How Anguilla is Facing the Necessary Reporting on Economic Substance and Exemptions One is better than two… Let us show us how.
Whilst Corporate Service Providers across the world are seeing how onerous it’s going to be when they have to report to commercial registries, Anguilla has come up with a client-sensitive solution.
We’ve spoken before about the economic substance requirements, relevant activities and exclusions due to entities being tax-resident elsewhere.
But here we’re going to focus on the mechanics. Some jurisdictions will force CSPs to submit information on two discrete systems, one for the annual returns and one relating to economic substance. Some jurisdictions are also going to force CSPs to submit on different dates. Anguilla will be different.
Quite simply we have listened to the concerns and have a solution that is easy to comply with and a delight to use.
One system not two
Our on-line, fully accessible, 24/7 ACORN Registry system has the capacity and capability to allow for economic substance return information to be included within the ‘Annual Returns’ area.
Once not twice
And substance inputting will be done at the same time, not on two different dates.
We are not going down the onerous multiple input route to be used in some other jurisdictions and we hope that our clients will appreciate our client-focussed approach even more for doing this.
The Government will be publishing guidelines which will go into much more depth (timescales, first year processes, definitions, etc.) but we believe that letting you all know the direction we are taking is hugely important in the meantime.
It just goes to prove that Anguilla is listening and is really ready for business.