The Government of Bermuda has issued a consultation paper titled “Introduction of Corporate Income Tax in Bermuda” (“Consultation Paper”). The Consultation Paper requests feedback from the public on the proposal to change the tax regime in Bermuda. The proposal set out in the Consultation Paper...
For the past 70 years the Bermuda Monetary Authority has maintained a beneficial ownership register (“BO Register”) which currently contains information such as the name, address, passport number, date of birth, and percentage of shareholding, of the beneficial owners of approximately 15,000 companies in Bermuda....
MJM Limited is pleased to announce that the international law firm rating agency, The Legal 500 has once again recognized its Banking, Finance and Capital Markets, Corporate and Commercial, Dispute Resolution and Real Estate teams. Within the highly competitive practice areas of Banking, Finance and Capital...
Bermuda had a very good 2019 – business was on the up, tourism figures were promising, and there was a general feeling of optimism in looking to 2020. We all know what happened next. No one could have planned for what transpired, but the restrictions imposed...
The Government of Bermuda has announced its intention to make the companies’ central register of beneficial ownership information accessible to the public. The beneficial ownership register contains information on the owners of the approximately 15,000 companies registered in Bermuda and has information such as the...
MJM recently received recognition in Marine Money for its market leading Ship Finance Practice. Here are the highlights of key deals in 2019: Deal Name: Project Sprint Companies: Frontfleet Ltd as buyer and Frontline Ltd as buyer guarantor (MJM clients) and Trafigura Maritime Logistics Pte. Ltd., as seller, Trafigura Group Pte....
At the end of June 2019, the Government of Bermuda issued draft economic substance guidance notes. The aim of the guidance notes is to assist in determining whether entities are in scope of the requirements of the economic substance legislation and regulations, how to satisfy...
The Economic Substance Act 2018 (the “Economic Substance Act”) was established in direct response to concerns raised by the Council of the European Union concerning the absence of economic substance requirements for entities conducting business in and through Bermuda. Since the introduction of the Economic Substance...