MINISTRY OF FINANCE, REGISTRAR OF COMPANIES (ROC), BERMUDA
Foster Moore has been contracted by the Ministry of Finance, Registrar of Companies (ROC), Bermuda for the supply of an online Companies’ Register. The project will see the delivery of sixteen registers ranging from the various forms of Companies and Partnerships administered by the Registrar of Companies to services for individual bankruptcy.
Foster Moore will deliver the project across two phases. One covering the Business Register entities and the second covering the Occupational Register entities (i.e. Real Estate Brokers and Agents).
The Registrar of Companies for Bermuda launched the new Economic Substance Register on 1 May 2020.
The register is required under the Economic Substance Amendment Act 2019. The legislation requires a “relevant entity” conducting “relevant activity” to report and maintain economic substance.
This means that non-resident entities carrying on a relevant activity will not be subject to Bermuda economic substance requirements. They are obliged, however, to provide to the Registrar of Companies for each relevant financial period the name of the jurisdiction in which it claims to be resident for tax purposes together with sufficient evidence to support that tax residence. This information is held on the Economic Substance Register.
The solution is based on an implementation of Foster Moore’s Catalyst Registry Manager platform.
Foster Moore are delighted to be working with the Registrar of Companies for Bermuda and look forward to delivering our world class registry application.
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