Upon recommendation of the Organization for Economic
Co-Operation and Development (the
"OECD"), Bermuda recently enacted the
Registrar of Companies (Compliance Measures) Act 2017 (the
"Act") which came into force on 24 March
At present, Bermuda registered entities are required to maintain
certain books and records, including minutes and records of
account, in Bermuda. The Act enhances the Bermuda Registrar of
Companies' regulatory, inspection and enforcement powers with
respect to those books and records maintained by registered
entities which operate in or from within Bermuda to ensure that
such entities are fully compliant with the requirements of their
The expansion of the Registrar's regulatory responsibilities
will maintain Bermuda's favourable OECD rating and further
demonstrates why the jurisdiction has respected status as a leader
in compliance and transparency.
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Following public consultation during 2016 and early 2017, legislation has been passed which will require Cayman Islands companies (but not partnerships) to maintain registers of beneficial ownership at their registered offices.
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Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
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In this case, the Court made it very clear that any arrangement which detracts from the ability of regulators or law enforcement authorities to identify beneficial owners of companies...
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