Companies Amendment Act 2024

What this bill does

This bill changes the law to require certain exempted companies in Bermuda to pay two separate fees instead of just one. Previously, these companies only paid one fee, but now they must pay both their regular company fee and an additional corporate regulatory fee.

If passed (voted YES)

• Exempted companies will have to pay more money each year - both their usual company fee and a separate corporate regulatory fee
• Companies that already paid the corporate regulatory fee in 2024 before this law passed will have those payments officially recognized as valid
• The changes will apply retroactively from January 1, 2024, even if the bill passes later in the year

If rejected (voted NO)

• Exempted companies will continue paying only their current fee structure without the additional corporate regulatory fee requirement
• The government will collect less revenue from these companies than intended
• The dual fee payment system for exempted companies will not be implemented

Who it affects

This primarily affects exempted companies operating in Bermuda, which are typically international businesses that use Bermuda as their legal base. These companies will face increased annual costs if the bill becomes law.