Further to our Walkers Advisory dated 20 April 2020, the Registrar of Companies (the "Registrar") Economic Substance Filing Portal is now live.

Any 'relevant entity' that is conducting a 'relevant activity' and any entities that are claiming 'non-resident entity' status under the Bermuda Economic Substance Act 2018 (as amended) (the "ES Act") in respect of the financial period from 1 January 2019 to 31 January 2019, are reminded that they are obliged to file their economic substance declarations as required, to assert such claims on or before 30 June 2020.

As of 1 May 2020, the Registrar has launched its Economic Substance Declaration ("ESD") portal, which is where each 'relevant entity' conducting a 'relevant activity' or entities that are claiming 'non-resident entity' must submit their ESD, as required by the ES Act.

The portal can be found here and an instructional video detailing how to set up a user and organisation account to submit an ESD can be found here. Additionally, a video demonstrating how to prepare a new declaration on the portal can be found here.

The Registrar will also be hosting a webinar between 11.00 am and 12.30 pm on 12 May 2020 to demonstrate how to use the portal; interested persons can register here.

Should you require assistance with the submission of your entities ESD or if you have any queries as to how the economic substance requirements may impact your business, please contact Natalie Neto and Melanie Fullerton.

Article originally published on 7 May 2020

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.