Businesses will be able to register in Bermuda online more quickly and easily thanks to a new automated e-filing and e-approval system launched by the Bermuda Monetary Authority (BMA).

The new system, which was unveiled by the BMA yesterday, will upgrade the Island's existing process for company incorporations by improving the speed of processing applications, while maintaining the integrity of its application review procedures.

The user-friendly system, which is available 24/7 via an encrypted site, using username and password credentials provided by the Authority, is web-based, making it easy and quick to access by all lawyers and corporate service providers across the country.

Additional features of the system include: electronic submission and approval of applications for incorporation, share issues and transfers; establishment of partnerships; tracking and monitoring of applications submitted by corporate service providers; and electronic approval or rejection of applications.

Matthew Elderfield, CEO of the BMA, said: "The Authority is happy to be able to introduce this enhanced service to the Bermuda market. The efficiencies gained by the system allow Bermuda to continue to be competitive as a company domicile, which benefits the jurisdiction as well as individual firms. Completing this initiative also represents a major milestone for us as outlined in our 2009 Business Plan."

Cyralene Benskin-Murray, assistant director of legal services and enforcement, who led the development and implementation of the e-filing project, said: "The Authority is cognisant of the need to continually enhance our service to the market. The new system is clear, responsive and practical for users, and directly addresses the service challenges experienced with the previous manual process in a number of concrete ways."

Other benefits of the new system include: a reduction in application submission time; a reduction in application errors or oversight due to the system's confirmation function; enhanced speed regarding application review and approval; and enhanced transparency in the application review and approval process.

Finance Minister Paula Cox said: "As technology drives a new level of transparency, multinational corporations as well as operators of large and small businesses are becoming increasingly more savvy, looking beyond policy statements for enhancements in operations, innovations in product development and greater impact for every marketing dollar. With increased visibility and expectations, it's not what you say but what you do that matters.

"This new service that is being launched by our independent regulator, the Bermuda Monetary Authority, is compatible and complementary with work that is being done across Government to promote e-government. In fact, within the Ministry of Finance various initiatives have been launched by Ministry headquarters at home and abroad, the Registrar of Companies as well as the Tax Commissioner, and the Department of Social Insurance."

The Authority developed the new system after extensive consultation with stakeholders, conducting a complete review of the previous process and researching the corporate registration framework of peer jurisdictions beforehand.