Bermuda is to simplify the incorporation procedures for new investment funds to make the jurisdiction more attractive to mutual funds and he...

Bermuda is to simplify the incorporation procedures for new investment funds to make the jurisdiction more attractive to mutual funds and hedge funds and to align with other offshore fund domiciles such as the Cayman Islands and the British Virgin Islands. According to reports in the local press, new funds will no longer need ministerial permission to incorporate in Bermuda and neither will they be required to undergo the full classification process before incorporation. In a separate move the Bermudan government indicated that the collective investment schemes will henceforth be designated as unrestricted companies under the Companies Act.