Polaris/Stevedoring Seeking 60/40 Exemption

January 21, 2013

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 & Rentals Ltd — originally applied for 60/40 relief in November 2012. The Companies Act was amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned. KeyTech and the Ascendant Group have already applied, and been exempted, from the 60/40 rule.

In a letter, dated 18 January, 2013, to the Government of Bermuda’s Minister of Economic Development Dr. Grant Gibbons, the Company stated: “Polaris Holding Company Ltd., whose registered office is at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda, wish to reapply on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act and accordingly hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the “international transportation services (by ship or aircraft)” industry.

“We respectfully request a meeting with The Ministry to discuss this matter further, prior to our reapplication.”

Read More About

Category: All, Business

Comments (4)

Trackback URL | Comments RSS Feed

  1. swing voter says:

    wish I could put my condo up 60/40…..

  2. M.P.Mountbatten JP says:

    No .

  3. Concerned Local Bermudian says:

    It’s only an exit strategy! Let’s not sell Bermuda. If you think things are bad now…in the long run relaxing 60/40 will result in even less employment available locally. The social economic implications are far reaching. OBA should think carefully, and not just strictly a short-term business view.

  4. Loquatz says:

    If they allow this one, there will be many other companies pushing for similar concessions.