquidation process

Insolvent Liquidations: Acting as Liquidator in respect of insolvent liquidations of BVI companies; Administering and managing the liquidation process

Consultancy on Insolvent Liquidation cases

Consultancy and/or case management on Receiverships

Distribution of assets in order to alter the nature and scope of business activities conducted by BVI companies

Cross border restructuring involving dissolution of BVI companies

Restructuring the business of a BVI legal entity in order to comply with requirements under BVI law such as those related to Economic Substance

E-mail: info@sagebvi.com

ALTERNATIVE DISPUTE RESOLUTION:

MEDIATION & ARBITRATION

Our Alternative Dispute Resolution ("ADR") Services focuses on Mediation and Arbitration based on our experience and expertise in engaging in the resolution of a wide range of issues and disputes including the following:

Commercial Disputes between owners, directors and shareholders

Property and Land disputes

Employment and Labour disputes

Matrimonial disputes

Construction contracts

Insurance claims

Personal Injury and Accident claims

E-mail: info@sagebvi.com

CONSULTATION & ADVISORY SERVICES

We provide consultation & advisory services on an hourly basis in the various areas of our expertise and experience which include:

Commercial Litigation

Corporate Governance

BVI Liquidations (solvent & insolvent)

Restructuring

Accounting

Dispute Resolution

Arbitration

Mediation

This service is tailored to your specific needs and is provided either as a stand alone type service; or as an ancillary service supplemental to the provision of other services listed above.

E-mail: info@sagebvi.com