Bermuda Revises Economic Substance Guidance Notes
OFFICE OF THE REGISTRAR OF COMPANIES
Economic Substance Revised Guidance Notes
July 7, 2020
In relation to the Economic Substance Act 2018 (the “Act”) and related Guidance Notes, and following comments received in relation to the Draft Sector-specific Guidance Notes circulated for review on 30 March 2020, the Minister of Finance has issued the attached final Revised Guidance Notes, effective 7 July 2020. These revisions reflect the following changes:
i. addition of sections B through I to the Schedule to the Guidance Notes, to add sector-specific guidance in relation to the relevant activities of shipping, insurance, banking, fund management, intellectual property, financing & leasing, distribution & service centre and headquarters
ii. revision to section 6 of the Guidance Notes to reflect the Industry Notice issued on 24 April 2020 pursuant to which the Registrar clarified that he will consider that a Relevant Activity is being carried on by an Entity as a business where the Entity earns any gross revenue from that Relevant Activity.
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