Vistra's Economic Substance Classification Questionnaire
What is Vistra’s Economic Substance Classification Questionnaire?
Vistra’s Economic Substance Classification Questionnaire aims to help clients determine the classification of their BVI and/or Cayman Islands company as it applies to the substance legislation. In order to know if your company is fully compliant with the substance requirements, it is crucial to determine whether or not it is within the scope of the legislation, which depends on a range of factors, such as your company’s tax residence, activities and other aspects of its business model.
The Classification Questionnaire is designed specifically to help you assess your entities’ status in the most convenient and effective manner, as well as to gain a better understanding of what further action you should consider taking in order to ensure full compliance with the substance legislation.
Why classify with Vistra?
Vistra’s Economic Substance Classification Questionnaire is an efficient and effective service for any BVI and/or Cayman entity to gain clarity on their status, supported by detailed analysis and tailored solutions prescribed by our experts.
Legal expertise and tailored guidance
Developed by our team of in-house legal experts, the Questionnaire is designed with full consideration of the client's compliance-related needs and risks
Detailed report
We will provide a detailed diagnosis of the client's classification, identify reporting obligations and propose concrete suggestions for next steps to be taken
User-friendly
Simple, clear, and easy to use - the Questionnaire contains a short list of questions, requiring a minimum amount of time investment from the client
Quick turnaround
From submission of the Questionnaire to reception of Vistra's report, the entire process is quick and streamlined - supported by a team of Account Managers
What steps should you take to classify with us?
The process of classifying with Vistra is simple and direct. From reaching out to your Account Manager to receiving your report, getting a professional classification of your status with detailed solutions is no more than a few steps away.
Once you determine whether your entity is in scope or out of scope, we can suggest follow up solutions that Vistra can provide to guide you through the entire compliance process.
What are the risks of substance non-compliance?
It is imperative that entities comply with the substance legislation, as failure to do so could incur potentially severe penalties.
For BVI entities:
| Fines | Other penalties | |
| Entities |
On first determination of non-compliance: Maximum penalty -
On second determination of non-compliance: Maximum penalty -
|
Being struck off from the BVI Register of Companies |
| Individuals | Maximum penalty of USD 75,000 | Imprisonment for a term of up to 5 years |
For Cayman entities:
| Fines | Other penalties | |
| Entities | For the first year of non-compliance:
For each subsequent year of non-compliance:
|
Being struck off by the Registrar of Companies |
| Individuals | Maximum penalty of KYD 10,000 | Imprisonment for a term of up to 5 years |
Contact us
To understand more about how the Classification Questionnaire can help you ensure substance compliance and minimise business risk, please reach out to your Account Manager or regular Vistra contact.
Alternatively, you may email [email protected] or [email protected] should you have any enquiries about the substance legislation and our related services. You can also reach out to us via the enquiry button below: