Law firm A&L Goodbody has completed the first investment fund company migration to Ireland from Bermuda, under new legislation which facilitates the effective redomiciliation of investment fund companies from six separate jurisdictions to Ireland.
The new legislation facilitating the redomiciliation came into effect in September and introduces a streamlined procedure for the relocation of fund companies located in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and the Isle of Man.
Investment fund companies established and registered in these jurisdictions may file applications with and seek authorisation from the Companies Registrations Office and the Central Bank of Ireland to continue as a company under the laws of Ireland.
Brian McDermott, head of investment funds at A&L Goodbody, says: “We are delighted to have led the first redomiciliation of an investment company to Ireland under the new legislation. The recent legislative changes are fuelling interest in fund redomiciliation and we are looking forward to completing further migrations from Bermuda and the other five jurisdictions, including those we already have in the pipeline.”
