The Bermuda Monetary Authority on October 6 launched its new automated e-filing
and e-approval system for corporate registrations. In launching the system, Bermuda
seeks to enhance the existing process by improving the speed of processing applications,
while maintaining the integrity of its application review procedures.
The system is web-based and is therefore easy and quick to access by all lawyers
and corporate service providers across the island. Users may securely access
the system via the BMA website 24 hours per day, seven days per week via an
encrypted site, using username and password credentials provided by the Authority.
Additional features of the system include: electronic submission and approval
of applications for incorporation, share issues and transfers; establishment
of partnerships; tracking and monitoring of applications submitted by corporate
service providers; and electronic approval or rejection of applications.
Matthew Elderfield, CEO of the Authority, said, “The Authority is happy
to be able to introduce this enhanced service to the Bermuda market. The efficiencies
gained by the system allow Bermuda to continue to be competitive as a company
domicile, which benefits the jurisdiction as well as individual firms. Completing
this initiative also represents a major milestone for us as outlined in our
2009 Business Plan.”
Cyralene Benskin-Murray, Assistant Director of Legal Services and Enforcement,
who led the development and implementation of the e-filing project, said: “The
Authority is cognisant of the need to continually enhance our service to the
market. The new system is clear, responsive and practical for users, and directly
addresses the service challenges experienced with the previous manual process
in a number of concrete ways.”
Other benefits of the new system include: a reduction in application submission
time; reduction in application errors or oversight due to the system’s
confirmation function; enhanced speed regarding application review and approval;
and enhanced transparency in the application review and approval process.
Bermuda’s Minister of Finance, Paula Cox, added:
“As technology drives a new level of transparency, multinational corporations
as well as operators of large and small businesses are becoming increasingly
more savvy, looking beyond policy statements for enhancements in operations,
innovations in product development and greater impact for every marketing dollar.
With increased visibility and expectations, it’s not what you say but
what you do that matters.”
“More technological aids will help to further maximise benefits and minimise
costs to businesses as well as consumers.”
“The service that is being launched by our independent regulator, the
Bermuda Monetary Authority, is compatible and complementary with work that is
being done across the government to promote e-government.”
“In fact, within the Ministry of Finance various initiatives have been
launched by Ministry Headquarters at home and abroad, the Registrar of Companies
as well as the Tax Commissioner, and the Department of Social Insurance. We
are determined to do our bit to be environmentally savvy, e-literate, and efficient.”
LAWANDTAX-NEWS.COM
