Further to an Industry Notice released by the Bermuda Registrar of Companies (the "Registrar") on 22 June 2021, entities with a financial year end of 31 December 2020 now have until 31 July 2021 to file their economic substance declaration form (the "Declaration") on the Registrar's electronic portal.
Entities that are conducting a 'relevant activity' or claiming 'non-resident entity' status in a relevant financial period are required to file a Declaration no later than six months after the last day of their financial year end, in accordance with the Economic Substance Act 2018 and the Economic Substance Regulations 2018 (each as amended) (the "Economic Substance Laws"). For entities whose financial year end was 31 December 2020, this meant their Declarations or assertion of non-resident entity status were required to be filed on or before 30 June 2021.
However, due to the Registrar launching the first phase of their new electronic filing system on 7 June 2021, the Registrar has extended the filing deadline for those entities with a financial year end of 31 December 2020 to 31 July 2021 only to allow additional time for entities to access the new filing system and complete their filings.
Walkers Professional Services is available to assist entities with the filing of Declarations or assertion of non-resident entity status. In addition, Walkers' dedicated Regulatory & Risk Advisory Group can advise on the classification of a 'relevant activity' and how entities can meet the Bermuda economic substance requirements prescribed in the Economic Substance Laws.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
