Declarations - Online Portal Now Live
The Registrar of Companies (“ROC”) has launched its Economic Substance Declaration (“ESD”) portal and it is now live for individuals and organisations to register and ESD submissions under the Economic Substance Act 2018 are now being accepted. As a reminder, the filing deadline for entities with a year end of 31 December 2019, is 30 June 2020.
The portal is located at www.registrarofcompanies.gov.bm and the ROC has provided a list of FAQs.
In addition, the ROC has issued draft sector specific guidance notes which we have attached below and should be read alongside the General Principles Guidance Notes which were issued on 24 December 2019. Please note that as these guidance notes are still in draft, and are subject to change.
Economic Substance Declarations: How we can help
We can assist you with the preparation and filing of relevant material, including tax evidence and the ESD annual returns for your entities, by undertaking the following approach and related responsibilities:
- Analyze, challenge and comment on documents prepared by you which will include a consideration of the completeness of the documentation, where applicable.
- Preparing the ESD annual return by entering the information provided by your Management into the Portal.
- Conduct a pre-submission review to highlight any omissions or additional information requirements.
- Provide summary conclusions to your Board.
- Assist in the facilitation of Management’s review and approval of filings including Management approval prior to the filing being made.*
- Upon final approval by Management, we can file the relevant documentation on your behalf.*
(*Only relevant for non-SEC restricted entities).
You may learn more here in our PwC Economic Substance Declarations - Are you prepared? guide. Please reach out to us should you have any questions on economic substance requirements or would like to discuss further.