Vistra’s Global Lead of Company Formation Simon Filmer recently talked to The Asset about how the Economic Substance legislations might affect Asian clients.
“Many businesses in Asia operate subsidiary companies in jurisdictions such as the BVI and Cayman, which means that any changes to those local laws will inevitably impact Asian companies,” said Simon.
However, in-jurisdiction substance will only be required if entities are conducting one or more of nine ‘Relevant Activities’ and the level of Substance required for different ‘Relevant Activities’ also varies considerably.
Simon advised that Asian businesses should stay informed about the substance laws, and keep themselves abreast of any developments in the legislative scope and filing requirements.
“Regardless of which category an entity falls under and the extent of Substance which may need to be established, if any, it is crucial that companies conduct a detailed assessment of their business nature and activities as soon as possible; and document any measures taken.”
The proposed minimum corporate tax rate: What businesses need to know
23 Jul 2021
For years, the Organisation for Economic Co-operation and Development and G20 countries have prioritised the development of a standardised approach to international taxation, including how to tax the digital economy. A recent proposal may indicate consensus — along with a…
Five ways businesses can build a powerful wellness programme
15 Jul 2021
Expanding into the Taiwan market – what you need to know
29 Jul 2021
The difference six months makes: global regulatory convergence to continue
15 Jul 2021
The European Commission and data adequacy: Putting its UK decisions in a global context
06 Jul 2021
Malta, your destination for investment migration
28 Jul 2021