Similar but not the same: comparison of economic substance requirements in BVI, Cayman, Guernsey and Jersey

Economic substance legislation has been introduced in each of our offshore jurisdictions, requiring all businesses with entities in those jurisdictions to carefully consider whether they fall within scope and if so, what they need to do in order to ensure that they are in compliance with the relevant legislation.

Requirements in each jurisdiction

While the requirements are similar in each jurisdiction, you cannot always assume that they are the same. Our factsheet provides a high-level overview of the economic substance requirements in each of our offshore jurisdictions. View the pdf here.

Specific advice

The information in our factsheet  only provides a generic guide to some of the legal provisions which will be relevant. Specific practical matters relating to your business will also need to be considered.

In particular, there are particular additional elements in respect of ''high-risk'' intellectual property business, which are not covered specifically in the guide below such as automatic exchange of information provisions and a rebuttable presumption that the economic substance requirements have not been met.

Please get in touch with your usual Collas Crill contacts if you require any further information on these requirements.

How Collas Crill can help you

Collas Crill is known for being easy to do business with. We take a hands-on approach and are here to help you and your business. We can provide you with specific advice, tailored to your business and the jurisdictions it operates in, detailing the exact requirements applicable to you and advice on how best to satisfy them.

Please feel free to reach out to any of the contacts listed in this briefing or any of your usual Collas Crill contacts.

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