In those cases, the BMA will evaluate the proposed controllers and senior executives according to the applicable criteria.Ĭertain industries in Canada are subject to Canadian ownership requirements.
Certain acquisitions will also require a change of control application to be made to the BMA (eg, acquisitions of regulated or licensed entities). However, for exchange control purposes, the issue and transfer of any securities in these companies involving non-residents must generally be notified to or receive the prior approval of the Bermuda Monetary Authority (BMA).
There are no restrictions on foreign ownership of exempted companies. international transportation services (by ship or aircraft).A Bermuda company may be eligible for an exemption to the 60/40 rule if its shares are listed on a designated stock exchange (including the Bermuda Stock Exchange) and it engages in business in a prescribed industry – for example: The Companies Act was recently amended with the aim of facilitating direct foreign investment in Bermuda. the desirability of Bermudians retaining control of the economic resources of Bermuda.any advantage or disadvantage that may result from the company carrying on business in Bermuda and.the nature and previous conduct of the company.An application must be made to the Registrar of Companies, which will assess the application (before submitting it to the minister responsible for approving the issue of the licence) according to various criteria, including: Therefore, a foreign entity will need a special licence if it wants to take control of a local limited liability company and carry on business in Bermuda. In addition, restrictions govern the ownership of land by businesses (local or exempted).Ī Bermuda local company must obtain a licence under Section 114B of the Companies Act to be owned and operated in a manner that is not compliant with the 60/40 rule. In local companies, 60% of the total voting rights must be exercisable by Bermudians (60/40 rule). However, this does not affect Bermuda exempted companies which may be owned by non-Bermudians.
Restrictions on foreign ownership of shares in Bermuda local (ie, domestic) companies apply.
However, in certain regulated industries (eg, banking and insurance, energy, broadcasting, telecoms and postal services), a notification to or the authorisation by the relevant regulator may be required. In principle, no general regulations or restrictions apply to foreign investments. What provisions and/or restrictions are there for foreign ownership? Belgium Van Bael & Bellisīelgium’s open economy usually welcomes investors and is typically considered to be one of the most flexible countries for foreign investment in Europe.
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