Bermuda Government

20 Mar 2013

Brian Holdipp
Bermuda’s new Government has re-affirmed the commitment made last year to develop the new Business Bermuda Development Corporation (“BBDC”) as the preferred vehicle to give common strategic direction to the Island’s business development efforts. The re-affirmation came most recently in the Budget Statement of the new Minister of Finance who said:
The BBDC is a private public partnership that is intended to spearhead the promotion of Bermuda as a preferred domicile for a variety of international business activities, including reinsurance, asset management, trusts and fund administration. This involves organizing all the relevant stakeholders and formulating a coherent mission for the BBDC and strategies to achieve that mission.
The BBDC will come under a new Ministry of Economic Development which has declared a twofold objective:
18:15 / Bermuda Government / Company & Commercial Law
20 Mar 2013

Telecommunications in Bermuda is undergoing root and branch reform with a view to not only making the industry more competitive but more attractive to investors. The commitment to change has been signalled by the establishment of the much-needed, long-overdue Regulatory Authority and an easing of restrictions on foreign investment. The overhaul in telecommunications, following extensive consultation with stakeholders, is embodied in two key pieces of legislation, the Regulatory Authority Act 2011 and the Electronic Communications Act 2011, both of which will become the twin foundation of Bermudian Regulatory Reform. One of the more important changes will be the removal of the requirement for separate licence categories based on services provided and the introduction of a single standard communications licence.
18:08 / Bermuda Case Law & Legislation / Bermuda Government / Company & Commercial Law
20 Mar 2013

Cynthia Williams
Bermuda now boasts a new licensing and supervisory regime for professional corporate service providers designed to enhance the efficiency of incorporations in Bermuda. The changes, which came into effect at the start of the year, are regarded as good news for Bermuda as they will eliminate double vetting, decrease the need for due diligence on shareholders with voting rights of less than 10 percent and improve the efficiency of registration by using an electronic system that gives immediate results. In the ideal case a company could now be formed and registered within an hour. The new regime was established under the Bermuda Corporate Service Provider Business Act (“the CSP Act 2012”) which came into effect on January 1st, 2013.
18:04 / Bermuda Case Law & Legislation / Bermuda Government / Company & Commercial Law / Fraud & Anti Money Laundering
20 Mar 2013

Agathe Holowatinc
Bermuda has a new Government which has promised to shore up the Island’s position as a world leader in insurance, reinsurance, international business and finance. They also have hopes of re-establishing Bermuda as a premier tourism destination. The promises from the One Bermuda Alliance (OBA) came in the Throne Speech delivered on the first day of Parliament following the new Government’s election in mid-December last year. Plans on how they intend to achieve their goals were then unveiled in the Government’s first Budget presented in late February. Notably, the new Minister of Finance committed to “a new direction for the manner in which the economy of Bermuda and the finances of the Bermuda Government are managed”.
17:59 / Bermuda Government