Bermuda Economic Substance E-Filing Portal Now Open

Further to our Walkers Advisory dated 20 April 2020, the Registrar of Companies (the "Registrar") Economic Substance Filing Portal is now live.

Any 'relevant entity' that is conducting a 'relevant activity' and any entities that are claiming 'non-resident entity' status under the Bermuda Economic Substance Act 2018 (as amended) (the "ES Act") in respect of the financial period from 1 January 2019 to 31 January 2019, are reminded that they are obliged to file their economic substance declarations as required, to assert such claims on or before 30 June 2020.

As of 1 May 2020, the Registrar has launched its Economic Substance Declaration ("ESD") portal, which is where each 'relevant entity' conducting a 'relevant activity' or entities that are claiming 'non-resident entity' must submit their ESD, as required by the ES Act.