The Limited Liability Company Act 2016 has been tabled by Grant Gibbons, the Minister of Economic Development.

Bermuda must respond to the demand for LLCs, Dr Gibbons told Parliament, noting that they had been introduced recently in the Cayman Islands.

“LLCs are well known among US law firms as a vehicle of choice for private equity funds and asset holding structures,” Dr Gibbons said, noting that they were used in offshore jurisdictions such as the Isle of Man, Anguilla and the Marshall Islands.

Cayman started working on the LLC model five years ago, while Bermuda began working two years back.

Dr Gibbons called today’s Act “lengthy” and “almost equivalent to another Companies Act in its own right”.

There was assistance from the private sector at no cost to the Government.