A series of new laws introduced by Government will improve the efficiency of Bermuda's international business sector, according to law firm Conyers Dill & Pearman.

The law firm played a key role in helping to draw up the legislative amendments, which were passed in recent weeks and are expected to come into force in the next few weeks. The company hopes they will simplify procedures and be well received by its clients in the industry.

It believes the changes to the Island's company and partnership legislation show the effectiveness of the Government and industry partnership and will address the needs of the international business community, while ensuring that the country's legislative framework for business remains state-of-the-art and up to date.

Anthony Whaley, partner at Conyers, who sat on the committee which was instrumental in driving the amendments forward, said: "Bermuda is committed to enhancing its attractiveness as a jurisdiction of choice through efficient and modernised legislation.

"We are pleased to have had a part in bringing this legislation forward, as it benefits will go a long way towards ensuring Bermuda's continued role as a leader in the international business sector."

The Companies Amendment Act 2009 has been updated from the Companies Act 1981 to include the improvement of delivery of documents to shareholders via the Internet, with an electronic record of a document deemed to have been delivered to a person if it is published on a website and that individual has been advised of the website address, where on the site it can be found and how it can be accessed. The new procedure is more in line with the 'opt out' electronic delivery method used by the US Securities and Exchange Commission to benefit Bermuda-based companies listed on US exchanges.

The Act also covers increased flexibility in Bermuda residency requirements for exempted companies, with each firm now only needing to have one director resident on the Island, a resident secretary or resident representative, both in the form of individuals or companies.

Amendments have similarly been made to the Partnership Act 1902, the Exempted Partnerships Act 1992, the Limited Partnership Act 1883 and the Overseas Partnership Act 1995, all collectively known as the Partnership Legislation, encompassing the amendment of registration requirements for exempted and limited partnerships to improve efficiency, with the particulars required to be set out in the certificates being trimmed down and the necessary details becoming effective on the filing of the amended certificates.

In addition, limited partnerships will no longer be required to state the value of the money and other property contributed to each limited partner as capital on the register of limited partners, thus significantly reducing the administrative burden.

Meanwhile, changes to the Overseas Partnership Act will streamline the application procedure and cut down on the content of the certificate of overseas partnership, with the partnership fund now exempt from the need to obtain a permit to carry on business in Bermuda if a member of its personnel conducts any principal fund activities, such as accounting or administration.

Such fund partnerships will be permitted to advertise, offer partnership interests for subscription and accept subscriptions in Bermuda under the new legislation, reflecting the existing situation with funds based on the Island that are overseas companies.