As we outlined in our previous updates, for companies that were incorporated before 1 January 2019, their registered agent has the obligation to file the economic substance details in the BOSS Register before 31 December 2020.

As your registered agent, we at Newhaven have a responsibility to ensure compliance with the legislation, and there are potential sanctions for us, as well as the company and its directors, in the event that companies do not file on time. Whilst we have a team of economic substance experts who work around the clock to assist our clients, in order to ensure that they have sufficient time to process the classification (and follow up with any further information requests, where necessary) and manage this complex logistical challenge expeditiously, it is necessary for us to obtain all relevant details and fees in respect of these companies before 31 October 2020, in order for it to be assured that the required BOSS filing can be made for these companies within the stipulated deadline.

Don’t forget, there are severe consequences of non-compliance, which include significant monetary penalties and potential imprisonment of directors. Therefore there is an immediate need to classify your entity now if you haven’t already done so. Here is a quick link to our easy to use NEST Portal. Should you have any questions, please reach out to our dedicated ES support team, or your usual customer services executive, who will be more than happy to assist.

The NEST Team