In an industry notice issued on 26 November, the RoC listed the impacts of the portal update as follows:
Any incomplete Economic Substance Declaration on the portal WILL be deleted at the time of the update on Monday, November 30, 2020. Any entity with an incomplete ESD filing on the portal should complete the filing prior to the update.
An entity that carries on a relevant activity is required to file a declaration, whether or not it earns any gross income in respect of the relevant activity, as set out in Section 6 of the Revised Guidance Notes dated 18 September 2020 (see note below). The updated portal will feature a question on this issue in the General section. A ‘Yes’ or ‘No’ response will be required. A response of ‘No’ will allow the entity to file a ‘Nil’ declaration.
In order to achieve greater clarity and facilitate the analysis process, additional data collection fields have been added to the ‘Managed and Directed’ and the ‘Financial Information & Employees’ sections of the declaration.
An entity that responds ‘No’ to the question of compliance with ESR in the ‘Declaration’ section will be required to check the relevant box to indicate each requirement with which it failed to comply.
It will be mandatory for the entity to enter its year-end date before being allowed to proceed to file and/or save its Economic Substance Declaration.
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Updates to Bermuda’s Economic Substance Declaration Portal