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Using our legal expertise in Economic Substance and our tech ingenuity, we have developed a smart online solution to help simplify the classification process to help you determine whether or not your entity is required to comply with economic substance requirements. Our Economic Substance Classification Solution delivers tailored legal advice at a flat fee, at your convenience.
Economic substance refers to new legislation introduced in the BVI which derives from an EU-based unfair tax practices initiative that requires certain entities that are incorporated or registered in the BVI, and which conduct one or more of a set list of nine relevant activities, to comply with local requirements and demonstrate adequate ‘economic substance’. The BVI legislation follows closely the approach taken by the Crown Dependencies of the UK (Jersey, Guernsey and the Isle of Man) and the other UK Overseas Territories including the Cayman Islands and Bermuda.
The legislation requires companies incorporated or registered in the BVI (and limited partnerships) which conduct one or more of a setlist of relevant activities to comply with local substance requirements known as ‘economic substance’.
Individuals
Our smart online solution helps simplify the classification process to help you determine whether or not your entity is required to comply with economic substance requirements.
Why use this product?
Why use this product?
Need to establish and demonstrate substance?
Need to establish and demonstrate substance?
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Registered agents/Intermediaries
We have developed an Economic Substance Reporting Solution to assist registered agents and intermediaries with their BVI Economic Substance reporting obligations.
Why use this product?
Why use this product?
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How it works
Learn more about how the Economic Substance Classification Solution assists registered agents and intermediaries with their BVI Economic Substance reporting obligations.
Pricing
Our Economic Substance Classification Solution is designed to simplify the classification process and help you determine whether or not your entity is required to comply with economic substance requirements. You can choose to purchase individual sessions using the solution on an ad hoc basis or you can purchase multiple sessions at a discounted price.
Individual session
You can purchase up to 40 sessions using our credit card payment portal.
Registered agent/intermediary
Registered agents or intermediaries can reach out to our team for more information about discount prices for bulk purchases.
User reviews
These are a few examples of what users of the Economic Substance Classification Solution have said about our online solution.
The Harneys classification system is best in class and is a thoughtful response to a regulatory change that might otherwise cause a large administrative compliance burden on clients.
[I] must congratulate you on creating such a comprehensive and user-friendly online solution. I think Harneys should be given an award for this.
The solution is easy and intuitive to use and neatly distils a complex regulatory regime into targeted and relevant guidance, with useful worked examples.
Case study
Economic Substance Classification Solution
Faced with the somewhat daunting task of classifying and reporting on the economic substance status of all the BVI entities in their portfolio, our client asked us to use our innovative online Economic Substance Classification Solution and Data Reporting Tool. Our Economic Substance team were able to provide the client with their own secure and encrypted client portal, from which they could send their clients a link to the classification solution, monitor progress, collect the results of classification and report results to BOSS(ES) – all in an automated and seamless way.
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Learn more about how we can help with local substance requirements for entities incorporated in the British Virgin Islands and the Cayman Islands.
