
Developed by 
Vistra’s in-house legal team, the BVI Economic Substance Classification 
Questionnaire is an efficient and effective service for any BVI entity 
to gain clarity on their status, supported by detailed analysis and 
tailored solutions. Simon Filmer, Global Lead, Company Formation, Vistra, says: “It is 
now mandatory for all BVI entities to comply with substance requirements
 and demonstrate good corporate governance. The first step to achieving 
these goals is to determine if one's entity is in-scope or out of scope,
 and Vistra is ready to help make this classification process as simple,
 direct and effective as possible for our clients.” Designed with full consideration of the client’s compliance-related 
needs in mind, the Questionnaire is user-friendly, comprising a short 
list of questions for clients to fill in. Based on the questionnaire 
submitted, Vistra's subject matter experts will conduct a detailed 
analysis and produce a comprehensive report outlining reporting 
obligations and concrete suggestions on next steps to ensure substance 
compliance. The entire process is quick and streamlined, offering 
clients the peace of mind required to ensure business as usual. Late last year, the BVI introduced the Economic Substance (Companies 
and Limited Partnership) Act 2018 in response to the European Union’s 
Economic Substance requirements, which address alleged concerns of 
entities generating too much pr Apart from classification, Vistra also provides a comprehensive range
 of substance services for BVI entities, including legal opinions, full 
portfolio review and advisory services, lodgement with regulators, and 
in-jurisdiction substance services, where required. Vistra will continue to launch substance classification solutions for
 a number of other jurisdictions, including the Cayman Islands.
ofit and too little substance in low or zero-rate tax jurisdictions. As a
 result, all BVI entities need to understand their obligations, be 
compliant and where applicable, demonstrate and report economic 
substance.