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Bermuda – Changes to regulatory fees
As of the 18th of August 2024, the Government of Bermuda has implemented a new amendment to the regulatory fees for entities registered in Bermuda.
This change reflects the expansion of the Registrar of Companies’ responsibilities to include Economic Substance filings, Anti-Money Laundering/Anti-Terrorist Financing (AM/ATF) compliance, and maintaining Ultimate Beneficial Ownership (UBO) registers.
For 2024 only, all entities should ensure regulatory fees are paid by the 31st of October 2024.
For 2025 and beyond, deadlines for payments have been set based on entity type.
Regulatory fees for exempted companies, exempted limited liability companies, overseas companies, exempted partnerships, exempted limited partnerships and overseas partnerships will be due alongside the annual fees on or before the 31st of January each year
Regulatory fees for local companies, local limited liability companies and limited partnerships which are not also registered as exempted partnerships will be due alongside the annual fees on or before the 31st of March each year.
Fees can be paid via the Registrar of Companies’ online Catalyst portal.
The risk of non-compliance
Entities that fail to comply and pay the corporate regulatory fee could face:
- Daily Fines: Up to $100/day for late payment of fees by limited partnerships.
- Conviction and Penalties: Entities failing to comply may face conviction and legal penalties
- Additional Charges: Non-willful neglect still results in a $250 penalty plus payment of overdue fees.
- Operational Delays: Delays in filings could affect the entity’s legal standing.
- Reputational Damage: Non-Compliance could harm the entity’s credibility.
