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Economic Substance

Expertise

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Legislation in the British Virgin Islands and in the Cayman Islands requires certain entities that are incorporated or registered in those jurisdictions and which conduct one or more of a setlist of relevant activities to comply with local substance requirements known as ‘economic substance’.

For clients that need to establish and demonstrate substance in the British Virgin Islands or in the Cayman Islands, we are perfectly positioned to provide bespoke and integrated legal and administrative solutions. We provide a full suite of governance, resident director, and accounting services, and can work with you to obtain trade licences, work permits, premises, specialist equipment, or dedicated human resources.

In order to help you determine whether or not your entity is required to comply with economic substance requirements. Harneys (our affiliated law firm), has created the BVI Economic Substance Classification Solution designed to simplify the classification process and deliver tailored legal advice. This innovative solution is provided at a flat fee and is accessible through an online platform that you can access at your convenience.

For more complex structures that do not fall into the “in” or “out of scope” boxes, our legal team in the BVI and in the Cayman Islands are ideally placed to perform a full review of your entities to determine and advise on all aspects of compliance with substance legislation and, where appropriate, what actions must be taken. To contact our economic substance lawyers click here.

If you believe that you manage or own an entity that may be affected by substance rules based on the nature of its operations, please contact one of the key contacts below.

If you would like to get started on your entity classification please contact us at fidbvies@harneys.com.

Expertise

We create customised accounting solutions based on your company’s specific requirements. We are experts in International Financial Reporting Standards and offer a full range of support for businesses, financial institutions, funds, high net worth individuals, and intermediaries in the British Virgin Islands (BVI), Cayman Islands, Cyprus, and Hong Kong. Our services include book-keeping, financial statement preparation, and financial record maintenance services.

Our team can oversee your board meetings from start to finish for companies in the British Virgin Islands, the Cayman Islands, or Cyprus. We send outboard packs in advance of the meeting and can accommodate on-site meetings with video conferencing capabilities.

Our team offers company secretarial services after incorporation to ensure your entity remains compliant with new and existing laws and regulations. We manage day-to-day details on your behalf, such as acting as your registered office, maintaining records, filing documents and resolutions, and paying annual fees to the government. Our clients also take advantage of apostilled and legalized documents.

We can help you ensure your company is administered as a standalone entity by professional directors who implement market best practices to meet your complex governance obligations.

We offer director services to companies in the British Virgin Islands, the Cayman Islands, Cyprus, Hong Kong, and Singapore. Our professional directors have a strong track record of executing complex, successful corporate strategies on behalf of our clients. We combine a proactive approach with leading technology to provide exceptional results for our clients.

Team members

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