This announcement follows the Registrar’s recent non-compliance actions in March and April 2022 with respect to economic substance for the 2019 and 2020 financial periods. Proposed penalties for non-compliance for these periods ranged from $7,500 to $100,000 (per offending entity).

If a Bermuda entity receives a compliance review notification from the Registrar, Appleby’s experienced and dedicated regulatory team is ready to assist with any preparation requirements.

If a Bermuda entity is part of a compliance investigation, Appleby’s regulatory team has the expertise to provide guidance through any potential enforcement action by the Registrar.

Bermuda entities are reminded the filing deadline for those entities with a 31 December 2021 year-end is 30 June 2022.

There have been further changes and updates to the economic substance declaration form with Appleby advising clients on issues such as:

  • Changes to beneficial ownership reporting for regulated entities, subsidiaries of listed companies and overseas permit companies
  • Changes to Director information to be included in the submission
  • The process for entities which earned no gross revenue in respect of their relevant activity

About Appleby

Appleby has an experienced, multi-disciplinary regulatory team which includes expert compliance professionals, as well as a team of lawyers across the corporate and dispute resolution practice areas. With expert advisors across a range of disciplines, we help clients navigate regulated environments throughout the lifecycle of their business.

Please contact a member of the team below if you have any questions concerning economic substance compliance, the Registrar’s recent notification and/or the risks of enforcement.

Key contacts

Sally Penrose

Partner, Head of Regulatory: Bermuda

T +1 441 298 3286
E Email Sally

John Wasty

Partner, Head of Dispute Resolution: Bermuda

T +1 441 298 3232
E Email John

Share
Twitter LinkedIn Email Save as PDF
More News
5 Jun 2023 | News

Appleby marks World Environment Day with sustainability commitment

Appleby is proud to announce on World Environment Day that it is furthering its sustainability commi...

1 Jun 2023 | News

Appleby supporting LGBTQ+ Pride Month 2023

As a law firm committed to promoting diversity, equity and inclusion, Appleby is proud to support th...

30 May 2023 | News

Hannah Tildesley to Speak at Commercial Bar Association Event

Appleby Bermuda Partner Hannah Tildesley will speak at The Commercial Bar Association (COMBAR) North...

29 May 2023 | News

Appleby Bermuda a Gold Sponsor of INSOL International Seminar

Appleby Bermuda is a Gold sponsor of the INSOL International Bermuda Seminar taking place on 1 June ...

27 Apr 2023 | News

Tammy Richardson-Augustus Speaks at Princeton University Symposium

Appleby Bermuda Partner Tammy Richardson-Augustus spoke at Princeton’s School of Public and Intern...

17 Apr 2023 | News

Appleby Expands Dispute Resolution Practice With Specialist Lawyer in Bermuda

Appleby Bermuda is delighted to welcome a seasoned UK advocate, James Sellick, to its expanding Disp...

31 Mar 2023 | News

Appleby announces Partner and Counsel promotions

Appleby has promoted four lawyers to Partner and eight to Counsel across its Bermuda, British Virgin...

28 Mar 2023 | News

The Bermuda Monetary Authority’s ‘Insurance Sector Operational Cyber Risk Report’ for 2022

Over the last few years, financial service regulators around the world have recognized the critical ...

15 Mar 2023 | News

Bermuda Economic Substance Regulatory Update: Changes to Non-Resident Entity Requirements

There is an exemption from the economic substance requirements for entities that are resident for ta...

8 Mar 2023 | News

Appleby supports International Women's Day 2023

Appleby is proud to support International Women’s Day (IWD) and this year’s campaign theme of #E...