Bermuda Update - new online filing system
First published in the second edition of the Appleby Asia Alert
In order to keep up to speed with global technological standards, the Bermuda Monetary Authority is currently rolling out a new secure online registration and filing system known as INTEGRA™ which will replace the existing Corporate Registration Processing (CRP) system originally introduced in 2009. Given the increasing quantity and complexity of data collection, the new system is intended to be a single portal for electronic filings and is expected to streamline and consolidate the filing of mandated information. While the official launch date will be announced in due course, the portal is currently anticipated to go live at the end of October 2018.
INTEGRA™ will be phased in over multiple years and its first phase is to replace the existing CRP system for:
- applications for registration/continuation (companies and limited liability companies);
- permit applications (companies and limited liability companies);
- exempted limited partnership formations;
- permits for overseas partnerships;
- amended permits;
- exchange control permissions and filings; and
beneficial ownership filings pursuant to the Companies and Limited Liability Company (Beneficial Ownership) Amendment Act 2017 and 2017 and 2018 amendments to the Partnership Act, Exempted Partnerships Act and Limited Partnership Act.
The various statutory requirements outlining the information required for the applications and filings listed above remain applicable. Please get in touch with your usual Appleby contact if you require any further information or advice.