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Overseas Territory: Bermuda
Country: United Kingdom
Other Name: Somers Isles
Time Zone: GMT-3
Dial Code: +1 441
Abbreviations: BM, BMU
Corporation Tax in Bermuda: 0%
Income Tax in Bermuda: 0%. but there is a payroll tax that may be deducted from your pay, max 5,5%
VAT Tax in Bermuda: 0%
Main Characteristics and the basic rules of Company registration in Bermuda
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.
|Bermuda Company Formation (IBC)||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Bermuda Tax Information Exchange Agreements||Yes, TIEAs signed by Bermuda|
|Account Filing Requirements:||Yes, accounting / reporting required|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Bermuda Company Formation||Registration Requirements|
|Classes of Share Available for Bermuda company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Minimum paid up share capital:||US$1|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes, required and must be maintained in Bermuda|
|Registered agent:||Yes, required|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is two. Need always have sufficient Bermudian resident directors, can also appoint non-Bermudian directors. Corporate directors are not allowed.|
|Company Seal:||Not required|
|Your Company language:||English|
|Name of your Company must be ended:||“Limited or Ltd”|
|Documents required for Bermuda company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Bermuda Company Formation (IBC)||Restrictions|
|For Bermuda company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Bermuda Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||There are no public registers exist of company officers (Directors, Shareholders, Secretary)|
|Possibility to use Nominee Shareholders and Nominee Directors for Bermuda Company Formation:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||NO, The names or identities of beneficial owner do not appear in any public records.|
|Meetings of Directors and Shareholders to be held:||You can hold Meetings of Directors and Shareholders of Bermuda Exempt Company anywhere.|
|What is the stability to register Bermuda Company (IBC)||Stable jurisdiction and highly sustained reputation|
|Region:||British Overseas Territory in the North Atlantic Ocean, located off the east coast of North America. Its nearest landmass is Cape Hatteras, North Carolina, United States, about 1,070 km (665 mi) to the west-northwest|
|Political System:||Bermuda is a parliamentary representative democratic dependency. The premier is the head of government, and there is a multi-party system. Bermuda is the oldest self-governing British Overseas Territory and has a great degree of internal autonomy.|
|Governing corporate legislation:||Companies Act 1981|
|Type of Law:||English common law|
|Type of company:||Bermuda Exempt Company.|
|Currency:||Bermudian Dollar (BMD)|
|Language of Legislation and Corporate Documents:||English.|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.