A law firm says it is offering companies new advice on keeping their noses clean.

Appleby has launched an online economic substance questionnaire/

It provides complimentary guidance on the economic substance regulations introduced in the Isle of Man and the rival jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey and Jersey.

Since its launch, 1,578 clients from around the world have accessed the online tool, from 70 countries.

The online tool works by guiding readers through a set of questions to first analyse whether or not the entity in question is in scope of the relevant regime.

From there, the questionnaire will lead the reader through a summary of the steps required to meet the economic substance requirements in the relevant jurisdiction.

Cameron Adderley of the Appleby Group said: ’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.

’While 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 requirements may impact their businesses.’

New regulations in offshore jurisdictions came into force at the start of 2019, which require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction.

Appleby experts can assist business peopel to consider and assess the impact of these regulations in their applicable jurisdiction and will be able to guide you through the requirements to ensure you remain compliant.