11 steps to register a company in Bermuda in 2024

By requesting Healy Consultants Group to register their Bermuda company, our Clients do not have to travel to Bermuda. Our Firm will complete all incorporation steps on their behalf. Please refer to the section below for further details on the steps to setting up an exempt company in Bermuda.

• Pre-incorporation steps

  1. Consultation phase:
     Prior to commencing the Bermuda business set-up, we discuss i) our Client’s business goals ii) our Client’s requirements for their new entity iii) the optimal structure for the entity iv) fees payable for the engagement v) potential licensing requirements and vi) required amendments to the model articles and memorandum of association. Thereafter, Our Client i) settles Healy Consultants Group’s engagement fee ii) signs and returns our Client Engagement Letter and iii) provides all the due diligence documents required by our Compliance Team.
  2. Planning Phase:
     We supply our Client with a detailed project plan, mapping out weekly deliverables to engagement completion; including i) Bermuda business incorporation; ii) tax assurance certificate registration; iii) corporate bank account opening; and iv) obtaining applicable licenses, thereby increasing transparency as well as setting Client expectations and minimizing disruption to project completion;

• Incorporation steps

  1. Name reservation:
     Thereafter, an online application is submitted to the Bermuda Registrar of Companies by a Bermuda registered agent. Our Clients are requested to provide three preferred names, in order of preference. Name reservations, if granted, expire after three months from the date of reservation.
  2. Registered Agent:
     Our Client must appoint a Registered Agent, who may be a natural person or a body corporate, but the agent must be resident in Bermuda. Healy Consultants includes Registered Agent services in our standard Bermuda incorporation package;
  3. Registered office:
     In accordance with the Bermuda Company Act, our Client is required to file an address with the companies’ registry to which official correspondences can be sent and statutory records can be inspected. The Client may use their own physical space in Bermuda or request Healy Consultants Group to provide a virtual office space; this service is also included in our standard service offering;
  4. Bermuda Monetary Authority approval and Document Submission:
     Healy Consultants Group the initiates approval request from Bermuda Monetary Authority and submits complete incorporation package with Bermuda Registrar of Companies for our client to incorporate an company in Bermuda.
  5. Document Preparation:
     Healy Consultants Group’s in-house country experts prepare thorough application pack including i) company incorporation forms, ii) draft Memorandum of Articles and iii) by-laws of the company. Healy Consultants Group requests our Client’s to review and supply signed scans of the documents.
  6. Incorporation:
     Within 1 week of submission, the business entity will be incorporated. Following Bermuda company registration, our Firm immediately emails our Client with the certificate of incorporation and tax assurance certificate.

• Post-incorporation steps

  1. Bank account opening:
     Once incorporated, the Client can apply for a local or international multi-currency corporate bank account for his business. Our Team helps our Client to prepare a quality business plan for the bank to optimize the probability of corporate bank account approval.
  2. Licensing:
     Government Authorities demand that certain business activities require licenses in Bermuda. We regularly assist our Clients with navigating the Bermuda regulatory environment and obtaining the necessary licenses.
  3. Engagement completion:
     Following the receipt of all necessary approvals and documents, Healy Consultants Group supplies a full company kit to our Client, including original corporate documents, unopened bank correspondences, and lastly a Client feedback survey to make sure that all the Client expectations were met during the entire engagement period.