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.