ESRReportPreparation

Only if your company carries on a relevant activity under the Economic Substance Regulations, such as banking, insurance, lease finance, fund management, headquarters, shipping, holding company, intellectual property or distribution and service centre business. Whether this applies depends on the actual activity conducted, not just the licence description, so the classification needs to be checked against your operations.

This is quoted with a proposal once we understand your licence activities, income streams and the volume of documentation involved. Costs vary depending on whether a full economic substance test applies or only a notification is required. Contact us for an assessment and a fixed quote.

Notifications and reports are filed according to the deadlines set by your regulatory authority for each financial year, based on your licence and reporting period. These dates are issued by the authority rather than fixed across all entities, so it is worth confirming your specific deadline early to avoid last minute filing.

Entities that fail to notify or file on time, or that fail the economic substance test, are subject to penalties under the regulations. The exact amounts are set by the relevant authority and can increase for repeated non compliance, so timely and accurate filing is the safer course.

You will generally need evidence of core income generating activities, records of employees and their roles, details of physical assets and premises, and documentation showing where management and control decisions are made. The precise list depends on which relevant activity applies to your company.

Vigor Accounting and Taxation identifies the relevant activities your company carries on, gathers the supporting documentation on core income generating activities, employees, assets and management, then prepares and files the report on your behalf. The process is tailored to your licence activity and reporting period.