All relevant BVI entities should make sure that they have satisfied their ES reporting obligation under the Economic Substance (Companies and Limited Partnerships) Act, 2018, as amended (the “ESA”) and the Beneficial Ownership Secure Search (“BOSS”) System Act, 2017, as amended before the following deadlines:
Failure to comply with the ES reporting obligation or deliberately provide false information will result in penalties and/or imprisonment.
What should you do now?
For all those entities which have already taken steps to determine their position under the ES Act, please take immediate actions to contact your Sertus Client Services Representative for uploading their ES reports to the BOSS system before the deadline so as to avoid any unnecessary penalties or legal consequences.
Should you need any support in determining whether your BVI entity is conducting any relevant activities within the definition under the ESA, our ES Classification Services would be able to assist. Please contact your Sertus Client Services Representative for details.
If you have any questions regarding the above, please feel free to contact your Sertus Client Services Representative or contact us at info@sertus-inc.com.