The Value of a Conyers Manager for Your Bermuda Limited Liability Company | Conyers

conyers.com Conyers lawyers act as professional independent managers for Bermuda Limited Liability Companies (LLCs). LLCs have found that the appointment of a Bermuda-qualified lawyer, who is located in the jurisdiction, as manager of their LLC not only provides convenience and expertise to the LLC’s operations, but also helps to ensure it meets its regulatory, corporate governance and economic substance obligations in Bermuda. Recent years have seen a significantly increased regulatory focus on corporate governance worldwide and Bermuda is no exception. Directors of Bermuda companies and managers of Bermuda LLCs have a legal responsibility to ensure that the company or LLC is in compliance with all relevant legislation and regulation in the jurisdiction. In addition to specific industry regulations, the list includes: • The Companies Act 1981/The Limited Liability Company Act 2016 • Anti-money laundering (AML) and anti- terrorist financing (ATF) legislation • Beneficial ownership legislation • The Bribery Act 2016 • Personal Information Protection Act 2016 • Economic Substance Act 2018 • Employment Act 2000 • Bermuda Immigration and Protection Act 1956 • International Sanctions Regulations 2013 • Tax reporting (Common Reporting Standard) Having a Conyers lawyer serve as an independent manager of a Bermuda LLC can help the LLC comply with its requirements with respect to this legislation and keep on top of its reporting requirements. Enhanced credibility The presence of independent legal expertise in an LLC’s management is generally well- regarded, not only by regulators, but in the wider marketplace. When it comes to financing or taking a major step such as an IPO or selling the LLC, the presence of a Conyers lawyer on the management team will provide additional comfort to third parties. Local and international market expertise As well as providing expertise on Bermuda law as it relates to the LLC, a Conyers lawyer with experience in your industry can provide a valuable independent viewpoint and insight into the LLC’s operations. What’s more, our lawyers can draw on the firm’s multi-jurisdictional expertise to offer a local and global market perspective. Economic substance The introduction of economic substance legislation at the end of 2018 has placed an increased emphasis on ‘mind and management’ in Bermuda. For LLCs carrying on business in scope of the legislation, meeting economic substance requirements can be supported by having Bermuda-based independent managers and additional managers’ meetings in Bermuda. The Value of a Conyers Manager for Your Bermuda Limited Liability Company

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