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Bermuda Looks To Improve Business Operations

CaribWorldNews, HAMILTON, Bermuda, Fri. July 17, 2009: With U.S. pressure building on countries dependent on tax havens, the British-dependent territory of Bermuda, recently took a better aim at improving the operations of businesses on the island. 

The Bermuda House of Assembly recently passed six bills: The Companies Act Amendment Bill 2009; The Partnership Amendment Bill 2009; The Exempted Partnerships Amendment Bill 2009; The Limited Partnership Amendment Bill 2009; The Overseas Partnerships Amendment Bill 2009; and The Stamp Duties Amendment Bill 2009.

It is anticipated that the bills will receive Senate approval within the next few months as lawmakers and the government seek to increase Bermuda`s competitiveness with other offshore jurisdictions.

The proposals to amend the Companies Act 1981 are designed to bring the Bermuda legislation more in line with the US Securities and Exchange Commission`s e-commerce provisions.