Bermuda Legislative Developments Welcomed

Bermuda's desire to stimulate business growth and ensure that the jurisdiction continues to be globally competitive has been clearly demonstrated by recent steps taken to update the island's legal framework by adopting a wide range of new partnership and corporate legislation.

A summary of some of the key developments is set out below.

Added flexibility for partnerships

Following a significant consultation exercise, there has been a suite of changes to the partnership regime to, among other things, clarify partner responsibilities and provide useful flexibility to permit partnerships to relocate to and from Bermuda and to convert to companies and vica-versa. For example:

• partnerships established in certain jurisdictions may be registered in Bermuda by way of continuation or discontinue from Bermuda to such jurisdictions;