BERMUDA COMPANY FORMATION

Bermuda Offshore Company Formation

The oldest British Overseas Territory, Bermuda Island is situated at the eastern coastwise of the USA. The tiny island country with a population of approx 70000 has been a preferred vacation destination for ages.  However, it can also be ideal for expansion. Sectors like insurance, tourism, real estate thrive in Bermuda’s economy.

You may think how expanding your venture to Bermuda can be a viable idea- given its small footprint. The reality is the country lacks natural resources like gas and oil and most of the things have to be imported. The economy is thriving, keeping behind the history of recession and public debt. Relocation of several reinsurance companies to Bermuda following Hurricane Katrina and the 9/11 attacks has resulted in its emergence as an international business sector.
You will get plenty of choices when it comes to business expansion in Bermuda. Beyond question, insurance sector is Bermuda’s most successful and thriving industry. The food sector is also potent one from investing perspective. Restaurants and bar businesses tend to do well in this island. Any tourism relayed venture is likely to do well in the island too. While most of the tourists hail from the US states, a significant number of them belong to the EU and other contents too. Tying up with top traveling agencies and cruise ship companies can be ideal for this.

You can also think of doing offbeat businesses in Bermuda. Drinking water is scarce in the island and starting a business of water refilling can be profitable. Getting into cruise boat transport venture is also suitable for this island. Starting a liquor bar is viable since you need not obtain any license from the local administration.

You need to learn about legal norms and limitations of expanding business to Bermuda. As a resident of another country you cannot purchase undeveloped land. Houses can be quite expensive too. You need to get immigration department permit for working in the island country. A standard work permit you can use for 5 years. Despite some apparent limitations, foreign investment in the island stands at US$424 million as per 2011 estimate. You will have to do with only US dollar as no other currency is accepted here.

To ensure your business expansion dreams in Bermuda do not suffer, you should seek expert assistance and consultation. In this regard, no one can help you better than the BRIS Group! Call us to get the details today.