Offshore law firm Appleby launched an online Economic Substance Questionnaire last month, which provides complimentary guidance on the economic substance regulations introduced in the jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man and Jersey.
Since its launch on the 12 July, 1,578 clients from around the world have accessed the online tool, from 70 countries.
The new online tool works by guiding readers through a set of questions to first analyse whether or not the entity in question is in scope of the relevant regime. From there, the Questionnaire will lead the reader through a summary of the steps required to meet the economic substance requirements in the relevant jurisdiction.
Cameron Adderley, Global Group Head of Corporate across the Appleby Group commented: “We pride ourselves in providing comprehensive, multi-jurisdictional legal advice at the times most beneficial to our clients, which is why we invested in developing this tool. Whilst this online Questionnaire cannot substitute for bespoke legal advice, it is clear this tool can help our clients to make informed decisions regarding the new economic substance requirements in their jurisdictions and how these requirements may impact their businesses.”
New regulations in key offshore jurisdictions came into force at the start of 2019, which require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction.