In a recent Asian Private Banker article on how trustees can help private businesses navigate substance compliance challenges, Simon Filmer, Global Lead, Company Formation at Vistra, explains that although Vistra has yet to see any significant asset movement, clients should consider all their options before commencing business operations; for certain business activities, such as intellectual property, restructuring may be required.
“All high-net-worth clients will need to review their offshore structures – but in many cases, they will not need to make any changes, beyond some additional reporting,” commented Simon.
In order to help clients, including private clients, determine to what extent they are affected by the economic substance legislation, Vistra recently launched its BVI Economic Substance Classification Questionnaire.
Upon completing the questionnaire, clients will receive “a report which assists them to determine whether or not they need to establish substance in the offshore jurisdiction”, and it is an important first step in determining the next steps for a relevant entity to ensure substance compliance.
Apart from the classification questionnaire, Vistra also provides a comprehensive range of substance services for BVI and other entities, including legal opinions, full portfolio review, in-scope advisory services, as well as in-jurisdiction substance solutions.
Webinar: Are you ready for Economic Substance?
20 February 2020
We are well into Q1 of 2020 – but are you ready for Economic Substance? Has your BVI entity taken the necessary steps to come into Economic Substance compliance by 30 June 2020? Did you know…
How can companies demonstrate ‘substance’, and how can Vistra help?
10 September 2019
What is the EU List, and what does it mean to be on the EU’s 'Blacklist' and 'Greylist'?
04 September 2019
Why do the BVI and Cayman Islands remain favourable jurisdictions to set up businesses?
02 September 2019
What are ‘Relevant Activities’?
29 August 2019
What should the top priority for companies with offshore entities be right now?
27 August 2019