Registrar of Companies (Annual Corporate Regulatory Fees) (No. 2) Act 2024

What this bill does

This bill creates new annual "corporate regulatory fees" that companies and partnerships registered in Bermuda must pay to the Registrar of Companies. The fees help cover the cost of expanded oversight duties that international organizations like the EU, OECD, and IMF are requiring Bermuda to perform on these business entities.

If passed (voted YES)

• Local companies and partnerships will pay $150 per year in new regulatory fees
• International/exempted companies and partnerships will pay $500 per year in new regulatory fees
• The Registrar of Companies will have more funding to conduct regulatory oversight and compliance monitoring of Bermuda-registered businesses

If rejected (voted NO)

• No new annual regulatory fees would be imposed on companies and partnerships
• The Registrar of Companies would need to find other funding sources for expanded oversight duties
• Bermuda might struggle to meet international regulatory requirements without adequate resources for business entity supervision

Who it affects

This primarily affects all companies and partnerships registered in Bermuda, from small local businesses to large international corporations using Bermuda as their base of operations. The fees are set to take effect retroactively from February 9, 2024.