Hashtag: #60/40Rule
Budget: Bill To Change 60/40 Ownership Rule
“We will introduce a bill that will reduce the required ownership of a local company from 60% Bermudian to 40% Bermudian, “Minister of Finance Curtis Dickinson said as he delivered the 2020 Budget in the House of Assembly today. The Budget report said, “We have also made progress in reducing regulations and red tape to stimulate investment... Read more of this article
Column: Famous On Revising The 60/40 Rule
[Opinion column written by MP Chris Famous] Momma always told us, often via wooden spoon, “It is not what you say but how you say it. It is not what you do but how you do it.” As we all know mama, and her wooden spoon, was always right. Approximately 4 years ago former Finance Minister Bob Richards spoke about the need to abolish the 60/40 rule... Read more of this article
Premier: 60/40 Ownership Rule To Be Revised
“We will increase access to capital for Bermudians by reforming the 60/40 rule to one that only requires 40% Bermudian ownership in order to operate in the domestic economy,” Premier and Minister of Finance David Burt said in today’s 2018/19 Budget. The 60/40 rule generally requires local companies to be at least 60% Bermudian owned, so this... Read more of this article
Video: Population, 60/40 & Economic Growth
Do we need a higher population and should we lift the 60/40 rule to spur economic growth? Those were two of the topics discussed as Bermuda College Economics Senior Lecturer Craig Simmons, Chamber of Commerce President John Wight, and former Business Bermuda CEO Cheryl Packwood recently sat down with Bernews for a panel discussion for the upcoming 2018/19... Read more of this article
Premier On 60/40 Rule & Business Structure
“The challenge is the structure of how Bermuda is set up; we allow people to earn money here, but we don’t allow them to reinvest the money which they earn here inside of our economy,” Premier and Minister of Finance David Burt said. In reply to a question at the recent Pre-Budget Public Forum, Premier Burt said, said, “The biggest... Read more of this article
BF&M Limited Now Exempt From 60/40 Rule
In a filing to the Bermuda Stock Exchange today [July 22] BF&M Limited confirmed that, effective 22 July 2013, the company is no longer subject to the 60/40 rule. The letter stated: “Further to our letter to you dated 1st July, 2013 informing you of our notification to the Minister of Economic Development pursuant to Section 113(8) of the... Read more of this article
BF&M Limited to Seek Relief From 60/40 Rule
In a filing to the Bermuda Stock Exchange, BF&M Limited gave notice of the Company’s intent, effective 22 July, 2013, to seek relief from the 60/40 rule. In a letter to the Minister of Economic Development Dr Grant Gibbons, the Company stated: “BF&M Limited, whose registered office is at 112 Pitts Bay Road, Hamilton, HM 08, hereby gives... Read more of this article
Polaris/Stevedoring Seeking 60/40 Exemption
In a filing to the Bermuda Stock Exchange, Polaris Holding Company Limited gave notice of the Company’s intent to re-apply to seek relief from the 60/40 rule, and asked for a meeting with the Ministry to discuss this matter prior to their reapplication Polaris — the parent company of Stevedoring Services, Mill Reach Holding and Equipment Sales... Read more of this article
60/40 Exemption: Polaris/Stevedoring To Reapply
Polaris Holding Company Limited said it will reapply for 60/40 relief after being told the “criteria was not satisfied.” Polaris — the parent company of Stevedoring Services Ltd, Mill Reach Holding Ltd., and Equipment Sales & Rentals Ltd — originally applied for 60/40 relief last month. The Companies Act was recently amended... Read more of this article
Polaris Holding To Seek Relief From 60/40 Rule
[Updated] In a filing to the Bermuda Stock Exchange, Polaris Holding Company Ltd. gave notice of the Company’s intent — effective 02 January, 2013 — to seek relief from the 60/40 rule. Polaris Holding Company Ltd. is the parent company of Stevedoring Services Ltd, Mill Reach Holding Ltd., and Equipment Sales & Rentals Ltd. The Companies... Read more of this article
Ascendant Group Exempted From 60/40 Rule
In a filing to the Bermuda Stock Exchange, Ascendant Group Limited confirmed that — effective 22 October 2012 — the company is no longer subject to the 60/40 rule. Ascendant is the parent Company of companies including BELCO, AG Holdings Limited, Bermuda Gas & Utility Company Limited, PureNERGY Renewables Ltd. and inVenture Limited. The... Read more of this article
Minister: Foreign Investment Will Spur Growth
Minister of Business Development and Tourism Wayne Furbert today said Bermuda can expect foreign investment to spur growth in Gross Domestic Product [GDP] and provide jobs following passage of the Companies Amendment Act 2012. Minister Furbert said since the Act had been passed several companies have applied for exemption of the 60/40 rule including... Read more of this article
Ascendant To Seek Relief From 60/40 Rule
In a filing to the Bermuda Stock Exchange, the Ascendant Group Limited gave notice of the Company’s intent, effective 22 October, 2012, to seek relief from the 60/40 rule. The Companies Act was recently amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned. Ascendant... Read more of this article
KeyTech No Longer Subject To 60/40 Rule
In a filing to the Bermuda Stock Exchange [BSX] KeyTech Limited confirmed that, effective 14 September, 2012, the company is no longer subject to the 60/40 rule. The Companies Act was recently amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned. In a filing to... Read more of this article
KeyTech Limited To Seek Relief From 60/40 Rule
KeyTech Limited will be seeking relief from the 60/40 rule, according to a filing with the Bermuda Stock Exchange [BSX]. KeyTech subsidiaries include the Bermuda Telephone Company, Logic Communications, Bermuda Yellow Pages Limited and WestTel Limited. The Companies Act was recently amended to allow for companies fitting certain criteria to apply for... Read more of this article
BSX CEO: 60/40 Rule A ‘Positive Development’
Bermuda Stock Exchange’s [BSX] CEO Greg Wojciechowski welcomed the easing of the 60-40 rule as a “positive development for the domestic capital market.” Mr. Wojciechowski said, “This is a significant step forward in the modernization and further develop of Bermuda’s domestic capital market. This development underscores the Government’s... Read more of this article
