Amendment To The Companies Act 1981
Minister of Business Development and Tourism Wayne Furbert announced that the Government has approved an amendment to the Companies Act 1981 to remove the current requirement that certain companies file a prospectus with the Bermuda Registrar of Companies.
This is applicable to companies whose shares are listed on an exchange deemed an “appointed stock exchange” by the Minister of Business Development and Tourism; or the prospectus is otherwise accepted by a “competent regulatory authority” appointed by the Minister.
Minister Furbert said: “This amendment to the Companies Act was proposed by a consortium of Bermuda stakeholders working through the Business Bermuda Legislative Change Committee who provided a wide range of recommended amendments in 2011. The proposed amendments are intended to respond to changed economic circumstances with the international business environment with the specific intent of removing inefficiency.”
Anthony Whaley, partner at Bermuda law firm Conyers Dill & Pearman and Chairman of the Business Bermuda Legislative Change Committee said: “This is very welcome news for the international business sector. The Legislative Change Committee was instrumental as a stakeholder in bringing about this amendment and we are very pleased to see that Government has supported this position. This removal of an unnecessary step makes the process of doing business in Bermuda even more attractive and that is good for the industry as a whole.”
Chamber pay attention, it seems that most people give non-political responses.
Try doing that in the future, then maybe some people will listen to you.