DOING BUSINESS IN BERMUDA IN 2018
For over a decade, Healy Consultants Group PLC has been efficiently and effectively assisting our Clients with i) Bermuda company registration ii) banking solutions iii) workspace rental solutions and iv) tax compliance.
Press the link headings below to read detailed, relevant, up to date information.
Advantages of Bermuda company registration
- If properly structured, a Bermuda Exempt Company (BEC) can house international profits while legally minimising international taxation;
- 100% foreign ownership is permitted for companies that do not conduct any local business. A minimum of one shareholder is required, and corporate shareholders are permitted;
- Unlike many offshore jurisdictions, Bermuda has the positive factor of being an international financial and banking centre with oversight from the UK as a British Overseas Territory, and has one of the world’s highest per capita incomes;
- There is a minimum issued capital requirement of just US$1 when incorporating in Bermuda;
- Healy Consultants can open a corporate bank account to support Bermuda company registration;
- After registering a company in Bermuda, an exempt company is not required to submit annual tax returns or audited financial statements.
Disadvantages of Bermuda company registration
- Bermuda company formation procedures are more complex than many offshore jurisdictions;
- A company with authorised share capital of more than US$12,000 must pay an annual government license fee of US$1,870 prior to registration. This threshold is lower than in other similar territories, with a US$50,000 threshold in the Cayman Islands, or 50,000 shares of any value in the BVIs;
- A Bermuda exempt company must have a local/resident body included into the company structure. This requirement can be achieve by having i) an individual resident director or ii) a resident company secretary or iii) a resident representative. The company secretary and the representative may be an individual or a corporation, usually supplied by a local trust company. Healy Consultants can assist with appointing the relevant resident body;
- In 2009, the Organisation for Economic Cooperation and Development (OECD) grey-listed Bermuda for needing to ‘substantially implement internationally agreed tax standards’. However, Bermuda has substantially improved this situation, implementing strong AML/CFT regulations and signing up to the OECD’s automatic exchange of information protocol, exchanging tax information with a wide range of jurisdictions. As a result, Bermuda is now on the OECD white list;
- A BEC may neither trade nor own real estate within Bermuda. In addition, it is not permitted to engage in banking, insurance, assurance, reinsurance, fund management, collective investment schemes, or giving investment advice unless it has a licence.
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Within 5 hours, one of our senior staff will ring or email you:
- Time to incorporate: Three weeks
- Cost to set up: US$16,980
- Minimum capital: US$1
- Physical office required: No
- Shareholders: 1
- Directors: 2
- Company secretary: Yes
- Resident director: Yes
- Corporate tax rate: 0%
- Corporate tax base: Territorial
- Shelf companies: Unavailable
- Main company type: Exempt company
Useful links for Bermuda
Government and public authority websites:
- Bermuda Tax Authority
- Company Registrar
- Central Bank of Bermuda
- Bermuda Stock Exchange
- Investment Authority
- Chamber of Commerce
- Bermuda airport
- Visiting Bermuda
- Bermuda Statistics Portal
- Bermuda Seaports
- Bermuda Yellow pages
- Bermuda PwC – Budget Highlights 2014
- Bermuda Companies Act 1981
- Bermuda Tax Guide – PKF
- Bermuda Visas – Government of Bermuda
- Bermuda Banking Survey – KPMG
- Opening The Doors To Business – BDA