Companies and Limited Liability Company Amendment Act 2024

What this bill does

This bill removes the requirement for companies and limited liability companies to get government permission when they want to lease land for up to 21 years to provide housing or recreational facilities for their employees. It also eliminates the $100 application fee that companies currently pay when seeking this permission.

If passed (voted YES)

• Companies can directly lease residential and recreational properties for their employees without waiting for Ministerial approval, making the process faster and simpler
• Businesses save $100 in government fees for each residential lease application they would have made
• Companies have more flexibility to quickly secure employee housing and facilities through lease agreements up to 21 years

If rejected (voted NO)

• Companies must continue getting the Minister of Finance's permission before leasing land for employee housing or recreation facilities
• The $100 application fee for residential lease consent remains in place
• The current approval process stays unchanged, potentially slowing down companies' ability to provide employee accommodations

Who it affects

This primarily affects local and international companies operating in Bermuda who want to lease properties for their employees' housing or recreational use. Employees of these companies may also benefit from faster access to company-provided accommodations.