10 steps to incorporating in Bermuda
Incorporating a company in Bermuda and opening of its corporate bank account are straightforward processes, which can be completed in seven weeks. Our Client will not have to travel to the country, to complete their business company incorporation. The following is an overview of the typical engagement procedures:
- Before Healy Consultants proceeds with the Bermuda business incorporation, our Firm requests our Client to i) settle the fees payable for the engagement, ii) sign and email us back our engagement letter and iii) provide us with all the due diligence documents from each shareholder, director and beneficial owner of the company;
- Our Incorporation Team provides our Client with a detailed project plan, outlining a step by step description of the incorporation process, thus minimizing unwanted surprises and meeting Client expectations;
- Our Firm then places an advertisement in a Bermuda newspaper announcing the intention to incorporate a company. Thereafter, our Firm applies to the Bermuda Monetary Authority (BMA) for consent to incorporate our Client’s company.
- After receiving BMA’s approval, our team emails the Memorandum and Articles of Association and director and shareholder consent forms, to our Client for his signature in front of notary public and courier return to us. Assuming our Client provides the original signed documents to us in a timely manner, Healy Consultants’ Incorporation Team liaises with the ROC to complete company incorporation in Bermuda;
- On our Client’s behalf, our Bermuda incorporation team then files a register of the new company’s shareholders, directors, and secretaries with the ROC;
- Our Client thereafter supplies our Firm with a lease agreement for their office premises. If our Client needs assistance regarding the same, our Incorporation Team would supply virtual office services for 6 months until our Client finds their suited business address.
- Healy Consultants registers our Client’s company for corporate tax by completing and submitting the Corporate Services Application To Register For Tax with the Ministry of Finance;
- To prevent our Client having to travel to Bermuda for a bank account opening interview our Banking Team will liaise with multiple banks including both local and international banks to secure multicurrency bank account number. Immediately after the bank account opening, our Client is required to deposit the declared share of capital of the company;
- If required, our Team assists our Client to locate business premises in Bermuda and recruit local staff. Alternatively, we can also provide our Clients with virtual office services with a local business address in Bermuda for invoicing purposes, together with telephone, fax, and email support;
- Following registration, Healy Consultants couriers a company kit folder, to our Client’s preferred international address, containing i) original certificate of incorporation ii) a bound copy of Bermuda government approved articles of association iii) original share certificates iv) an original Bermuda government receipt as evidence of payment of annual Bermuda company registration and license fees and v) an engagement feedback survey.