On the 1st July 2016 Bermuda introduced legislation to enable the formation of entities very similar to Delaware limited liability companies (LLCs).
On the 9th June 2016 we reported on similar legislation which was published in The Cayman Islands, which has now come into force as of the 8 July 2016.
The Delaware LLC is a highly popular vehicle in the US commercial and corporate world and it would seem that several jurisdictions are now vying to offer a competitive alternative to this. Whilst LLCs are available in a number of jurisdictions their laws are not always recognisable by US counsel, hence The Cayman Islands and now Bermuda’s decision to model their LLCs so closely on the Delaware example in order that these are familiar on a global level and in particular to the US.
If you would like to learn more about the Bermuda LLC and how this will compare to other LLCs currently available please do not hesitate to contact us.