Overseas companies which do not pay permit fees to the Registrar of Companies in a timely manner will have those permits revoked, announced yesterday.

Speaking in the House of Assembly, Ms Cox promised that other clauses in the Companies Amendment Act 2004 will streamline operations at the Registrar of Companies office.

?Bermuda has taken seriously our opportunities to develop as an innovative but responsible financial centre, and we are the envy of many who wish to emulate our success,? she said in the House of Assembly yesterday.

?We must therefore be diligent and continually monitor changes which take place in other jurisdictions and which we may consider adopting. It is for this reason that the Companies Act is being continually refined and updated.

?There are those who question why the Companies Act 1981 is amended almost on an annual basis. If we wish to remain current and responsive, we must also expect to be continually revising our business legislation.?

Among other details, the amendment calls for overseas companies to pay their fees within 30 days of the registration of a permit. If not, the Registrar will have the power to revoke that permit.

Newly-incorporated companies will also be required to pay the registration fee within one month of filing the memorandum of association with the Registrar, freeing that office from the responsibility of chasing those fees a month later.

A new section was added to the original Act clarifying that companies do have an ongoing obligation to make available the full summarised financial statements to its members on a timely basis.

Shadow Finance Minister Grant Gibbons appreciated the good intentions of the amendments, but voiced his concern that the ?small stuff? is being done while issues of larger concern to the private sector under the Act are not being tackled.