Harneys has announced the creation of the BVI Economic Substance Classification Solution, designed by the offshore law firm's team of attorneys to deliver "concise and effective" legal advice.
The platform has been designed to assist clients in light of the recent British Virgin Islands' Economic Substance legislation and is provided at a flat fee. It is accessible through an online platform which clients can access at their convenience.
The Economic Substance (Companies and Limited Partnerships) Act 2018 was introduced in the British Virgin Islands, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance.
Related amendments to the reporting system under the Beneficial Ownership Secure Search System Act, 2017 (BOSS) will implement an economic substance reporting regime.
The Act introduces requirements for certain BVI entities that are carrying on one or more "relevant activities" in any "financial period" to have adequate economic substance in the BVI.
All BVI companies and other entities which are subject to the Act need to consider the impact it will have and how to comply with the new legislation.
Firm chairman Peter Tarn commented: "The solution is the first of its kind to provide automated legal advice on BVI economic substance requirements, delivering expert guidance in a cost effective and efficient manner."
The BVI Economic Substance Classification Solution provides clients with a classification and tailored legal advice, based on the users input, in an interactive questionnaire format.
The platform is due for release as soon as the BVI Economic Substance Code is finalised.
Harneys is a global offshore law firm, providing financial institutions and corporations with legal services relating to Bermuda, British Virgin Islands, Cayman Islands, Cyprus and Anguilla law.