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Economic Substance Update – Guidance Notes and Beyond
At the end of June 2019, the Government of Bermuda issued draft economic substance guidance notes. The aim of the guidance notes is to assist in determining whether entities are in scope of the requirements of the economic substance legislation and regulations, how to satisfy such requirements, and provide guidance as to how the Registrar […]
Economic Substance Update
Bermuda was removed from the European Union (“EU”) list of non-cooperative tax jurisdictions at the 17th May, 2019 meeting of the Economic and Financial Affairs Council (“ECOFIN”). Bermuda’s commitment to implement tax good governance was confirmed in ECOFIN’s official statement, which recognised that Bermuda has “adopted additional amendments to its economic substance regulations on 4 […]
Holding Company Liability in Tort
It is a general basic principle of company law that each company within a group of companies (even those owned and controlled by a parent or intermediate holding company) are separate legal entities. They cannot be lumped together for legal purposes, even if the holding or parent company can exercise complete control over the appointment […]
Bermuda Confident of Removal from EU List
Recently, Bermuda was placed on the European Union’s list of non-cooperative jurisdictions for tax purposes. It is the Bermuda Government’s view that the jurisdiction is compliant with EU’s economic substance requirements by way of the Economic Substance Act 2018 and the Economic Substance Regulations 2018 passed into law last December, with all necessary amendments to […]
MJM’s Dispute Resolution Team Ranked BAND 1 by Chambers Global 2019
MJM Limited is pleased to announce that its Dispute Resolution Team is once more Ranked BAND 1, alongside only one other competitor in Bermuda, in results released today by Chambers & Partners in the Chambers Global 2019 rankings. Chambers reported that MJM Limited is a top-tier well-established Bermudian independent firm, well regarded for its breadth […]
Bermuda’s Economic Substance Requirements
The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018. Background In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to […]
The Law of Meetings
The fundamental principles of the law of meetings are sometimes over-looked in the modern climate of unanimous written shareholder resolutions, comprehensive retrospective ratifications, and the liberal application of the “Duomatic principle”. The decision in East Asia Company Limited -v- PT Satria Tirtatama Energindo in the Bermuda Court of Appeal provides a salutary reminder that the […]
Notable Bermuda Trust Decisions of 2018
In the Matter of the X Trusts [2018] SC (Bda) 56 Civ (12 July 2018) The trustees in this case are private trust companies which have for some years been responsible for managing trusts which control underlying assets worth billions of dollars. The beneficiaries fall into two family camps – the Y and Z branches. […]
Commercial Contract Disputes – “No Oral Modification” Clause
The UK Supreme Court has recently confirmed that contractual provisions which restrict the parties from modifying an agreement orally are binding and enforceable. These provisions are more commonly known as a ‘No Oral Modification Clause’ (“NOM Clause”).
Bermuda Gears Up For On-Island Evaluation
For a number of years, the international financial services sector has contributed the greatest amount to the Bermuda economy. According to the National Economic Report published by the Ministry of Finance, international business provided $1.68 billion in total output or 27.3 per cent of total GDP in 2016. It is critical for Bermuda’s economic well-being […]
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