Registration of companies in Bermuda
from 6925 c.u.
Bermuda is a territory in the Atlantic Ocean, owned by Great Britain and having a special status, currency, as well as the status of an offshore zone with a number of tax and other benefits.
The proximity of the location to the USA, as well as the legislation of the United Kingdom of Great Britain and Northern Ireland makes Bermuda quite an attractive place for the registration of a company today.
In addition, the excellent climate, the local currency, which is equal to the US dollar at par, internal self-government — all this makes it possible to conduct business activities for foreign companies.
The main budget-filling sector of the economy is tourism, however, this does not prevent many related areas from developing and functioning quite successfully in Bermuda.
Features of registering an offshore company in Bermuda
There are quite a few different forms of company registration in Bermuda, but the most common is the so-called Exempt Limited Liability Company form, that is, an Exempt Company.
The business activities of the company are regulated by the Companies Act.
It is important to note that third parties are prohibited from buying ready-made companies.
Features of a classic offshore
E.L.L.C. may conduct any activity within the framework of the law.
Some activities are subject to mandatory licensing, such as:
- insurance services
- banking
- route services
There are also a number of requirements that are put forward directly for the correct process of registering a company:
- Title must be in English
- The legal address shall be in Bermuda, it must be valid
- Minimum authorized capital — 12 000 BD$
- Minimum 1 shareholder, place of residence does not matter
- At least 2 directors, one of whom is a resident of the jurisdiction
- Data on beneficiaries are not disclosed, also information on bank accounts is confidential
What activities are prohibited?
Despite a number of favorable conditions that offshore companies in Bermuda have, there are also some restrictions.
Among them are the following:
- commerce involving residents of Bermuda
- appropriation of immovable assets in Bermuda
- accepting deposits and conducting activities that are contrary to the laws of Bermuda and Great Britain
If you want to learn more about all the pros and cons of running a company in Bermuda, contact our lawyers and get a free consultation.
How long does it take to register a company?
Usually, thanks to the most simplified system of legislation, the registration process usually takes 3-4 business days.
There are situations when the registration process should be as accelerated as possible — in this case, you can register a company even within a few hours. In order to complete this process, it is necessary to submit some information in advance.
Features of taxation
Companies registered in Bermuda are exempt from many taxes, such as: income tax, real estate tax, dividends tax, etc. It should be noted that currency control is also not applicable here.
Business in Bermuda
Business in Bermuda is your window to the world markets and a 100% success! If you are considering Bermuda as an area for company registration, be sure to contact us and we will share with you all the necessary information!
