Europe Emirates Group can help you start your business in Bermuda
Bermuda company formation takes approximately one working week, and allows for completely foreign-owned companies known as Bermuda Exempt Companies. All business types are permitted except for banking, insurance, reinsurance, assurance, investment advice and fund management.
The name of the proposed company should be registered with the Registrar of Companies and there is no requirement that the director be resident in Bermuda. However, it is required that a single company representative – director, secretary or representative – live in Bermuda. Corporate ownership is also permitted.
Bermuda requires that the company maintains a local office with a resident secretary, and that the share register, minute book and register of directors are kept onland. A Bermuda Exempt Company cannot do business in Bermuda. It may not employ anyone in Bermuda and may not own an office or any property.
The Bermuda Monetary Authority is responsible for application processing, and requires the name, office location, business declaration and proposed corporation ownership details along with a personal shareholder declaration.
The Registrar will require the Memorandum of Association for the company, with registrants required to disclose financial information including the par value of the shares and share capital. Bearer shares are not acceptable and Bermuda does not allow corporations with shares that have zero par value to register.
Company ownership information remains confidential but must be submitted to the Minister of Finance. There is a requirement to declare share capital, which is used to determine the re-registration fee, which should be done every January. The requirements for keeping audited financial statements can be removed upon unanimous company/director agreement.
- 100 percent foreign ownership
- 100 percent exemption from capital gains and estate taxes
- 100 percent exemption from income taxes and taxes on dividends