On Mar. 8, BER PRL issued bills for annual corporate regulatory fees.
BER PRL passed Registrar of companies (annual corporate regulatory fees) act 2024 and Registrar of companies (annual corporate regulatory fees) (no. 2) act 2024.
Bill Highlights
Registrar of companies (annual corporate regulatory fees) act 2024 incorporates defined terms, specified the corporate regulatory fees for entities listed in Schedule.
The Registrar of companies (annual corporate regulatory fees) (no. 2) act 2024 amended certain acts to allow for the payment of an annual corporate regulatory fee.
Foreign corporation will, one month after registration of memo of continuance re the corporation as exempted company, pay appropriate fee and corporate regulatory fee.
If registration is after Aug. 31, the appropriate fee will be half of the annual amount.
Varying fees apply re appropriate fee and corporate regulatory fee amounts; applicable to companies, limited liability companies, limited partnerships, overseas partnerships.
Effectiveness
If enacted, both Acts would be affective as of Feb. 9, 2024.
Mar. 19, 2024 BER GVT Royal Assent
On Mar. 19, 2024, BER GVT reportedRegistrar of companies received governor assent.
Jul. 2024 BER PRL Amendment
On Jul. 3, 2024, BER PRL reported that the bill entitled Registrar of companies (annual corporate regulatory fees) act 2024 was amended to change the effective date.
Amendment entitled, Registrar of companies (annual corporate regulatory fees) amendment act 2024, changed the effectiveness date to Jan. 1, 2024.
Section 8 of Registrar of Companies (Annual Corporate Regulatory Fees) (No. 2) Act 2024, changed commencement date of annual corporate regulatory fee to Jan. 1, 2024
Aug. 2024 BER PRL Date of Fee Payment
On Aug. 14, 2024, BER PRL published the Registrar of companies (annual corporate regulatory fees) (date of fee payment) notice 2024 in the Bermuda official gazette.
Annual corporate regulatory fee for 2024 must be paid no later than Oct. 31, 2024.
Regulators
BER GVT; BER PRL
Entity Types
Bank; BHC; Corp
Reference
Nt OG 85/2024, 8/14/2024; Bill, 7/3/2024; GN0293/2024, 3/19/2024; Bill, 3/8/2024;
