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.
What is the Vistra Economic Substance Classification Questionnaire?
13 August 2019
If you have a BVI or Cayman Islands entity, ensuring substance compliance should be your top priority right now. The first step to doing so is to classify your status and understand where you stand in terms of legislation…
What is the Economic Substance legislation and why should you care?
08 August 2019
Vistra Launches BVI Economic Substance Classification Solutions
17 July 2019
Reporting requirements under Economic Substance – BVI
04 July 2019
How to Comply With Economic Substance Laws in the BVI and Cayman
27 June 2019
Invitation: Economic Substance Update - BVI and Cayman Islands
31 May 2019