Economic substance is not a single document. It is a combination of activity, governance, people, premises, records, and advice that should match the company’s purpose.
Common evidence
Companies may need to document board activity, decision-making, local service providers, accounting records, contracts, premises or registered office arrangements, and operational workflows.
Adviser input
Substance planning should be coordinated with qualified tax and legal advisers. Administration should then support the advice through consistent records and timely documentation.
Review regularly
Substance should be reviewed when the company changes activity, enters new markets, adds assets, changes directors, or restructures ownership.