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RoC meet with Abic over common issues

Top talks: (from left) Michael Frith, senior counsel and managing director, Bermuda, Carey Olsen; Kenneth Joaquin, registrar of companies; George Outerbridge, Jr., supervisor, registration, Registrar of Companies; and Ann Daniels, head of compliance, Registrar of Companies (photograph supplied)

The Association of Bermuda International Companies recently hosted a well-attended presentation by a team from the Registrar of Companies on issues of interest to the international business community.

Kenneth Joaquin, the Registrar, led the presentation attended by approximately 100 people at O’Hara House, which focused on issues raised by Abic leaders in their regular meetings with the RoC.

Top of the agenda was Bermuda’s removal last year from the European Union’s ‘grey list’ of countries that have outstanding commitments in relation to tax-co-operation measures. Staying off the list depends on continued favourable reviews by the OECD’s Forum on Harmful Tax Practices and the presentation considered the question of potential risks.

Developments with Bermuda’s long standing beneficial ownership register, which is currently accessible to relevant authorities and the possible transition to a public register, also featured in the presentation.

Other topics covered during the event included:

•Adequacy of RoC resources

•The Financial Action Task Force’s movement towards requiring a register of trusts

•Application, for purposes of economic substance requirements, of "non-resident entity" principles to 953(d) companies (businesses that elect to be treated as US corporations for tax purposes)

•Review of pure equity holdings entities for economic substance purposes

•Update on company registrations

•RoC revenue projections

•Update on RoC’s automation, portal and system upgrades

•Annual government fees and other discounts and incentives for new businesses and smaller businesses

The RoC is responsible for tracking, processing, and administering all limited liability companies.

Patrick Tannock, chairman of Abic and CEO of Axa XL Insurance in Bermuda, said: “We are grateful to Mr Joaquin and his team for sharing their perspectives with our members. The well-attended event indicates the high level of interest in the issues addressed, issues that we have raised on behalf of Abic members in our frequent dialogue with the RoC.

“We have regular meetings with the RoC and several other government departments, ministries, Ministers and the Premier, to collaborate, share information, ask questions, and keep our members informed and updated on topics of interest to them.

“We continue to work with the RoC, other government representatives and all stakeholders to promote a sound business environment for international business and the local community, and to ensure that the island remains a leading domicile of choice.”

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Published January 30, 2023 at 7:39 am (Updated January 30, 2023 at 7:39 am)

RoC meet with Abic over common issues

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