Harneys online Economic Substance Classification Solution is now live

Harneys is pleased to announce that the firm’s Economic Substance Classification Solution (ES Solution) is now live and accessible through the Harneys online portal. The automated classification solution provides tailored real time legal advice for a flat fee.

Harneys’ ES Solution is a market leading response to the changes brought on by the new Economic Substance legislation and aims to support BVI entities through their classification process. All BVI entities are obligated to classify themselves to demonstrate formally that they have considered their position against the economic substance legislation. The advice issued via the portal is provided by Harneys’ expert lawyers and will either demonstrate that the entity is fulfilling its regulatory requirements or provide the advice needed to do so. It can also be used to prepare the entity’s registered agent for its reporting obligations.

Harneys’ Chairman, Peter Tarn, commented: “The ES Solution is in high demand from clients as well as intermediaries using it for their reporting purposes. It represents the only practical and cost effective way in which most BVI companies can obtain the legal advice they need early enough in 2019 to give them their best chance of compliance with the new Economic Substance laws. I am incredibly proud of the team who have delivered it.

To register your interest in using the BVI Economic Substance Classification Solution, to request a live demo or for pricing enquiries, please email FidEcSolutions@harneys.com.