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Bermuda

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Registering a company in Bermuda in 2020

Benefits of doing business in this jurisdiction:

  • A developed economy and a stable political situation;
  • A high level of confidentiality;
  • The minimization of taxation;
  • Lack of reporting requirements;
  • The ability to establish a company remotely.

A business registration is from 13900 €

A duration of the company registration in Bermuda is from 14 days

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This jurisdiction is relevant for those, who are looking for the most profitable ways to conduct international business. If you are interested in registering a company in Bermuda or opening a bank account in Bermuda - this material is for you.

Bermuda is located in the northwest Atlantic Ocean, off the coast of North America. Bermuda is one of the overseas non-self-governing territories of Great Britain. The government is in charge of regulating domestic affairs, a foreign policy is at the disposal of the British governor.

Bermuda includes more than 180 islands. About 20 are inhabited. The largest island is Main Island. The national currency is the Bermuda dollar (BMD), equivalent to the American dollar (USD).

Benefits of Bermuda

To set up a company in Bermuda is an excellent solution, which is facilitated by the following advantages:

  • A thriving economy (a tourism, a shipbuilding, pharmaceuticals, an agriculture);
  • A stable political environment;
  • Well-developed financial, insurance and tourism sectors;
  • A strict confidentiality of information;
  • Full exemption from taxation;
  • Lack of requirements for filing annual financial and audit reports;
  • DTA agreements with more than 11 countries;
  • The level of GDP is one of the highest in the world;
  • A high interest in foreign investment.
The main types of Bermuda companies

If you want to register a commercial firm in Bermuda, then you will be presented with the following list of legal forms:

  • an Exempt Company (EC);
  • a Tax Exempt Limited Liability Company (ELLC);
  • a Limited Partnership (LP);
  • an Exempt Partnership (EP);
  • a Foreign Partnership (OP);
  • a Branch (PC);
  • a Trust;
  • a Local Stock Limited Company.

The most popular are an exempt company (EC) and a limited partnership (LP).

Rules for establishing firms in Bermuda

If you intend to open a company in Bermuda, then be sure to pay attention to the following points:
  • The European Union may carry out any business activity prescribed by law. For the provision of financial, insurance and trust services, as well as reinsurance, an appropriate license is required.
  • The EU does not have the right to trade in Bermuda.
  • The company is prohibited from purchasing a property on the islands. Possible a rental, a leasing (on certain conditions), a mortgage agreement.
  • The company is not allowed to accept deposits.
  • To buy a ready-made company in Bermuda is not provided.

List of business registration requirements

To open a company in Bermuda remotely is possible under the following conditions:
  • The name of the company must be made exclusively in English, with the end of Limited or Ltd. It is forbidden to use words, that directly or indirectly indicate a connection with state authorities;
  • The number of directors is at least 2 (exclusively individuals, one of them is a resident);
  • The number of shareholders is at least 1, both a resident and a non-resident;
  • A share capital is 12 thousand BMD or the equivalent in any other hard currency (USD, EUR, GBP, etc.);
  • If you want to register a commercial enterprise in Bermuda, you need a legal address within the islands to which state correspondence will be received. The mailbox is not considered as an alternative to the legal address.
  • Bearer shares are prohibited, but registered shares are issued and bearer bonds are issued.
  • The meeting of shareholders should be held once a year. The venue of the meeting does not matter.
  • Meetings of directors may be held (if necessary) in any other jurisdiction.
Features of taxation

A corporate tax is not applicable in Bermuda. Also, there are no taxes on income, dividends, capital gains and others.

Read also:
How to set up a commercial company in Bermuda?

If you decide to open a firm in Bermuda, then IQ Decision specialists will advise you in detail regarding this jurisdiction, help you to prepare all the necessary documents, and to open a corporate account in Bermuda. The term of a company registration is from several hours to 3 days.

The information posted in the article is current at the time of its publication.

Please, check with our specialists for possible solutions for your business.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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