ABIC Meets With Registrar of Companies
Bermuda’s evolving corporate governance and compliance landscape took center stage at a recent ABIC members meeting, where Kenneth Joaquin, Registrar of Companies [ROC], and his team provided key updates on economic substance regulations, beneficial ownership frameworks, and legislative developments.
A Government spokesperson said, “The session, attended by 80 representatives from ABIC member companies, facilitated an open dialogue between industry stakeholders and the ROC.
Economic Substance Regime: Stability and Ongoing Oversight
“There was a comprehensive discussion on Bermuda’s economic substance regime, reaffirming the jurisdiction’s strong standing with the OECD Forum on Harmful Tax Practices [FHTP] and the EU Code of Conduct Group. Emphasis was placed on the fact that Bermuda’s compliance efforts remain robust, with enhanced monitoring through desk-based reviews and audits.
Beneficial Ownership Register: June 2025 Implementation
“Bermuda’s beneficial ownership framework was a key focus, with discussions centered on the forthcoming centralized beneficial ownership register, set for implementation in June 2025. The ROC will manage beneficial ownership data to ensure compliance with FATF standards, having regard for the European Union’s Sixth Anti-Money Laundering Directive and the protections to the right to privacy in line with domestic legislation and those enshrined in Article 8 of the European Convention on Human Rights.
Regulatory Oversight and Compliance Developments
“The ROC outlined its expanding role in regulatory oversight, including assuming gatekeeping functions from the Bermuda Monetary Authority [BMA]. Additional discussions covered:
- “Limited modifications to exchange control regulations.
- “Potential harmonization of ownership thresholds across different regulatory frameworks.
- “Engagement with international bodies, including the OECD and EU, on harmful tax practices and beneficial ownership transparency.
- “Bermuda’s compliance with global tax transparency standards remains a priority, with the Global Forum’s peer review group actively assessing the jurisdiction’s adherence to these standards.
Corporate Fees and Economic Substance Reporting
“Concerns about the cost of doing business in Bermuda were discussed, with officials clarifying that while government fees have increased, no further changes are expected unless driven by policy decisions.
“Discussions also touched on the integration of economic substance reporting into annual returns. While some industry members raised concerns about potential duplication in reporting requirements, officials emphasized that external compliance obligations necessitate these measures.
Looking Ahead: Collaboration for a Strong Business Environment
“This meeting reinforced Bermuda’s commitment to regulatory excellence and proactive global engagement. Stakeholders will continue working together to maintain Bermuda’s position as a premier international business jurisdiction.”
Christian Dunleavy, Chairman of ABIC and President & CEO of Aspen Insurance in Bermuda, stated, “We appreciate Mr. Joaquin and his team sharing their insights with our members. The strong attendance reflects the high level of interest in these critical issues—issues we have consistently raised on behalf of ABIC members in our ongoing dialogue with the ROC.
“We maintain regular discussions with the ROC, as well as various government departments, ministries, Ministers, and the Premier, to collaborate, share information, address key questions, and keep our members informed on matters that impact them.
“Our commitment remains steadfast in working alongside the ROC, Government representatives, and all stakeholders to foster a strong business environment for both International Business and the local community—ensuring Bermuda continues to be a leading domicile of choice.”
