News Release: Hamilton, Bermuda – More than 120 people crammed into a conference room – with another 50 dialling in – to hear the latest updates on Bermuda’s Economic Substance legislative developments and their impact on
The Institute of Directors Bermuda organised the Economic Substance Session in conjunction with ABIC (Association of Bermuda International Companies) which allowed people to hear first-hand from the Registrar of Companies, Kenneth Joaquin, and his team, Michael Frith and Venous Memari.
IoD Bermuda chair, Rochelle Simons, said: “IoD members and the business community at large are eagerly awaiting Economic Substance updates and this was borne out by the fact that we were over-subscribed and that people were prepared to dial into the session.”
Mrs Simons said that Mr Joaquin highlighted the impact of the Economic Substance Amendment (No. 2) Act 2019 that was presented to Members of Parliament on Friday, November 30.
“The Amendment Act changes the definition of holding entity and refines a few other sections of the legislation to be in keeping with international standards.
“It is anticipated that the Amendment Act come into force later this month, following which the Economic Substance Regulation will be enacted quickly by negative resolution. Guidance Notes will be released by year end.
“As directors they need to understand how these regulations will affect both their own business and the business of the boards they sit on.
“The Registrar of Companies acknowledged that while the presentation of the Amendment Act and the approval of the same by Members of Parliament during the next few weeks is a milestone reached, he and his team will continue to press forward to build and test the infrastructure that will accept the first filings in June 2020 for financial years ending December 31, 2019.
“We anticipate hosting future events that will keep the membership informed and encouraged as business owners and the Bermuda government engage a new reporting platform.”