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Bermuda consists of a group of over 150 small coral
islands in the North Atlantic Ocean, and is not, as often
believed, part of the Caribbean or West Indies. A series of
bridges connect the main islands which cover a total area of
The population of Bermuda has grown from 37,000 in the
1950’s to approximately 66,000 in 2006, made up primarily of
people of European and African origin.
Bermuda is a dependent territory of the United Kingdom,
with Queen Elizabeth II as Chief of State, who is
represented by a Governor appointed by the British
Government. Bermuda has an elected House of Assembly and an
appointed Upper House (Senate).
Bermuda enjoys one of the highest per capital incomes in
the world. This is due to it having successfully exploited
its location by providing luxury tourist facilities and
Bermudan dollar which has parity against the US dollar.
There are no capital or exchange controls applying to
Common Law based on the English system.
The Companies Act 1981, as amended 2006.
Exempt Companies. All other Companies incorporated in
Bermuda must be at least 60% owned by Bermuda residents.
The formation procedure of a Bermuda Company is complex.
Initially an advertisement has to be placed in a local
newspaper announcing the intention to incorporate. The name
of the proposed company, together with the objects clauses,
has to be disclosed in the advertisement, confirming also
whether the company requires to be exempt or domestic. An
application for consent to incorporate is made to the
Bermuda Monetary Authority; this application should contain
the following information:
A Bermuda Exempt Company may not trade within Bermuda,
and may not own real estate there. A Bermuda Exempt Company
may not undertake the business of banking, insurance,
assurance, reinsurance, fund management, collective
investment schemes, the rendering of investment advice or
any other activity, which may suggest an association with
the banking and insurance industries. All of the
aforementioned activities are prohibited unless licensed.
A company incorporated in Bermuda has all the powers of a
Yes, must be maintained in Bermuda. The statutory books
of the company must be kept at the registered office, and
should be available for public inspection.
Two to Three weeks.
Names that are identical to or similar enough to create
confusion with existing companies, or names that imply royal
or government patronage. Names that in the opinion of the
Registrar are considered undesirable, offensive or obscene.
Can be in any language using the Latin alphabet. If a non-English language
name is used, the Registrar may request a certified English translation to
satisfy him that the name is not restricted.
Bank, building society, savings, loans, trust, insurance, assurance,
reinsurance, fund management, investment fund, fiduciary, broker or their
foreign language equivalents.
Limited or Ltd.
Yes, but very strict secrecy laws prevents the information from becoming
The usual authorised share capital of a Bermuda exempt
company is US$ 12,000; divided in to 12,000 common voting
shares of US$ 1, which is the maximum capital for the
minimum capital duty payable on incorporation and annually
thereafter. The minimum issued capital is US$ 1.
Registered shares, preference shares, redeemable shares
and shares with or without voting rights.
Bermuda currently has no corporate or income tax. Exempt
Bermuda companies receive a certification of tax exemption
and a Government assurance under the Exempt Undertakings Tax
Protection Act 1966, confirming that in the event of Bermuda
introducing a taxation system, exempt companies will be
further exempted tax for a period not later than March 2016.
Bermuda is not a party to any double tax agreements.
The Government fee is based on the assessable capital of
the company. It is payable on incorporation and in January
each year. Where incorporation takes place after 31 st
August only half the fee is payable.
Assessable Capital (US$)
Although there is no statutory requirement to file
accounts, there should be sufficient accounting records to
enable the directors and shareholders to ascertain the
financial position of the company. The accounting records
should be kept at the registered office address. If they are
kept outside Bermuda, copies of all accounting records
should be available for inspection by the directors each
quarter. All Bermuda companies should appoint an auditor,
except where the directors and shareholders have unanimously
agreed not to appoint one.
The minimum number of directors is two, who must be
natural persons. There must always be sufficient Bermuda
resident directors to form a quorum in Bermuda. Non-Bermuda
directors may be appointed. The directors must appoint a
president and vice-president or chairman and deputy chairman
as officers, who must also be a director of the company.
A Bermuda company must appoint a resident company
secretary, who must be a natural person.
The minimum number of shareholders is one.
Information Downloads & Order Forms
Bermuda Fact Sheet
Bermuda Enquiry Form
Bermuda Fact Sheet
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