Estera has launched an economic substance client portal and guide, for clients to understand how their entities are impacted by new rules.
Economic substance legislation was introduced at the start of the year in the Crown Dependencies and British Overseas Territories. The rules were developed following concerns of the Council of the European Union over the lack of defined legal substance requirements in these jurisdictions.
The rules require vehicles domiciled in these locations to evidence adequate staff numbers, facilities and control over income generating activities.
The portal asks a set of questions to highlight how the requirements impact existing structures, based on their responses. Following the survey, Estera will deliver a preliminary report detailing relevant substance requirements, as well as providing template resolutions and next steps.
Estera was recently sold by its former sponsors Bridgepoint to Inflexion-backed Ocorian.