Global Daily Tax News, Bermuda Prohibits Bearer Shares, Nominee Directors, (Dec 9, 2025)

Lawmakers in Bermuda have recently signed off on The Companies (Prohibition of Bearer Shares and Nominee Directors) Amendment Act 2025.

The Act amends the Companies Act 1981 and the Limited Liability Company Act 2016 to require, among other things, that existing bearer shares be converted to registered shares in companies and limited liability companies and to require that exempted companies and exempted LLCs discontinuing to another jurisdiction appoint a local agent to retain the company's and limited liability company's beneficial ownership register and records of account for a minimum of five years.

The Companies Act 1981 is to be further amended to prohibit the appointment of nominee directors and to require additional particulars to be disclosed with respect to alternate directors.