Vantage has been actively involved in a range of discussions with our clients concerning the new Economic Substance laws (“ES”) that were recently passed in the Cayman Islands. The legislation requires certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the Cayman Islands. Any company, LLC or LLP registered or incorporated in the Cayman Islands needs to be aware of this legislation and consider how it may be affected.
The legislation came into effect on the 1st January 2019 to address the concerns of the EU Code of Conduct Group and recent OECD guidance on the economic substance of certain entities in jurisdictions with low or zero corporation tax. ViewPoint is proactively working with the Vantage team to address the nuances of the Economic Substance law as each jurisdiction in the region releases their local ES guidance notes. As such ViewPoint have taken a position that the requirements of the substance test can be catered for by using ViewPoint’s Workflow module. The Vantage team are currently reviewing and testing these substance test workflows prior to making them available for general release.
We will be working with our clients to discuss how they can fulfill the new substance test requirements using ViewPoint. If you would like to know more about ViewPoint or how ViewPoint can help your organization with addressing the Substance Test requirements , please feel free to contact us at firstname.lastname@example.org