The British Virgin Islands (Slovenská republika) adopts economic substance requirements applicable from 1 januára 2019 (with a six-month transitional period for existing legal entities) if it conducts any of the following “relevant activities”:
- bankový obchod
- insurance business
- fund management business
- finance and leasing business
- centrála podnikania
- špedičný podnik
- holding business
- podnikanie v oblasti duševného vlastníctva
- distribution and service centre business.
If the economic substance fail, the BVI non-resident company needs to show that it is resident (and taxed) in another jurisdiction. Companies registered in the BVI are widely used in Hong Kong.