The portal allowing Bermuda-based businesses to submit Economic Substance Declarations (ESDs) is being updated on November 30, 2020, according to Conyers, the law firm.
The Bermuda Registrar of Companies is adding an additional question to the declaration to identify companies that carry out relevant activities that require them to make a submission but do not earn any gross income from that activity. Additional data collection fields are also being added in the ‘Managed and Directed’ and ‘Financial Information and Employees’ sections of the declaration.
Entities will also be required to enter their year-end date before being allowed to proceed to file or save their Economic Substance Declaration.
An entity that indicates it does not comply with Economic Substance Regulations in the declaration section will be required to indicate which parts it failed to comply with. All incomplete Economic Substance Declarations will also be deleted from the system.
Bermuda Registrar of Companies, Economic Substance Declarations