Dear clients,
As you are aware, the British Virgin Islands jurisdiction has established Economic Substance requirements for all companies, which involve assessing their activities and reporting through their registered agent on an annual basis.
Implementing the reporting process has required our firm to invest in additional technological and human resources to ensure that all entities under our administration are compliant.
After carefully analyzing our increased costs and expenses, we have deemed necessary to adjust our Economic Substance fees. Therefore, as of January of 2022, our Economic Substance fees shall increase from USD$75 to USD$150.
We thank you for your understanding and appreciate your continued business.
Kind regards,
Icaza, González-Ruiz & Alemán