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.
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.
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.
Contact your Account Manager to receive a copy of the Classification Questionnaire
Complete the Questionnaire with the guidance of your Account Manager, if needed
Vistra's Subject Matter Experts will review your response and determine your classification to produce a tailored report
Your Account Manager will revert with a report that confirms your status and proposes next steps for you to comply with the substance legislation
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.
It is imperative that entities comply with the substance legislation, as failure to do so could incur potentially severe penalties.
For BVI 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:
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|
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 BVIsubstance@vistra.com or CAYsubstance@vistra.com 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: