Hashtag: #60/40Rule

Column: Famous On Revising The 60/40 Rule

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

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

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

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

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

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

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

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

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

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: 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

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

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