Bermuda – Economic Substance Declaration Filings – Update

The Economic Substance Act 2018 (the “Act”)¹ requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file an Economic Substance Declaration Form (a “Declaration Form”) with the Bermuda Registrar of Companies (the “Registrar”). Such Declaration Form must be filed annually, within six months of the last day of the entity’s financial year (which means an entity with a financial year-end of 31 December 2020 will be required to file its completed Declaration Form by 30 June 2021).

Relevant Activities

The following are relevant activities, as defined by the Act:

·         Banking	·         Insurance	·         Fund management
·         Financing and leasing	·         Headquarters	·         Shipping
·         Intellectual property	·         Distribution and service centres	·         Holding entity

 

 

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Bermuda – Economic Substance Declaration Filings – Update

 

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¹ In 2018, Bermuda enacted legislation with respect to economic substance requirements for relevant entities based in the jurisdiction. All other major offshore jurisdictions have enacted similar legislation.