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Filing an Economic Substance Declaration in Bermuda

In 2018, Bermuda enacted legislation with respect to economic substance requirements for entities based in the jurisdiction. All other major offshore jurisdictions enacted similar legislation at the same time. The Economic Substance Act 2018 (the “Act”) requires all Bermuda-based entities that are carrying on a “relevant activity” to file an Economic Substance Declaration Form (a “Declaration Form”) with the Bermuda Registrar of Companies annually, within six months of the last day of the entity’s financial year (for example, such 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

 

To continue reading full articles in PDF format:
Filing an Economic Substance Declaration in Bermuda

 


Sophia Greaves
Director

Bermuda   +1 441 294 5929


Neil Henderson
Director

Bermuda   +1 441 298 7846


Jason Piney
Director

Bermuda   +1 441 299 4993


Anthony D. Whaley
Director

Bermuda   +1 441 299 4927


Tracey Spevack
Head of Corporate Services Bermuda

Bermuda   +1 441 299 4942


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