Important Bermuda Economic Substance Update - March 2021

The Bermuda Registrar of Companies (the "Registrar") has implemented a number of changes in relation to the Economic Substance Act 2018, the Economic Substance Regulations 2018 (each as amended) (the "Economic Substance Laws") and the related Guidance Notes issued by the Minister of Finance on 18 September 2020, which entities should take into consideration in advance of filing their economic substance declaration for the 2019-2020 relevant financial period. These changes have been implemented by the Registrar in response to reviews completed by the EU Code of Conduct Group on Business Taxation and are consistent with Bermuda's ongoing commitment to comply with international standards.