Today marked a significant milestone in Bermuda's economic substance regime with the launch of the Economic Substance Declaration (ESD) portal by the Registrar of Companies (ROC).
All Bermuda companies, LLCs and partnerships (which have elected to have separate legal personality) which fall within scope of the economic substance regime by conducting a "relevant activity" must file their ESD no later than 6 months after the first financial year of that entity which commenced on or after 1 January 2019. For entities with a financial year ended 31 December 2019 the deadline for filing the ESD is 30 June 2020.
The ROC is offering a webinar to provide training on how to use the ESD portal. The live webinars will be offered 4 May and 12 May 2020, and are open to everyone. Please see the links below to register for one of the ROC webinars.
If you have any questions on the ESD filings or with respect to the applicability of the economic substance regime to your Bermuda entities, please reach out to your usual Appleby contact or a member of the team below.
Article originally published on 1 May 2020
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