Harneys' Economic Substance Classification Solution case study
Harneys’ Economic Classification Solution (ESCS) simplified the administrative burden for a large corporate service provider engaged in classifying their BVI entities in their portfolio.
Faced with the daunting task of classifying and reporting on the economic substance status of all the BVI entities in their portfolio, the client signed up with Harneys to use its innovative online classification solution and data reporting tool. Our Economic Substance team were able to provide the client with their own secure and encrypted client portal, from which they could send their clients a link to the classification solution, monitor their progress and collect the results of their classification and report their results in an automated way.
Industry
- Financial Services
Company size
- Approximately 50,000 clients globally (including 20,000 clients in Mainland China)
- Over 2,600 employees and a network of offices in 47 cities across 21 countries/territories
Challenge
New legislation meant that the client needed to classify a large number of BVI entities in a short period of time. The client was looking for a fast and simple way to do this, whilst at the same time being able to rely on the support of the legal team to help classify and report on their more complex structures.
Solution
Harnessing the legal expertise of our Economic Substance lawyers, our tech team developed a secure and encrypted and user-friendly client portal, from which the client could manage the classification process of their portfolio. They were able to use their client portal to assign and send their clients a link to the classification solution, monitor their progress and collect the results of their classification in an automated way.
Outcome
- The client used the classification solution to assist over 3,500 of their clients with their classification exercise.
- Client feedback - “Harneys has a good reputation and they provided us with a reliable and stable platform for our ES classification and ES filing exercise."
Testimonials
Harneys provided us with a user-friendly platform which allowed our clients to easily and efficiently complete the ES classification exercise.
We were able to very easily track our client records and locate uploaded documents and report on the results using our client portal.
We established a good relationship with Harneys and trust that Harneys, as professional legal advisors, provide clear and reliable legal advice.