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Bermuda Rethinking Corporate Registration Process,
by Amanda Banks, Tax-News.com, London
Wednesday, January 07, 2009
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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