In the ever-evolving global regulatory landscape, the OECD and local governments continue to implement international regulations to combat tax evasion by taxpayers on their foreign financial accounts and cross-border investments.
Clients may hold one or more entities with investment accounts, which under FATCA, the IGAs, or CRS may have to be classified as financial institutions.
At Amicorp, we continue to monitor all new regulations closely. We are well-positioned to help you meet all the reporting requirements. Our compliance team can help financial institutions, family offices, high-net-worth individuals, and asset and fund managers with all the FATCA and CRS compliance requirements, from entity classification, registration at local and IRS portals, due diligence on account holders, annual reporting of FATCA and CRS reportable accounts and completing W8 and self-certification forms.
Our FATCA/CRS services include
Entity Classification
Determine the classification of an entity as a Financial Institution-Investment Entity (FI-Investment Entity) or Non-Financial Entity ("NFE"), either Passive NFE or Active NFE. The FATCA and CRS classification reports will be prepared and accessible through our online portal, giving full insight into classification and the basis of classification. Classifications will be aligned with the respective banks/F.I.s where financial accounts are held.
Prepare W8 Forms and Self Certificates
Prepare the relevant "W8" forms or self-certificates to establish the entity's FATCA and CRS status with the banking institutions. For entities identified as Passive NFEs, we help to prepare the necessary forms for the Controlling Persons.
Enrolment/Registration
Registration of the F.I. at the IRS Portal and obtaining a Global Intermediary Identification Number ("GIIN") and enrolment/registration at the AEOI portal of local tax authorities.
Authorizing Person (AP) and Principal Point of Contact ("PPoC") services
In some countries, it is required that every entity classified as a financial institution assign an authorized person and principal point of contact upon enrollment at the portal. Such Authorizing Person and PPoC are responsible for ensuring FATCA and CRS compliance and communicating with tax authorities on any queries. Amicorp can provide such services in jurisdictions that allow institutions to act as Authorizing Person (AP) and Principal Point of Contact ("PPoC").
Due Diligence of New Entity Accounts and New Individual Accounts
We help perform the due diligence upon onboarding individuals and entities for FATCA and CRS purposes. This includes collecting and preparing self-certification forms and reviewing and validating each account holder's CRS status and tax residence information. We also determine whether the information is inconsistent with the information on file with the Financial Institutions and resolve them by curing indicia, if any.
Pre-Existing Account Due Diligence and Enhanced File Review
We will review the information of all account holders to identify any CRS indicia on tax residencies and determine the CRS status of entity account holders, entirely in line with the due diligence procedures and pre-described by the OECD and embedded in local legislation. Subsequently, we collect counter-evidence where needed to cure such indicia and then conclude on the reportable accounts.
Annual Reporting
We can prepare and file the yearly FATCA reporting and CRS reporting of reportable accounts to the IRS or the AEOI portal of the local tax authorities.
System Analysis
Gap analysis of existing systems, including onboarding and design of self-certification forms, to propose an efficient flow that caters to FATCA and CRS compliance.
Training and Consulting
Train your company's existing staff and equip them with the knowledge transfer required for in-house FATCA and CRS compliance.
Outsourcing Services
Manage the burden of FATCA and CRS compliance in a viable and feasible manner in terms of cost and expertise.
Tax disclosure by UBOs and compliant structuring
Amicorp can assist clients with the impact of increasing transparency on tax disclosures and compliant structuring. Upon your request, we can review your existing structure or your entire client portfolio to assess the local disclosure compliance and determine if restructuring measures are favorable or necessary.
We provide compliance, regulatory, risk management, and corporate secretarial services. We can also provide corporate governance services and a statutory managing director or trustee – keeping you compliant with regulatory and local filing requirements.
For more detailed information about our services, inquiries, or proposal requests, please contact a local office in the applicable jurisdictions, your local Amicorp Account Manager, or our dedicated team of experts.
You can also send us an inquiry at: fatca-crs.helpdesk@amicorp.com.
Our professionals
Eric Boes, Global Head – Regulatory Reporting and Tax Compliance Services
e.boes@amicorp.com
+31 20 578 8388
Manjunath Janardhanaiah - Team lead
Manjunath.J@amicorp.com
+91 80 4005 4906
