Office of the Registrar of Companies-Industry Notice-Economic Substance
The Registrar of Companies acknowledges the current extraordinary circumstances arising from the global Covid-19 response. In relation to the application of the economic substance requirements pursuant to the Economic Substance Act 2018, and in line with the principles set out in the applicable Guidance Notes, the Registrar will take all appropriate circumstances into account in assessing compliance. As such, where meetings or other similar compliance measures are not possible due to necessary travel or quarantine restrictions, this may be taken into account. As with all information evidencing compliance, entities should keep careful records of all such circumstances, and should continue in good faith to ensure their ongoing compliance with the economic substance requirements as set out in the legislation and Guidance Notes.