Why is substance so important?

Financial institutions, banks and government bodies pay attention to substance. They can even check whether a company has its own official website in a jurisdiction, utility bill, fax or phone, even employees. If a company is a tax resident of a certain country and shows real presence of its business in that country, such a company will have undeniable competitive advantages in all areas, especially when opening bank accounts or interacting with counter-parties.

Regulators, including international ones, tighten requirements every year. Therefore, in some cases, without substance, conducting activities in a jurisdiction will simply be impossible.

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