BERMUDA SHIPPING BUSINESS
Economic Substance Solutions for Bermuda Shipping Businesses
If your Bermuda entity is “in-scope” regarding the newly established Economic Substance (“ES”) Laws and conducts the “Relevant Activity” as defined, then you are likely considering various difficult and expensive options with your legal and tax advisers on how to comply and/or avoid the penalties associated with ES noncompliance. Fortunately, we have the ideal solution for your offshore entity.
WHAT WE DO
Our company helps offshore entities to easily and affordably provide economic substance to comply with the ES Laws, while maintaining their traditional offshore ownership experience. We take care of all the Economic Substance requirements so you can get back to business as usual!
After extensive liaison with experts and regulators in numerous jurisdictions, we have specifically designed our bespoke turnkey solutions to provide exactly what’s needed for Relevant Entities to meet the all the requirements of ES law, without adding unnecessary complexity or risks to your current operations.
WHAT WE PROVIDE
All of our Economic Substance Solutions include:
Adequate physical presence in the jurisdiction
Qualified employees to perform Core Income Generating Activities (CIGA)
Appropriate resources to locally direct and manage the relevant activity
Efficient capability to monitor and control the activity
Annual filing services to compile and submit your ES reporting requirements with local regulators
CIGA as defined by the ES Law includes:
Managing crew (including hiring, paying and overseeing crew members)
Overhauling and maintaining ships
Overseeing and tracking deliveries
Determining what goods to order and when to deliver them, organizing and overseeing voyages
Based on the relative income and activities of your entity, we have custom tailored the appropriate elements of CIGA to adequately satisfy the ES test.
Based on our vast experience in the market, we have found that entities generally fit into one of our tiered bespoke plans, scaled to fit any size entity based on relevant annual income:
Basic Substance Plan: Ideal for Smaller entities (<$10M)
Enhanced Substance Plan: for Medium entities ($10-20M)
Premium Substance Plan: for Large entities ($21-50M)
Platinum Substance Plan: for Extra-Large entities ($50M+)