There were significant legislative and regulatory developments
on economic substance in the offshore jurisdictions in the past 2
to 3 years. As economic substance classification, requirements and
guidance notes have largely been finalised by now, a few updates
remain to be made on the reporting procedures and deadlines in the
last quarter.
Bermuda
As part of the Registrar of Companies' project to introduce
a new online registry system for all corporate filings and fee
collections, the Registry updated the annual declaration forms
applicable to companies, partnerships and limited liability
companies in December 2020. These forms have been amended to
include a description of standardised business activity, relevant
activity and financial year end. The amended forms came into
effect on 15 December 2020 for all new registrations, and all
declarations due by 31 January 2021 would have been submitted in
the new format.
