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ARTICLE · 01 SEPTEMBER 2020

Economic Substance Update Q3 2020

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Our last Economic Substance update of 15 April 2020 highlighted the measures and considerations announced by the relevant authorities in the BVI, Cayman and Bermuda...

GlobalFinance and Banking
Fiona Chan
Fiona Chan
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Our last Economic Substance update of 15 April 2020 highlighted the measures and considerations announced by the relevant authorities in the BVI, Cayman and Bermuda with regard to assessment of economic substance compliance and/or extension of reporting deadlines in view of Covid-19. Despite the disruptions, these jurisdictions continued to develop and refine their economic substance requirements.

Bermuda

The Registrar of Companies (ROC) officially launched the Economic Substance Declaration Portal on 1 May 2020 to facilitate the submission of the economic substance declarations pursuant to the Economic Substance Act 2018 (Act). The ROC has also prepared instructional video on setting up of accounts and preparation of declarations on the portal. For details, please visit www.registrarofcompanies.gov.bm.

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