Registrar of Companies (Annual Corporate Regulatory Fees) Act 2024

What this bill does

This bill creates new annual fees that different types of businesses registered in Bermuda must pay to the government. The fees range from $150 to $500 per year depending on the type of business entity.

If passed (voted YES)

• All registered companies, partnerships, and limited liability companies in Bermuda will have to pay annual fees to the Registrar of Companies
• Local businesses will pay $150 per year, while exempted and overseas businesses will pay $500 per year
• The Minister can change these fee amounts in the future without needing to pass a new law

If rejected (voted NO)

• Businesses would not have to pay these new annual regulatory fees
• The current system of business registration fees would remain unchanged
• The government would not collect this additional revenue from registered entities

Who it affects

This affects all businesses registered in Bermuda, including local companies, exempted companies (typically international businesses), partnerships, and limited liability companies. Both Bermudian-owned businesses and international companies using Bermuda as their jurisdiction will need to pay these fees.