The Bermuda Monetary Authority has asked for feedback on its proposals to implement an e-filing framework for corporate registrations. After a lengthy internal examination of the process currently in place the Authority underlined areas where attention was needed to make the process more efficient.
The Authority proposes to enhance the existing corporation registration regime through the adoption of an e-filing framework. This enhancement aims, through the leveraging of technology, to reduce the delays attributable to manual checking of paper documents. While the Authority’s current speed of registration is already competitive with other peer jurisdictions, the implementation of e-filing is expected to result in greater efficiency in the processing of incorporation and share transfer applications.
Under this proposal the Authority would retain responsibility for the Corporate Registration Process (CRP) in Bermuda. The Authority is of the view that the current CRP regime protects the reputation of Bermuda and with an e-filing enhancement, can permit even more timely registration of corporate entities.
Within its statement the Authority pointed out that a significant portion of the delay in approval of new corporate entities arises from the manual checking and rejection of applications by Authority staff. Incorrect and incomplete filings made to the Authority by applicants result in a delay in approval as the Authority awaits amended or further information in order to proceed with the applications. The processing of requests for amendments currently accounts for 20% of the work administered by the Authority.
Although the Authority has decided to revise its corporate registration process the Authority did stress that the current system was fulfilling client needs. A recent stakeholder survey conducted by the Authority that over 75% of respondents felt the Authority’s company incorporation and authorization processes were efficient and were meeting client needs. Although feedback on the CRP is mainly positive, Bermuda is eager to improve the system further stressing that improving its efficiency would make Bermuda a more desirable jurisdiction to incorporate in.
The Bermuda Monetary Authority is eager to receive feedback on the issue, and a consultation paper is available on its website.
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