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BERMUDA: Deadline extended for nil-economic substance returns

On 17th August 2022, the Bermuda Registrar of Companies (the “Registrar”) issued a notice confirming that changes required to address certain system errors within their portal have now been completed. Entities in scope of the Economic Substance Act 2018 which earned no gross revenue from a “relevant activity” during the financial period ending 31 December 2021 are now able to submit the requisite “nil” Economic Substance Declaration Form and the correspondent filing deadline has been further extended from 31 August 2022 to 30 September 2022. In addition, the Registrar has recently initiated desk-based reviews, requests for information and onsite inspections of entities, as announced in May 2022, to ensure compliance with the economic substance requirements. Given that such compliance reviews are a vital way for Bermuda to meet international regulatory standards, the compliance review process will be extensive and entities receiving requests for information in connection with Declaration Forms filed in respect of previous years or notices of onsite inspection of the entity’s corporate and other records in respect of its economic substance obligations may expect substantial scrutiny.


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