In 2019, Regulations came into force requiring entities undertaking ‘relevant activities’ to demonstrate Economic Substance in the jurisdiction in which they are tax resident.
While there is some variation within jurisdictions, broadly, entities must demonstrate they are being directed and managed, conduct core income generating activities (CIGA) and have adequate people and expenditure in the country in which they are tax resident.
Relevant activities include:
- Fund management
- Financing and leasing
- Distribution and Service Centres
- Holding entity
- Intellectual Property holding
Our experts at Suntera Global can guide you through every step so you can rest assured that any Economic Substance requirements are met.
We can help by:
- Undertaking an assessment of the relevant activities of administered entities and conducting a substance review of all entities caught within the regulation
- Ensuring appropriate filings are completed on an annual basis as required by the legislation according to the jurisdiction of tax residence
- Minute keeping for board meetings
- Providing guidance on what constitutes sufficient CIGA and ‘Substance’ to meet requirements
- Provide specialist support in relation to intellectual property and intangible assets in relation to substance requirements