The economic substance regime of the British Virgin Islands (BVI) and the Cayman Islands has now been in place for over two years. Although there is growing familiarity with its terms, the legislation and industry best practices in this area have continued to evolve and the substance requirements continue to have a material impact on businesses in Asia and the structuring of offshore transactions. In this webinar, Peter Vas, a Partner at Loeb Smith Attorneys focusing on BVI and Cayman Islands law, will provide an overview of the economic substance regime and the latest developments in this space.
• Overview of the economic substance regime
• What is a “relevant entity” and a “relevant activity”?
• What substance does a “relevant entity” need to have in the BVI and the Cayman Islands in relation to a “relevant activity” that it is conducting?
• What are the reporting and compliance obligations?
• What are the consequences of non-compliance?
• Our role as a law firm and registered office service provider
Peter Vas | Partner | Loeb Smith Attorneys
Peter is a Partner in, and leads/coordinates, the firm’s Banking & Finance and Corporate Groups in Hong Kong. He provides British Virgin Islands and Cayman Islands law advice to banks, other financial institutions, sponsors, insurance companies, other corporate entities and private clients to deal with day-to-day legal issues and complex, strategic matters. Peter has previously worked as an attorney in Sidley Austin’s London office and the Channel Islands and Hong Kong offices of Mourant Ozannes. He holds a Bachelor of Laws Degree (LLB Honours) from the University College of London and a Postgraduate Diploma of Law with Distinction (PGDip Law Dist) from BPP Law School London.