HAMILTON, Bermuda– (BUSINESS WIRE) – De Incorporated Segregated Accounts Companies Act 2019 (ISAC-wet) van Bermuda is op 15 januari 2020 in werking getreden en biedt meerdere sectoren met nog een andere dwingende reden om hun bedrijf op het eiland te vestigen.

De ISAC Act, een op zichzelf staand stuk wetgeving en een bijbehorend statuut bij de Segregated Accounts Companies Act 2000, verbetert het wetgevingskader van Bermuda verder door een nieuwe en innovatieve bedrijfsstructuur te introduceren om tegemoet te komen aan de behoeften van bestaande en potentiële bedrijven.

ISAC’s maken het mogelijk om bedrijfsgroepstructuren te creëren om meerdere bedrijven of ‘accounts’ te exploiteren, elk met een eigen juridische identiteit, onder één paraplu. Als zodanig heeft elke account de capaciteit, rechten, bevoegdheden en privileges van een natuurlijke persoon, inclusief het recht om contracten aan te gaan met andere accounts onder de ISAC en met de ISAC zelf.

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

HAMILTON, Bermuda–(BUSINESS WIRE)– 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.

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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