The Senate has passed two amendments to legislation for exempted and overseas partnerships that are designed to enhance Bermuda's international business product and make collective investments schemes accessible to locals.

The Exempted Partnerships Amendment Act 2005 and the Overseas Partnerships Amendment Act 2005 are designed for those with "more sophisticated uses for a Bermuda partnership and will ensure consistency across companies and partnership legislation".

The changes were instigated by a 2003 Bermuda International Business Association report and reflect Government's efforts in the last four years to remove a number of antiquated procedural requirements from the company incorporation process and from other activities required under the Companies Act and other Acts.

One of the key intentions of the amendment is to allow partnerships involved in marketing collective investment schemes to market locally and to provide Bermudians with opportunities to buy into schemes managed by partnerships registered in Bermuda.

Among other things the amendments also set out the responsibilities and entitlements of a resident representative and expand the definition of what business can be undertaken in Bermuda by exempted as well as overseas partnerships. They also remove the requirement for such companies to advertise when they intend to register under the acts, change their name, general partners or the nature of their business.