The economic substance regime has now been in place for four years. As such, there have now been three cycles of annual economic substance declaration (“Declaration”) filings made with the Registrar of Companies by entities in scope of the economic substance requirements. The information collected...
The Registrar of Companies has issued notice that with effect from 30 January 2023, the Economic Substance Guidance Notes (the “Guidance Notes”) have been revised to implement guidance issued by the OECD Forum on Harmful Tax Practices in relation to entities making a claim to...
On 4 November, the Deputy Governor Tom Oppenheim (in the absence of the Governor Her Excellency Rena Lalgie) delivered the annual Throne Speech. This speech, in line with custom and tradition, marked the opening of a new parliamentary year and set out details of the Bermuda...
Bermuda was removed from Annex II of the European Union (“EU”) list of non-cooperative tax jurisdictions (also referred to as the EU “grey list”) at the 4 October 2022 meeting of the the Council of the European Union. In announcing the removal, the European Council confirmed that...
For over 50 years, Bermuda has been a jurisdiction of choice for shipping groups from an incorporation and a financing perspective. The shipping market in Bermuda has been characterised by a number of listings of Bermuda-incorporated shipping and shipping-related companies on the Euronext NOTC, Euronext Expand...
The Companies and Partnerships Electronic Registry Amendment Act 2020 (the “Act”), eagerly welcomed by industry, was recently passed into law and will come into operation on a date to be appointed by notice by the Minister of Finance (the “Minister”). The Act principally amends the Companies...
MJM advised Northern Drilling Limited on the spin-off of its fleet of two semi-submersible rigs into Northern Ocean Ltd. MJM also advised on Northern Ocean’s equity raise comprising of a private placement and a subsequent offering that raised over $100 million, the closing of an...
Following on from the Government’s commitment to harmonize Bermuda’s economic substance regime with that of other major offshore jurisdictions, the Economic Substance Amendment (No. 2) Act 2019 (the “ESA Amendment Act”) was tabled on 29 November 2019. The ESA Amendment Act, together with anticipated revised Economic Substance Regulations (the “Regulations”, which it is understood should...