FRIDAY, SEPT. 14: KeyTech Limited is the first company granted relief from the 60-40 rule.
The 60-40 rule required Bermuda companies to be 60 per cent owned by Bermudians, but now foreign investors can be the majority owners of local companies.
Government voted to allow companies relief from the 60-40 rule in July as a way for them get access to more capital so they can be more competitive globally.
KeyTech filed with Bermuda Stock Exchange that as of September 14, 2012 it is no longer subject to the 60-40 rule.
The letter stated: “Further to our letter to you of August 23rd, 2012, enclosing a copy of our notification letter to the Minister of Business Development and Tourism pursuant to Section 113(8) of the Companies Act 1981 (the “Act”) of the same date, please be advised that effective September 14th, 2012, the Company shall be deemed to be “Bermudian” pursuant to Section 113(cd)(i) of the Act.
Further, the Company, as a company to which Section 114(1)(e) of the Act applies, shall thereby no longer be subject to the requirements of Section 118 of the Act.”