Закон страна: Британские Виргинские острова; язык закона: Английский

BVI Economic substance (Companies and Limited Partnerships) Act, 2018

Закон об экономическом присутствии (компаний и ограниченных партнерств) на Британских Виргинских островах от 2018 года (самая актуальная версия – с поправками от 2019 года)

Оригинал закона

Аннотация

I Assent
(Sgd.) Augustus J U Jaspert,
Governor
20th December, 2018

VIRGIN ISLANDS
No. 12 of 2018

An Act to introduce the substantive economic substance requirements; to amend the Beneficial Ownership Secure Search System Act, 2017 (No. 24 of 2017) ("the BOSS Act") so as to impose reporting requirements and provide for matters incidental thereto.

[Gazetted 28th December, 2018]

ENACTED by the Legislature of the Virgin Islands as follows:
1.

(1) This Act may be cited as the Economic Substance (Companies and Limited Partnerships) Act, 2018.
(2) The provisions of this Act shall come into force on 1st January, 2019.

2. In this Act, unless the context otherwise requires,

“2017 Act” means the Beneficial Ownership Secure Search System Act, 2017;
“affiliate” bears the same meaning as an “affiliated company” specified in regulation 2(2) of the BVI Business Companies Regulations, 2012, modified so that references to a company include references to a limited partnership, and other expressions appropriate to companies shall be construed as including references to the corresponding persons, documents or organs, as the case may be, appropriate to limited partnerships;
“banking business” has the meaning specified in section 2(1) of the Banks and Trust Companies Act, 1990;
“Commission” means the Financial Services Commission established under the Financial Services Commission Act, 2001;
“company” includes
- (a) a company within the meaning of section 3(1) of the BVI Business Companies Act, 2004;
- (b) a foreign company within the meaning of section 3(2) of the BVI Companies Act, 2004 which is registered under Part XI of that Act,
but does not include a non-resident company;
“competent authority” means the International Tax Authority established under section 3 of the International Authority Act of 2018;
“core income-generating activities” has the meaning given by section 7;
“Court” means the High Court;
“distribution and service centre business” means the business of either or both of the following
- (a) purchasing from foreign affiliates
  - (i) component parts or materials for goods; or
  - (ii) goods ready for sale; and
  - (iii) reselling such component parts, materials or goods;
- (b) providing services to foreign affiliates in connection with the business,
but does not include any activity included in any other relevant activity except holding business;
“economic substance requirements” shall be understood within the context of section 8;
“finance and leasing business” has the meaning given by section 3;
“financial period” is defined in section 4;
“fund management business” means the conduct of an activity that requires the legal entity to hold an investment business license pursuant to section 4 and category 3 of Schedule 3 of the Securities and Investment Business Act, 2010;
“group” has the meaning specified in regulation 2(1) of the BVI Business Companies Regulations, 2012, modified so that references to a company include references to a limited partnership, and other expressions appropriate to companies shall be construed as including references to the corresponding persons, documents or organs, as the case may be, appropriate to limited partnerships;
“headquarters business” means the business of providing any of the following services to an entity in the same Group:
- (a) the provision of senior management;
- (b) the assumption or control of material risk for activities carried out by any of those entities in the same Group; or
- (c) the provision of substantive advice in connection with the assumption or control of risk referred to in paragraph (b),
but does not include banking business, financing and leasing business, fund management business, intellectual property business, holding company business or insurance business;
“high risk IP legal entity” is a legal entity which carries on an intellectual property business and which
- (a) acquired the intellectual property asset
  - (i) from an affiliate; or
  - (ii) in consideration for funding research and development by another person situated in a country or territory other than the Virgin Islands; and
- (b) licences the intellectual property asset to one or more affiliates or otherwise generates income from the asset in consequence of activities (such as facilitating sale agreements) performed by foreign affiliates;
“holding business” means the business of being a pure equity holding entity;
“income” in respect of an intellectual property asset includes
(a) royalties;
(b) capital gains and other income from the sale of an intellectual property asset;
(c) income from a franchise agreement; and
(d) income from licensing the intangible asset;