Corporate Service Provider Business Exemption Order 2015

Summary

This Order, made under the Corporate Service Provider Business Act 2012, exempts certain categories of persons from the requirement to hold a licence to carry on corporate service provider business in Bermuda. The exemption applies to the specific categories of persons listed in the Schedule and may be made subject to conditions imposed by the Bermuda Monetary Authority.

• Fund administration providers: Persons licensed under section 10(1) of the Fund Administration Provider Business Act 2019 providing registrar and transfer services connected to their fund administration business.
• Intra group providers: Companies carrying on corporate service provider business only for members of their own company group (parent undertaking, subsidiaries and affiliates).
• Sole director service companies: Companies whose corporate service provider activities are limited to providing director services, owned by a single shareholder controller who is the sole employee providing those services.
• Insurance managers: Insurance managers who provide corporate service provider business only to licensed insurers, competent authority licensed insurers, or parent companies of insurers licensed under the Insurance Act 1978.

Any specified person whose exemption is subject to conditions imposed by the Authority must file an annual declaration confirming continued qualification for the exemption and compliance with those conditions, on or before 31 March each year, in a form and containing information determined by the Authority.

Key obligations

• A specified person whose exemption is subject to conditions imposed by the Authority must file an annual declaration with the Authority on or before 31 March each year confirming it continues to qualify for exemption and is in compliance with its conditions.
• The declaration must be in the form and contain the information and documents determined by the Authority.

Applies to

corporate service provider businesses, fund administration provider businesses, insurance managers, companies providing intra-group corporate services, sole shareholder director service companies

Deadlines

• on or before 31 March in every year: Deadline for specified persons subject to exemption conditions to file an annual declaration of continuing qualification for exemption with the Authority.

Related documents

• This document commences Corporate Service Provider Business Act 2012