The BVI Economic Substance Act (ESA), which was introduced in last year, requires all BVI companies that have been incorporated before January 1, 2019 to file their first ESA report before December 29, 2020.

This newsletter discusses recent amendments to Cayman Islands legislation as the result of recommendations made by the Financial Action Task Force which are being adopted globally. 

On our website you will find copy of the CIT-101 form and its  Guidelines. We would like you to review, complete and return the CIT-101 form to us before October 20 along with the signed Declaration at the end of this form. This will allow us to file the form CIT-101 on behalf of the Nevis entity for which we act as Registered Agent before the deadline of October 31, 2020.

Recently we informed you that the Inland Revenue Department (”IRD”) of the government of St. Kitts and Nevis introduced a regulatory initiative under which entities will be required to file a Simplified Tax Return (CIT-101 Tax Return) annually with the IRD. The initial due date to file the first Simplified Tax Return was August 26, 2020.

The Netherlands adopted new legislation for the Ultimate Beneficial Owner-register (hereafter the UBO-register). As a consequence legal entities are required to keep up to date the information on their respective UBO (s) as of 8 July 2020. The obligation for all legal entities to register the UBO’s with the chamber of commerce will become effective 27 September 2020.