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Press release content from Business Wire. The AP news staff was not involved in its creation.

Bermuda Further Enhances Its International Appeal as Incorporated Segregated Accounts Companies Legislation Comes Into Effect

January 21, 2020 GMT

HAMILTON, Bermuda--(BUSINESS WIRE)--Jan 21, 2020--

Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) came into effect on January 15, 2020, providing multiple industries with yet another compelling reason for choosing to domicile their business on island.

The ISAC Act, a stand-alone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000, further enhances Bermuda’s legislative framework by introducing a new and innovative company structure to cater to the needs of existing and prospective businesses.

ISACs enable the creation of corporate group structures to operate multiple businesses or ‘accounts’, each ring-fenced with its own separate legal identity, under one umbrella. As such, each account has the capacity, rights, powers and privileges of a natural person, including the right to enter into contracts with other accounts under the ISAC and with the ISAC itself.

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There are no limits on the number of accounts an ISAC may establish. This structure not only offers greater flexibilities and efficiencies, including the pooling of professional support, but also results in more robust asset and liability protections. For this reason, such structures are attractive to potential investors and have applications in numerous sectors including (re)insurance, investment funds, multinational enterprises, family offices, asset management and securitisation.

Roland Andy Burrows, CEO of the Bermuda Business Development Agency, said: “Bermuda has long been an exceptional place in which to do business thanks to its pro-business culture and gold standard legal and regulatory framework. The ISAC legislation, which came into effect this month, is very welcomed by the market and ensures that Bermuda remains at the forefront of commercial developments and is able to take advantage of future growth opportunities. We thank the Bermuda Government and the private sector for their collaborative efforts in advancing this legislation.”

The Bermuda ISAC regime will be supervised by the Registrar of Companies and the Bermuda Monetary Authority.

The ISAC Act 2019 can be viewed in full here: www.bermudalaws.bm.

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CONNECTING BUSINESS

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200121006123/en/

CONTACT: Nicola Stevens

Director of Communications & PR

nstevens@bda@bm

+1 441 292 7774

KEYWORD: NORTH AMERICA UNITED STATES EUROPE BERMUDA CARIBBEAN FLORIDA

INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES SMALL BUSINESS INSURANCE

SOURCE: Bermuda Business Development Agency

Copyright Business Wire 2020.

PUB: 01/21/2020 05:10 PM/DISC: 01/21/2020 05:10 PM

http://www.businesswire.com/news/home/20200121006123/en