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Economic Substance

Our cross-service line teams advise on all aspects of compliance with economic substance regulations, including full structure reviews, ongoing compliance issues and implications for outsourcing arrangements.

International financial centres including BVI, Cayman, Guernsey and Jersey have all introduced economic substance requirements.

Our lawyers are able to advise clients in relation to their companies in each of our relevant jurisdictions and across service lines - as companies may carry out more than one relevant economic activity - offering expertise in relation to the implications for holding companies, investment funds and fund managers, banks, insurance businesses and companies carrying on financing and leasing business.

For clients that do need to establish and demonstrate economic substance in the islands, our economic substance specialists provide clear guidance to assist in determining the appropriate level of measures to be taken.

Our corporate and fiduciary business, Ogier Global, provides support services including local resident directors, board support, physical presence, and administrative support, including a packaged service for special case entities capable of carrying on CIGA at the board level and suited to a moderate presence on the islands.

For entities suited to more enhanced presence, we provide local support in obtaining trade licences, work permits, premises, service providers or dedicated human resources.

Substance services

We advise on:

full structural reviews in the context of economic substance requirements
application of relevant economic substance legislation
complying with economic substance legislation including:
- advising directors in relation to the direction and management test
- core income generating activities
- outsourcing
- adequate record-keeping
- directors' obligations
- end of year filing requirements and certifications
- premises and persons requirements
- transaction monitoring and reporting requirements
application of Guidance Notes
analysis of existing business models for compliance with economic substance legislation
ongoing compliance requirements