This Memo sets out some of the main Bermuda business vehicles and briefly summarises key points in relation to each type of vehicle. It includes information on exempted companies, local companies, LLCs, companies limited by guarantee, partnerships, SACs/ISACs, permit companies, trusts, and investment funds.
Stephanie P. Sanderson has authored the Bermuda chapter of Getting the Deal Through: Corporate Governance, an international publication. The 2020 edition of Corporate Governance provides a summary of the pertinent aspects of company law and corporate governance practices worldwide touching upon: sources of governance rules and practice, government agencies, rights of shareholders, voting rights and requirements, shareholders’ duties and liability, anti-takeover devices, directors’ standard of care, economic substance requirements, as well as various other important corporate governance matters.
Stephanie P. Sanderson, Partner, has authored the Bermuda chapter of Getting the Deal Through: Public M&A, 2020 edition. This specialist international publication covers M&A transactional requirements and procedures governing publicly listed companies, covering such areas as: types of business combinations, applicable legislation, filings and public disclosure requirements, substantial shareholding regulations, duties of directors and controlling shareholders, shareholder rights of approval and appraisal, and hostile transactions, among other key topics.
BeesMont Law Limited would like to congratulate CrossTower Bermuda Ltd. for successfully acquiring a Class M Digital Asset Business Act Licence issued by the Bermuda Monetary Authority. This new licence authorises CrossTower to operate in Bermuda as a digital asset exchange and provide custodial wallet services. CrossTower is a new exchange operator founded by capital markets veterans on a mission to mainstream digital asset investing and trading. BeesMont Law Limited’s Technology & Innovation Team advised and assisted CrossTower in obtaining its Bermuda licence.
BeesMont Law provides advice and legal support with respect to the establishment, regulatory, compliance, and business operations of digital asset business companies in Bermuda.
Gretchen Tucker has authored a COVID-19 Data Protection Guide which provides a detailed overview of the activities of Bermuda’s first Privacy Commissioner, Mr. Alexander McD White. The Guide summarises the work of the Office of the Privacy Commissioner during the first effective year of Mr. White’s appointment and informs Bermuda organisations and overseas companies interested in establishing a Bermuda office on privacy developments and industry engagement during the pandemic.
The ‘Work From Bermuda Residential Certificate’ was launched as of 1 August 2020 and permits individuals to live and work remotely from Bermuda for a 12-month time period. This Guide highlights the key aspects of applying for the Certificate, the criteria for applying and the benefits of living and working in Bermuda under the Certificate scheme.
Well-known Bermuda Barrister, Peter Sanderson, has joined BeesMont Law Limited as Senior Litigation Counsel.
Highly respected in Bermuda and beyond, Mr Sanderson is one of the most active litigators before the courts. His dynamic approach has helped him build an impressive client base across various areas of law.
Mr Sanderson appears regularly before the Supreme Court, Court of Appeal, and specialist tribunals, and has also appeared before the Privy Council in London. He has been able to build a client base across various areas of law, and has been involved with landmark precedents for the interpretation of the law, reported in international publications such as Law Reports of the Commonwealth and West Indian Reports.
Sharon A. Beesley, Partner at BeesMont Law said “We are really pleased to announce that Peter has joined the firm. He brings a wealth of knowledge and experience which expands the services which BeesMont is able to provide for our clients. His internationally-recognised reputation fits in well with the firm’s commitment to providing the highest standard of service for our clients.”
Bermuda’s Economic Substance Portal launched as of 1 May 2020 to provide a reporting platform for filings from entities that are required to file declarations under the economic substance regime in the jurisdiction which impacts companies that carry on ‘Relevant Activities’, including banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service centres, intellectual property and holding entities.
The Incorporated Segregated Accounts Companies Act 2019 received assent on 26 November 2019, introducing a new company structure product – the incorporated segregated account company (ISAC). This legislation has been developed to create a new and innovative product to meet the needs of business stakeholders in Bermuda. In an ISAC structure, each segregated account constitutes an incorporated entity distinct from the other incorporated segregated accounts within the same structure. The premise that incorporated entities enjoy separate legal personality is a widely accepted and upheld legal principle. The ISAC provides greater certainty via a statutory and common law basis for the segregation of assets and liabilities by creating separate bodies corporate.
In a Notice dated 12 November 2019, the Bermuda Monetary Authority confirmed that it will not object to BMA-supervised entities conducting business with licensed cannabis cultivators, processors or sellers, as long as the conduct of such business is not contrary to any offences that may be provided for in the laws of a foreign jurisdiction which amount to “criminal conduct” within the meaning of section 3 of the Proceeds of Crime Act 1997 of Bermuda. The Notice will be of particular interest to investment managers and investment funds in this sector (or that are interested in establishing in the sector) as it provides additional clarification that the establishment and registration of funds with investment strategies linked to the cannabis industry are permitted provided the activities are legal where business is being conducted and do not amount to criminal conduct under Bermuda law.