Bermuda Economic Substance Filing Deadline Extended

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.