Bermuda

BERMUDA COMPANY FORMATION

International Bermuda Exempt Company (BEC) with minimum issued capital of only $1, no corporate tax, without statutory requirements of submitting annual tax returns or audited financial statements. 

General information about Bermuda
  • Total Area: 53.2 Km2
  • Total population: 64,237
  • Time zone: AST (UTC-4) Summer (DST) ADT (UTC-3)
  • Currency: Bermudian Dollar
  • Official Language: English
What we offer
  • Register your Company in Bermuda in 3-4 working days.
  • We provide you with the most competitive price.
  • We maintain complete confidentiality.
  • A dedicated relationship manager will assist you throughout the process.
Incorporation Package Price

Our price for setting up a company is $ 7000

Renewal Fees after one year $ 2990

Incorporation Package includes
  • Professional services for preparation and submission of documents to registrar.
  • Payment of state duty for registration of a company.
  • Acquisition of a registered office.
  • All Corporate Documents.
Basic Requirements for Company Formation
  • 1 Director.
  • 1 Shareholder.
  • Minimum Share Capital: US$1.
  • Appointment of a resident company secretary.
  • Liaising with the local registrar and relevant authorities.
  • Preparation of Company’s Registration Forms.
  • File the documents with the Bermuda Monetary Authority
  • Delivery of documents by FedEx / DHL courier.
  • Physical Office is required.
  • Payment of various Compliance fees.
Documents Required
  • Proof of identity (Current valid Passport, National ID card).
  • Proof of Residential Address of the chosen Shareholders and Directors.
  • Resolution to open a bank account, rent an office, appoint first director/shareholder, engage a Phone, Internet & Website service provider, hire a staff member/s.
  • Resolution issuing a Power of Attorney authorizing to sign documents on behalf of the company.
  • Register of directors/shareholders.
  • M & AA, Certificate of Incorporation, Latest Annual returns and financial statements in case of a Corporate Shareholder.
Additional Services
  • Nominee Shareholder: $ 400
  • Certificate of Incumbency (apostilled): $ 450
  • Certificate of Good Standing (apostilled): $ 550
  • Set of corporate documents apostilled: $ 650
Important information about Bermuda company

The principal statute governing the formation and operation of Bermuda companies is The Companies Act 1981 ("the Act") as from time to time amended. There are 4 types of Company that can be incorporated in Bermuda, each having different constitutional characteristics: A Company Limited by Shares -This is the most common type of company incorporated under Bermuda law, A Company Incorporated with Unlimited Liability, A Company Limited by Guarantee, Limited Duration Companies.  The most popular form of the company in Bermuda used by foreign investors is Bermuda exempted company. An exempted company is one which is exempted from provisions of Bermuda law applying to local companies which, among other things, restricts the portion of share capital which may be owned by non-Bermudians. Thus, exempted companies are predominantly owned by non-Bermudians and, although incorporated in Bermuda, may carry on business from within Bermuda normally only in connection with transactions and activities external to Bermuda. Under Section 129A of the Companies Act 1981 applications may be made to the Minister of Finance for permission to carry out business in Bermuda. 

Company Name

The proposed name of a company can be reserved with the Registrar of Companies, up to three months prior to incorporation. No company may be registered with a name which, in the opinion of the Registrar, is undesirable or which: is identical to or resembles the name by which another company is already registered or incorporated in Bermuda; contains the words "Chamber of Commerce" or suggests the patronage of Her majesty or any member of the Royal Family; contains the word "municipal" or "chartered"; contains the word "co-operative"; contains the words "building society"; contains the word “bank” (section 57 of The Banks and Deposit Companies Act 1999); does not contain the word "Limited" in the case of a company limited by shares; or ends with the word "Limited" where the company is formed with unlimited liability. If at any time after a company has been registered, it appears to the Registrar that a company's name is undesirable the Registrar may notify and direct the company to change its name. 

Corporate Taxation

In Bermuda there is no income or corporation tax, no capital gains tax, no VAT or sales tax, and no withholding tax. Companies and partnerships pay annual fees to the Government depending on their nature and capitalization. An exempt company may apply to the Minister of Finance for a certificate exempting it from future profits taxation, should there be any, for a period ending not later than the 28th March, 2016.

 
Audit and Financial Returns

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.

For any queries/ additional services please send us an email or reach us on Skype at info@offshore-banking.net.

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