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Estera has launched an interactive economic substance portal that will guide clients through what they need to do in order to meet the new requirements.
The global provider of corporate, funds and trust services has created a portal that will be used by Estera clients to help establish how their entities are impacted by the economic substance regulations which came into force on 1 January.
“Our new portal and guide will help clients understand if their entity is in scope of the new law and if it meets the substance requirements," said Estera Group Counsel said Eric Anliker. "In case of substance gaps, we are offering solutions to test and further enhance substance compliance so that our clients meet the requirements. At the relevant time, we will also help prepare and submit economic substance reporting.”
“We are able to tailor our solutions to meet our clients’ requirements – whether that is as simple as providing additional directors and/or providing bespoke solutions to the entity, so that it is compliant with the new legislation. Our economic substance solutions and client portal will make life easier for our clients.”
The portal contains a set of questions, which will allow clients to understand the impact of the new legislation, based on their responses. Once each entity completes the survey, Estera will deliver a preliminary understanding of the applicable substance obligations (if any are relevant), provide relevant template resolutions and outline the next steps that the entity will need to take including opportunities to add substance where needed.
Economic substance requires relevant entities with tax residence to evidence adequate local resources, facilities and control over certain income generating activities.
Pictured top: Estera Group Counsel Eric Anliker.
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