Vistra launches enhanced My Formations Portal to provide clients with a Seamless Digital Solution for Economic Substance Regulatory Compliance
Vistra, a leading provider of expert advisory and administrative support to Fund, Corporate, Capital Market and Private Wealth clients, has announced that it has launched its enhanced My Formations portal to help clients with entities in the British Virgin Islands manage risk and comply with relevant regulations by leveraging digital solutions.
The My Formations portal is a secure and efficient online platform for clients to input their reporting data, thus reducing the time they need to spend on account administration and annual filings. Additionally, clients can download entity classification questionnaires and settle invoices on the portal, the firm said in a press release.
Simon Filmer, Global Lead, Company Formation, Vistra, said: “As technological advancements continue to disrupt the corporate services industry, Vistra remains committed to providing clients with digital solutions that help them navigate regulatory change in an efficient, simple and secure manner. As such, our My Formations platform will be a valuable resource for our clients, saving them time and effort when submitting their Economic Substance annual returns. Meanwhile, Vistra continues to invest in our technological capabilities so that we help our clients maximise their opportunities with confidence and security.”
Reem Zahran, Chief Information Officer, Vistra, said: “As part of Vistra’s digital transformation journey, the enhanced My Formations portal is a testament to our leading the way with digitised regulatory reporting. This is a key milestone for Vistra’s Company Formations business and marks a pivotal step in our plans to optimise our clients’ experience by leveraging technology. As more clients go digital for Substance reporting, we will be able to streamline operations previously dedicated to manual, administrative work, and provide clients with an efficient solution to ensure compliance.”
The enhancements made to Vistra’s My Formations portal is another addition to Vistra’s suite of Economic Substance services and solutions, among which include Substance Classification Questionnaires for clients with operations in the British Virgin Islands and the Cayman Islands. These simple but effective questionnaires provide BVI and Cayman entities with clarity on their status, supported by detailed reports and tailored solutions.
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