Icaza (BVI) Trust Limited's Deputy Manager and newly appointed Chairwoman of the BVI Association of Registered Agents, Liz Barahona, together with Icaza, González-Ruiz & Alemán's experts in Company Formation and Management Services Mariano Oteiza Jr. and Domingo Díaz de la Guardia, discuss the challenges in the implementation of the process to comply with the Economic Substance Act in the British Virgin Islands, and what has been learned after the first reporting period.