Setting up a Bermuda financial services company in 2024

Since 2003, Healy Consultants Group assists multinational Clients set up financial services companies in Bermuda. These include i) financial technology (FinTech) ii) insurance technology (InsurTech) iii) cryptocurrency firms and iv) digital assets businesses.

  • Why set up a financial services company in Bermuda?

    • A Bermuda financial services company is legally exempt from paying tax on income or capital gains.
    • Bermuda has a mature financial sector, with a well-established financial services ecosystem and a ready talent pool for new financial services companies.
    • The island’s financial services sector is well-regulated by the Bermuda Monetary Authority (BMA). It is a stable, secure jurisdiction from which to operate, with clear rules and regulations.
    • Setting up a financial services company in Bermuda is quick. Company incorporation can usually be completed within 28 days. A digital asset business licence, meanwhile, takes less than 28 days to secure.
    • Bermuda is a great location for a FinTech start-up. The Bermudian government has passed legislation targeted at creating an ecosystem for innovation and technology, with an emphasis on blockchain applications.
    • Bermuda is ideal for an InsurTech firm because Bermuda created the captive insurance model and developed the evolution of a best-in-class ILS market.
    • Bermuda is a perfect jurisdiction for cryptocurrency operations. For example, the island has implemented regulations to facilitate fast approvals of initial coin offerings.
    • Unfortunately, the Bermudian FinTech and crypto sector has attracted negative press coverage in 2021, which could dent the island’s long-term reputation for financial services and place companies operating from the country under greater international scrutiny.
  • Types of company and their license requirements

    • A FinTech company utilises software and other technologies to improve and automate the use and delivery of financial services. FinTech licence applications are made to the Bermuda Monetary Authority (BMA).
    • An InsurTech company uses innovative technologies that are designed to maximise savings and efficiency from the contemporary insurance industry model. InsurTech licence applications are made to the BMA.
    • A Bermuda Digital Assets Business (DAB) is licensed by the BMA, which currently offers three different licenses: i) test ii) modified and iii) full. Clients conducting any of the following activities might need a DAB license:
      • Issuing, selling or redeeming virtual coins, cryptocurrencies, or tokens or any other form of digital asset.
      • Operating as a payment service provider business utilising digital assets which includes the provision of services for the transfer of funds.
      • Operating as a digital asset i) exchange or ii) trust services or iii) derivative exchange provider or iv) services vendor.
      • Providing custodial wallet services.
  • Our fees for setting up a Bermuda financial services company

    Our fees for setting up a Bermuda financial services company start from US$18,980. Visit this page for more information on our Bermuda company registration fees.
  • Conclusion

    Let our expert team help you set up a financial services company in Bermuda.

Contact us

For additional information on our company incorporation services in Bermuda, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!
bermuda monetary authority bermuda ministry of finance bermuda-customs bermuda business development agency