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Guernsey and Jersey adjust substance requirements

by Krystal Scanlon 20 March 2020

In response to the Covid-19 outbreak, the Channel Islands are catering to travel bans and restrictions

Guernsey and Jersey have collectively adjusted their requirements for economic substance amid the outbreak of Covid-19, to help reduce the spread of the virus.

Normally, the jurisdictions require companies and funds domiciled there and generating gross income, to meet economic substance tests. This includes holding various board meetings in the jurisdiction with a quorum, and a majority of those voting must be physically present.

Categories: NewsOutsourcingLegal & compliance advisoryRegs & ComplianceDomicileRegulatory updateTax

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