The Bermuda Registrar of Companies (RoC) has advised that it will be launching the first phase of its new company registry system on 7 June 2021. Economic Substance Declarations that have been started must be finished and submitted by 3 June.
In an industry notice issued on 10 May, the RoC noted as follows:
1. New Registry System
The system will be launched on 7 June, with migration of data to the new system taking place from 27 May until 4 June. During this period, we understand that the RoC will not be able to enter any further data and the RoC will not be able to accept any applications. The RoC is offering a series of webinars to provide training on how to use the new registry system. These webinars will be recorded and made available here.
2. Economic Substance Declarations
As a result of the migration of data, the system will be in transition and Economic Substance Declarations that have been started must be finished and submitted by 3 June. Any unfinished declarations that have not been submitted by this date will be deleted and will need to be re-submitted. Existing accounts on the Economic Substance Portal will be carried over to the new system.
How can we help?
For more information, please contact your usual Conyers lawyer or any of those listed below.