Updates To Bermuda's Economic Substance Declaration Portal

The Bermuda Registrar of Companies (RoC) has advised that the portal provided for the submission of Economic Substance Declarations (ESDs) will undergo an update on Monday, November 30, 2020.

In an industry notice issued on 26 November, the RoC listed the impacts of the portal update as follows:

1. Deletion of Existing Incomplete ESD Filings

   Any incomplete Economic Substance Declaration on the portal WILL be deleted at the time of the update on Monday, November 30, 2020. Any entity with an incomplete ESD filing on the portal should complete the filing prior to the update.

2. Allowance for Entities with Zero Gross Income to File a Declaration

   An entity that carries on a relevant activity is required to file a declaration, whether or not it earns any gross income in respect of the relevant activity, as set out in Section 6 of the Revised Guidance Notes dated 18 September 2020 (see note below). The updated portal will feature a question on this issue in