The regulations have been introduced in Guernsey and Jersey, as well as the Isle of Man, Bermuda, the British Virgin Islands and the Cayman Islands.
Since its launch last month, the questionnaire has been accessed by more than 1,500 clients from 70 different countries across the world.
The online tool works by guiding readers through a set of questions to analyse whether or not the entity is in scope of the relevant regime. From there, it leads the user through a summary of the steps required to meet the economic substance requirements in the relevant jurisdiction.
“We pride ourselves in providing comprehensive multi-jurisdictional legal advice at the times most beneficial to our clients, which is why we invested in developing this tool,” said Global Group Head of Corporate across the Appleby Group, Cameron Adderley.
“Whilst this online questionnaire cannot substitute for bespoke legal advice, it is clear this tool can help our clients to make informed decisions regarding the new economic substance requirements in their jurisdictions and how these requirement may impact their business.”
The new regulations came into force in key offshore jurisdictions at the beginning of the year. They require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction.
The online questionnaire can be accessed here.
Pictured top: Cameron Adderley.