Bermuda Company Formation
Are you interested in company formation in Bermuda? Here’s how you can set up your enterprise.
Bermuda company formation takes approximately one working week and allows for entirely foreign-owned companies known as Bermuda Exempt Companies. All business activities are permitted for those enterprises registered as Bermuda Exempt Companies except for those in banking, insurance, reinsurance, assurance, investment advice and fund management.
You should register the proposed company name with the Registrar of Companies, and the director does not have to be a resident of Bermuda. However, a single company representative, who can be a director, secretary or representative must live in Bermuda.
Corporate ownership is also permitted.
Bermuda requires that the company maintain a local office with a resident secretary and that the share register, minute book and register of directors remain on the island. 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.
While company ownership information remains confidential, you must submit it to the Minister of Finance. Share capital must be declared every January, and is then used to determine the re-registration fee. Upon a unanimous company/director agreement, the company can eliminate the requirement for keeping audited financial statements.
100 per cent foreign ownership
100 per cent exemption from capital gains and estate taxes
100 per cent exemption from income taxes and taxes on dividends