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In March 2020, the Director of International Business issued guidance acknowledging that many resident companies’ operating practices had to be adjusted in response to the COVID-19 pandemic, for example, directors who would normally travel to Barbados to be physically present at board meetings, were mandated to avoid travel, self-isolate or hold meetings virtually (or via telephone). At the time, this would have resulted in the inability of a resident company to satisfy the economic substance test, however, due to the exigent circumstances that COVID-19 presented, the issued guidance clarified that such an inability to satisfy this limb of the economic substance test did not automatically result in the resident company’s failure to meet that test.
Read the CTSPS – Guidance on Termination of Exception to the IBU’s Assessments….Covid-19 Letter.
