Minister Gibbons On Partnerships Fees Act 2015
Economic Development Minister Grant Gibbons presented the Partnerships [Fees] Act 2015 today [Dec 16] in the House of Assembly, saying the Bill will amend the Exempted Partnerships Act 1992 and the Government Fees Regulations 1976 by establishing fees which correspond with some of the changes made to the partnership laws earlier this year.
The Minister’s full statement follows below:
Mr. Speaker, I am pleased to present to this Honourable House, the Partnerships [Fees] Act 2015. This Bill will amend the Exempted Partnerships Act 1992 and the Government Fees Regulations 1976 by establishing fees which correspond with some of the changes made to the partnership laws earlier this year.
This Bill will also make adjustments to certain existing fees for various services provided by the Registrar of Companies in relation to exempted partnerships.
Mr. Speaker, Honourable members may recall that a prior legislative reform initiative related to the laws governing partnerships resulted in amendments to the Exempted Partnerships Act 1992; the Limited Partnership Act 1883; the Partnership Act 1902; and Companies Act 1981. As related to the current Bill, those amendments:
- [i] Enabled structural conversions for Bermuda exempted entities through the use of streamlined statutory processes by which exempted partnerships can transition into exempted companies, and vice versa;
- [ii] Enabled Bermuda partnerships to de-register in Bermuda and continue into other jurisdictions;
- [iii] Authorized the continuation of partnerships into Bermuda from other jurisdictions;
- [iv] Authorized newly converted or continuing partnerships to elect separate legal personality; and
- [v] Established a public register for charges against the assets of partnerships.
Mr. Speaker, in order to fully implement these amendments, we must now establish fees to permit the processing and administration of applications or other documents filed in accordance with the amendments.
To this end, the Exempted Partnerships Act 1992 and the Government Fees Regulations 1976 are being amended to establish fees related to the processes for structural conversions. Additional amendments are being made to the 1992 Act to prescribe fees for continuation and de-registration of exempted partnerships, as well as registration and administration of charges against the assets of exempted partnerships.
Mr. Speaker, further to the establishment of new fees, certain existing fees included in the First Schedule to the 1992 Act will be increased by this amending Bill. The adjustments to these fees are based upon the normal bi-annual Government fee review and adjustment process undertaken by the Ministry of Finance, Registrar of Companies and other Government entities as appropriate.
Mr. Speaker, while the majority of changes to existing fees pursuant to this process will be completed during the upcoming budget session, the Government has elected to move forward now with the fee increases in relation to exempted partnerships for purposes of efficiency. As such, fees for the following processes will be adjusted in accordance with this Bill:
- [i] Delivering documents to the Registrar of Companies for registration of an exempted partnership under section 9[1];
- [ii] Preparation by a public officer of copies of any document;
- [iii] Certain searches conducted by a public officer of the records maintained by the Registrar;
- [iv] Certifying and sealing copies of any document or set of documents; and
- [v] Certain inspections of the register.
Mr. Speaker, the proposed fee increases were put forth by the Registrar of Companies following a review of all fees currently being charged for services provided by the agency. From a practical perspective, it is absolutely necessary that Government fees are adjusted to accurately reflect and account for the costs of providing these types of services to the public. Periodic reviews of Government fees must be undertaken to ensure that the appropriate adjustments are being made.
Mr. Speaker, in closing, I would like to thank the Attorney General’s Chambers, Registrar of Companies and the Ministry of Finance for their valuable efforts and support in bringing this Bill to this Honourable House. I would also like to thank the Business Development Unit for their hard work in completing this project.
Thank you, Mr. Speaker.
