A raft of new bills aimed at encouraging growth and investment was approved in the House of Assembly yesterday.

Finance Minister Paula Cox gave second readings to six pieces of legislation which she said would lift barriers for business and create savings, particularly for partnerships.

The Companies Amendment Act 2009, Stamp Duties Amendment Act 2009, Partnership Amendment Act 2009, Exempted Partnership Amendment Act 2009, Limited Partnership Amendment Act 2009 and Overseas Partnership Amendment Act 2009 were all passed by MPs.

All the partnership acts will provide options for partnerships which say they need flexibility and certainty in structuring their deals.

Introducing the Exempted Partnership Amendment Act, Ms Cox told the House the number of exempted partnerships grew by 11 percent in the first part of this year.

This act will mean some controls over those companies will transfer from the Ministry of Finance to Bermuda Monetary Authority.

Ms Cox said it would also seek to reduce some of the administrative burden on exempted partnerships.

Shadow Finance Minister Bob Richards said he was pleased Bermuda is getting rid of impediments to its competitiveness, especially in the light of the economic crisis.

The Limited Partnership Amendment Act seeks to align the legislative framework needed to register limited partnerships with those already in place to register companies.

Ms Cox noted the demand for exempted and limited partnerships, especially in this economic climate, adding that these reforms will mean less excessively complex regulation and less data collection for firms.

"You want to be up and running as a corporate vehicle as soon as possible," she said. "In business, time is money and it's important to be nimble of feet."

Again, Mr. Richards had no objections to the bill.

Ms Cox explained the purpose of the Partnership Amendment Act as settling an ambiguity in the wording of its previous incarnation. The term "judgment debt" covers all obligations rather than a debt of the partnership, she said.

Mr. Richards said he had already assumed that judgment debt applies to all partners, and had no objections to the amendment.

Ms Cox told the House that the Companies Amendment Act will put Bermuda more closely in line with the Securities and Exchange Commission (SEC) in the US in terms of e-commerce.

From now on, a document posted on a website will be deemed to have been delivered to a person, as long as the company in question has given notice that the document is online and provided instructions on how to access it.

Ms Cox added that shareholders are now able to opt out of receiving hard copies of documents, saving money and helping the environment by cutting down on paper.

The Companies Amendment Act also modifies the requirements for an exempt company's local representation. The amendment means that an exempted company now needs only one director living in Bermuda rather than two.

Ms Cox explained the second aspect of the amendment, which will allow a company rather than an individual to act as a corporate secretary, which she described as a move towards greater regulation and oversight.

Both Mr. Richards and fellow Opposition MP Grant Gibbons said they were pleased with these amendments, adding that they bring Bermuda in line with other competitive jurisdictions.

Ms Cox introduced the Stamp Duties Amendment Act as a measure to clarify that duty relief applied to aircraft as well as ships wishing to register in Bermuda, explaining the ambiguous use of the term "vessels".

She noted that there are 450 aircraft currently registered here, bringing in $13 million in revenue.

Mr. Richards had no objections, adding: "I understand they have to include aircraft in this. The aircraft registry of the Bermuda Government is not just a lucrative business, but one that is growing strongly."