Закон страна: Бермуды; язык закона: Английский
Economic Substance Act 2018
Закон об экономическом присутствии на Бермудских островах, 2018
Be it enacted by The Queen’s Most Excellent Majesty, by and with the advice and consent of the Senate and the House of Assembly of Bermuda, and by the authority of the same, as follows:
1. This Act may be cited as the Economic Substance Act 2018.
2. In this Act, unless the context otherwise requires—
- “affiliate” in relation to—
- (a) a company, means an affiliated company as that term is defined in section 2 of the Companies Act 1981;
- (b) a limited liability company, has the meaning given in section 3(3) of the Limited Liability Company Act 2016;
- (c) a partnership, means a general partner of the partnership;
- “company” means a company to which the Companies Act 1981 applies and, for the avoidance of doubt, this includes a permit company and an overseas company;
- “economic substance requirements” has the meaning given in section 3(2);
- “entity” means a registered entity;
- “exempted limited partnership” means a partnership registered under the Exempted Partnerships Act 1992 and the Limited Partnership Act 1883;
- “exempted partnership” means an exempted partnership registered under the Exempted Partnerships Act 1992;
- “high risk IP related activities” has the meaning as shall be prescribed;
- “holding entity” may include a pure equity holding entity;
- “IP” means intellectual property;
- “limited liability company” means a limited liability company formed under the Limited Liability Company Act 2016;
- “limited partnership” means a limited partnership registered under the Limited Partnership Act 1883;
- “local company” has the meaning given in section 2 of the Companies Act 1981;
- “local LLC” has the meaning given in section 2 of the Limited Liability Company 2016;
- “local entity” means a local company or a local LLC;
- “Minister” means the Minister responsible for companies;
- “overseas company” has the meaning given in section 2 of the Companies Act 1981;
- “overseas partnership” means an overseas partnership registered under the Overseas Partnerships Act 1995;
- “partnership” means an exempted partnership, an exempted limited partnership or an overseas partnership that has elected, or elects, to have separate legal personality in accordance with section 4A of the Partnership Act 1902; “permit company” has the meaning given in section 2 of the Companies Act 1981;
- “prescribed” means prescribed by regulations;
- “registered entity” means a company, limited liability company or partnership;
- “Registrar” means the Registrar of Companies appointed under section 3 of the Companies Act 1981;
- “relevant activity” means carrying on as a business any one or more of the following
- (a) banking;
- (b) insurance;
- (c) fund management;
- (d) financing;
- (e) leasing;
- (f) headquarters;
- (g) shipping;
- (h) distribution and service centre;
- (i) intellectual property;
- (j) and holding entity,
- and “relevant activities” shall be construed accordingly;
- “relevant financial period” has such meaning as shall be prescribed.
Economic substance requirements
- (1) Every entity to which this section, by virtue of section 4, applies shall maintain a substantial economic presence in Bermuda, and in that regard shall comply with the economic substance requirements set forth in subsection (2).
- (2) An entity referred to in subsection (1) complies with the economic substance requirements if—
- (a) the entity is managed and directed in Bermuda;
- (b) core income generating activities (as may be prescribed) are undertaken in Bermuda with respect to the relevant activity;
- (c) the entity maintains adequate physical presence in Bermuda;
- (d) there are adequate full time employees in Bermuda with suitable qualifications; and
- (e) there is adequate operating expenditure incurred in Bermuda in relation to the relevant activity.
- (3) An entity complies with subsection (2), if the entity satisfies the economic substance requirements that are set forth in that subsection and as shall be prescribed.
Application of section 3
4. Section 3 applies to an entity that is engaged in a relevant activity.
Filing of minimum required information with Registrar relating to economic substance requirements
- (1) Entities that are subject to the economic substance requirements shall file an economic substance declaration with the Registrar on an annual basis in the prescribed form and on or before the prescribed date.
- (2) The economic substance declaration shall at a minimum include the following information for the relevant financial period—
- (a) whether or not the entity is carrying on a relevant activity, and the type of relevant activity carried on or undertaken by the entity;
- (b) whether the entity is engaging in high risk IP activity;
- (c) whether the entity will outsource the relevant activity and to whom;
- (d) the core income generating activities (as may be prescribed) that are undertaken in Bermuda with respect to the relevant activity;
- (e) the gross income for the relevant financial year;
- (f) the premises in Bermuda;
- (g) the name(s) and physical address(es) of the following—
- (i) where the entity is a company, the director or directors;
- (ii) where the entity is a limited liability company, the manager or managers;
- (iii) where the entity is a partnership, the general partner or general partners,
- who are ordinarily resident in Bermuda;
- (h) the holding entity, the ultimate parent entity,
- (i) the owner or the beneficial owner of the entity;
- (j) the operating expenses and assets for the relevant financial year; the number of full time employees;
- (k) such other information as may reasonably be required by the Registrar.
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