House & Senate Pass Partnership Law Changes
The Minister of Economic Development, Dr. Grant Gibbons, announced today [May 30] that legislation making key amendments to the laws governing partnerships has been successfully passed by both the House of Assembly and Senate.
The Ministry of Economic Development sponsored 4 Bills that will make changes to the Partnerships Act 1902; Exempted Partnerships Act 1992; Limited Partnership Act 1883; and the Companies Act 1981.
A spokesperson said, “The amendments are designed to improve Bermuda’s product offering and increase Bermuda’s competitiveness as a jurisdiction of choice. As well, several of the amendments will achieve parity amongst certain rights afforded to companies and those provided for partnerships.
“Some of the specific changes include: 1) increased flexibility and efficiency with respect to internal governance and administration of partnerships including changes in partners or in the partnership structure; 2) enabling partnerships to relocate to Bermuda from other jurisdictions; and 3) additional clarification on certain responsibilities of partners.”
Focusing on the collective efforts of the Government and industry partners on this initiative, Dr. Gibbons stated, “The Government has engaged in a targeted, multi-faceted approach to revitalize and reinvigorate our economy.
“This has resulted in strong collaboration between the Government, Bermuda Monetary Authority, Bermuda Business Development Agency and many other firms across the private sector. These amendments are a direct result of this collaboration.”
Dr. Gibbons further stated, “The fact that these Bills received bipartisan support in both the House of Assembly and the Senate indicates that these amendments are a necessary step in our continued efforts to modernize our laws, improve our products and maintain pace with the market.
“The vast majority of partnerships on the registry are private or closed investment funds, and we are taking a number of steps to stimulate growth in Bermuda’s asset management industry. This includes efforts to increase the number of asset managers in Bermuda.
“The efficiency and effectiveness with which we deliver solutions to the market is critical to sustaining Bermuda’s reputation as a premier international business centre and encouraging more businesses to establish offices in Bermuda.”
“As of April 30, 2015, there were approximately 800 active funds in Bermuda, and we’re looking to increase that number,” said Dr. Gibbons. “The current Bills, along with other legislative initiatives being advanced by the Ministry of Economic Development, are an important part of our efforts to achieve growth in this area.”
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Money.
The One Bermuda Alliance have some of the most astute businessmen/women on this Island and we can / should feel far-more comfortable with them holding the reins as oppose to the opposition party e.g. Progressive Labour Party. For starters they’re all successful business minded individuals and no-one can prove me wrong…
Ray I wonder what’s the percentage of successful white business men and women to that of black.
Yeah I can think of a few countries with governments run by “successful business minded individuals” and the common people aren’t doing so well there so…quit the kiss up act and make a valid point please. Do you know what an oligarchy is?
Something the PLP tried to put in place ?
Other than Dunkley and Gibbons, name one “astute businessman/woman” in the OBA…
Mr. Bob Richards, Sir John Swan (I’ll stop there for now…)
Hey Stormin Norman, the Oligarchy is looking out for self-interest.
Hate to burst your bubble Raymond but the PLP and Independents are just as good with regards to what you stated.
They just want more for self than for community.
An opinion.
You’ve obviously been living abroad for far too long “mate”…Were you keeping abreast of the financial status of Bermuda prior to the O.B.A. becoming the Government?
Though Terry, I must admit there had been / are a few that were / are equally astute as the present Government leaders.
And I think you are not reading what I said Raymond.
Sit back and think about what I said.
I will not comment further.
Self being the OBA.
Oh come on.
You’d need to name them.
Do not this let you be…making changes pertineny of one singular item…
“STICKS AND STONES” . Talk ! Talk ! Talk !
We are spinning tires .Come on people,be productive for a change.
Debate the real issues such as the legacy and poor example we are leaving to our children.
We want clear and sustainable results to solve ” RUN AWAY”.
Why we are still in recession.
Cost of living.
Parks.
Fuel costs.
Banking costs .
Insurance costs.
Our double dip taxation.
Archaic laws.
Accountability .
Transparency.
Labor Unions.
Crime.
Business practice.
Preventative Health programs.
Productivity
The economy .
Price control.
Basic FOOD on the table costs
Tourism product.
Infrastructure.
Conservation of power.
Sustainability.
diversification.
The NATIONAL Debt.
Civil Debt.
Natural resources.
Import duty.
Education expense.
Poverty .
Waste.
Do you think a Public Lottery would help ?
i wonder if this has anything to do with the TPP(Trans Pacific Partnership)bill that Obama just passed…hmmm?
The TPP Will Make You A Debt Slave
https://www.youtube.com/watch?v=SrTbi-c5QzE
Well stated Ray and so true. Bermuda needs to act and think more like a business in order to grow our economy. There are far more in the OBA who have personally grown their own business than there are in the PLP. This is a fact and the reasons righ now do not matter. If you need assistance in a crisis, do you get an expert or someone learning on the job? Once you have stabilized, then you can teach others.
As they say in the airline safety demo – attach your own breathing mask before helping anyone else, otherwise you both go down.
Hey folk-Making Bermuda more financially appealing–+attracting more foreign $$ benefits ALL Bermudians!!-whatever their political preference or race!Disappointed that even good news for ALL Bermudians is reduced to political+racial attacks here!