Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BMA's decision, including banking and payment rails.
Get an investment license in Bermuda.
The island regime with a published expectation: the BMA licence under the Investment Business Act 2003, rebuilt by the 2022 amendment in force from 27 July 2022, or the Class B registration for firms serving high-net-worth and sophisticated clients or no more than twenty clients at a time - no capital requirement, USD 2,840 to register, USD 850 a year. Licensees pay USD 2,710 per activity, and a complete application should not, in the BMA's own words, remain outstanding beyond three months. Corporate tax is 0% unless your group clears EUR 750 million. 52 licensees and 55 Class B registrants at the end of 2024 say the door is used.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Bermuda in brief
A licence, a registration and a regulator that names its timetable.
Bermuda licenses investment business under the Investment Business Act 2003 (2003:20), and the framework you meet today is the one the 2022 amendment (2022:13) built from 27 July 2022, tidied by 2024:2 from 29 July 2024. Section 17 gives two licences: the standard licence for any or all of the First Schedule activities - dealing, arranging, managing, advising, safeguarding and administering, promoting to the public - and the test licence for a period the Authority sets. Beside them sit two registrations: Class A under s. 13A for a Bermuda-formed firm already regulated by an IOSCO member with no place of business on the island, and Class B under s. 13B and the 2022 Order (BR 87/2022) for firms dealing exclusively with high-income, high-net-worth or sophisticated private investors, funds, bodies holding USD 5,000,000 of assets, or no more than twenty persons at a time. Class B carries no capital requirement.
The BMA sets its own pace in writing: an accurate and complete application should not remain outstanding beyond three months, and in cases appreciably less (guidance para. 45). The Act has no clock, only the 90-day controller-objection period of s. 28(1)(b). Fees are on the 2025 schedule: USD 2,840 to apply or register, USD 2,710 a year per activity, USD 6,780 for several activities without client assets, USD 13,560 with them, USD 850 for a registered person. Capital sits in the Prudential Standards Rules 2022; the BMA's 2021 draft proposed USD 100,000 as agent, USD 250,000 as principal and USD 12,000 for neither, with a USD 250,000 net-asset floor where additional capital at 8% of risk-weighted assets is required - the final figure confirmed for your file. Client money goes to an approved bank on trust (Regulations 2004, regs 7 and 12). At the end of 2024 the register held 52 licensees, 55 Class B and one Class A registrant.
The BMA licence under the Investment Business Act 2003 (s. 17) or the Class B registration (s. 13B) for sophisticated clients or twenty persons - no capital floor, USD 2,840 to register, USD 850 a year. Licensees pay USD 2,710 per activity; the BMA expects a decision within three months.
0% corporate tax outside the EUR 750 million groups (15% from 2025), no VAT, no dividend withholding. 52 licensees and 55 Class B registrants at end-2024. Built end to end from Hamilton.
The two builds
The BMA licence - or the Class B registration.
One Act, two instruments: the standard licence for a supervised investment provider open to any client, the Class B registration for a firm that serves only sophisticated money or a book of twenty. We fix the client base first, then build once.
The supervised licence - or the Class B registration.
01 - STANDARD LICENCE
The supervised provider
Any or all investment activities under s. 17 - dealing, arranging, managing, advising, safeguarding - from a principal place of business in Bermuda, capital and liquidity under the 2022 Prudential Rules, USD 2,840 to apply and USD 2,710 a year per activity.
Any or all investment activities under s. 17 - dealing, arranging, managing, advising, safeguarding - from a principal place of business in Bermuda, capital and liquidity under the 2022 Prudential Rules, USD 2,840 to apply and USD 2,710 a year per activity.
- ✓Any First Schedule activity
- ✓Principal place of business in Bermuda
- ✓USD 2,840 application fee
- ✓USD 2,710 per activity a year
- ✓Client money on trust - Regs 2004
- ✓≤ 3 months BMA expectation
02 - CLASS B REGISTRATION
No capital requirement · USD 850 a yearThe sophisticated-client registration
Section 13B and BR 87/2022: investment business only with high-income, high-net-worth or sophisticated private investors, funds, USD 5,000,000 bodies, or no more than twenty persons at a time without soliciting the public - registered, not licensed, USD 2,840 to register.
Sophisticated clients only, or twenty persons at most - registered under s. 13B with no capital requirement, USD 2,840 to register and USD 850 a year.
- ✓s. 13B + Order 2022
- ✓HNW: net worth over USD 1,000,000
- ✓Income over USD 200,000 two years running
- ✓Or no more than twenty clients
- ✓No capital requirement
- ✓USD 2,840 · USD 850 annual
Fees per the BMA's 2025 schedule; the 2026 schedule is issued and we confirm it at filing. Capital under the Prudential Standards Rules 2022 is itemised in your quote from the final Rules, not the draft.
Why Bermuda
Speed you can quote, tax you can explain.
Bermuda sells a regulator that names its timetable, a registration for sophisticated money and a tax system with one exception.
✓
A published expectation
Not in excess of three months for a complete file, often appreciably less (guidance para. 45) - a regulator that writes its timetable down.Written in guidance.
✓
The Class B door
No capital requirement, USD 850 a year, 55 firms registered by the end of 2024 - the route for family offices, HNW desks and small books.No capital, USD 850.
✓
0% with one exception
No corporate income tax, no VAT, no dividend withholding for firms outside the EUR 750 million groups taxed at 15% since 1 January 2025.One €750m exception.
✓
Fees to the dollar
USD 2,840 to apply, USD 2,710 per activity, USD 6,780 multi-activity, USD 13,560 with client assets - the 2025 schedule, no estimates.To the dollar.
✓
The fund stack
Authorised funds must appoint an investment manager (IFA s. 14(1)); 24 fund administration licensees and the Bermuda Stock Exchange sit on the island.IFA managers, BSX.
✓
Substance is statute
Licensees keep their principal place of business in Bermuda, and fund management is a relevant activity under the Economic Substance Regulations 2018 - people, premises, expenditure. Not a brass plate.Statute, not brochure.
How it compares
How Bermuda differs from other routes.
The honest comparison: a three-month expectation and 0% tax - against Crown Dependency regimes with lower capital and their own fast tracks.
Bermuda vs other jurisdictions
| Feature |  Bermuda | Other jurisdictions |
|---|---|---|
| Regime | Investment Business Act 2003 - BMA | POI Law, FS(J)L, FSA 2008 |
| Capital | USD 100k-250k proposed · Class B none | £10k-£25k paid-up or net assets |
| Scope | No passport · Class A inbound | No passport - single jurisdiction |
| Timeline | ≤ 3 months BMA guidance | ≈ 6 weeks Jersey · 3 months IoM |
Regime
BermudaInvestment Business Act 2003 - BMA
Other jurisdictionsPOI Law, FS(J)L, FSA 2008
Capital
BermudaUSD 100k-250k proposed · Class B none
Other jurisdictions£10k-£25k paid-up or net assets
Scope
BermudaNo passport · Class A inbound
Other jurisdictionsNo passport - single jurisdiction
Timeline
Bermuda≤ 3 months BMA guidance
Other jurisdictions≈ 6 weeks Jersey · 3 months IoM
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Bermuda | BMA licence - IBA 2003 | 0% · 15% MNE groups | Principal place of business, USD 2,840 to apply |
 Jersey | JFSC registration A-D | 0% · 10% financial services | £25k paid-up, four eyes |
 Guernsey | GFSC POI licence | 0% · 10% intermediate | £25k net assets, two resident directors |
 Isle of Man | IOMFSA Class 2 licence | 0% · 10% banking | Two resident directors, £4,283 to apply |
BermudaLicense typeBMA licence - IBA 2003
Taxation0% · 15% MNE groups
RequirementsPrincipal place of business, USD 2,840 to apply
JerseyLicense typeJFSC registration A-D
Taxation0% · 10% financial services
Requirements£25k paid-up, four eyes
GuernseyLicense typeGFSC POI licence
Taxation0% · 10% intermediate
Requirements£25k net assets, two resident directors
Isle of ManLicense typeIOMFSA Class 2 licence
Taxation0% · 10% banking
RequirementsTwo resident directors, £4,283 to apply
Before you apply
Requirements for the Bermuda licence.Requirements for the licence.
The BMA licenses a supervised operation on the island and says what a complete file contains (guidance paras 36-42). The checklist below is what a passing application holds.
01
Bermuda entity with its principal place of business on the island - guidance para. 17; a Class A registrant needs only a Bermuda senior representative.
02
Activity set - the First Schedule activities the licence will list: dealing, arranging, managing, advising, safeguarding and administering, promoting to the public.
03
Capital and net assets - the Prudential Standards Rules 2022 (draft: USD 100,000 as agent, USD 250,000 as principal, USD 12,000 for neither) and a USD 250,000 net-asset floor where additional capital at 8% of risk-weighted assets applies.
04
Liquidity - liquid assets of one month of annual expenditure for a firm that is neither agent nor principal, three months for one that is, per the draft Rules.
05
Controllers and officers fit and proper - Second Schedule para. 1, with controller changes notified 90 days ahead (s. 28(1)(b)) and officer changes within 14 days.
06
Business plan and policies - the application form, business plan, policies and personal and institutional questionnaires of guidance paras 36-42.
07
Client money - paid into a client bank account at an approved bank and held on trust (Client Money Regulations 2004, regs 7(1), 7(2) and 12(1)).
08
Adequate insurance - Second Schedule para. 5(8), placed before the licence issues.
09
AML/ATF programme - documented procedures and a named reporting officer (guidance paras 36-42).
10
Reporting and substance - annual returns and a certificate of compliance four months after year-end, quarterly reports within 21 days, and the Economic Substance test for fund management (Regulations 2018, regs 3 and 9).
01
Principal place of business.
02
Activity set fixed.
03
Capital per 2022 Rules.
04
Liquidity 1-3 months' costs.
05
Controllers fit and proper.
06
Plan and policies filed.
07
Client money on trust.
08
Adequate insurance.
09
AML/ATF + reporting officer.
10
Returns and substance.
Reflects the Investment Business Act 2003 as amended by 2022:13 and 2024:2, and BMA guidance as of 2026.IBA 2003 (2022:13, 2024:2) + BMA guidance, 2026.
How it works
From first call to the BMA register.
01
Route
Standard licence, Class B registration or test licence - fixed in writing against the client base.Fixed in writing.
02
Company and substance
Bermuda entity, principal place of business, controllers and officers vetted fit and proper.Vetted, housed.
03
The application
Form, plan, policies, questionnaires, AML/ATF - USD 2,840 paid, complete at submission.USD 2,840 paid.
04
BMA review
Queries answered on schedule inside the Authority's three-month expectation.Inside three months.
05
Licence and launch
Register entry, client accounts at an approved bank, annual fees on the calendar.Fees on calendar.
Quick facts
RegulatorBMA
ActInvestment Business Act 2003
Application feeUSD 2,840
Annual feeUSD 2,710 per activity
Multi / client assetsUSD 6,780 / 13,560
Class B annualUSD 850
BMA expectation≤ 3 months
Corporate tax0% · 15% MNE
The 2022 Rules set capital and we quote them from the final text; the draft figures on this page are labelled as such because the alternative is pretending.
On the ground in Bermuda
Run from our Hamilton office.
Prifinance - Bermuda
Hamilton · Bermuda
Hamilton, Bermuda
01
Route and client base
Licence, Class B or test licence - the client map decided honestly before anything is drafted.Client base first.
02
The BMA file
Application form, business plan, policies, questionnaires and AML/ATF procedures (paras 36-42) - complete at filing, answered through review.Complete at filing.
03
Substance on the island
Principal place of business, officers, reporting officer and the economic-substance footprint a fund manager needs.Real, on the island.
04
Banking and launch
Approved-bank client accounts, custody and the annual-fee calendar sequenced with the licence.Approved-bank accounts.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Bermuda.
No corporate income tax for firms outside the EUR 750 million groups - and a payroll tax the plan must carry.
0% corporate income tax
Outside the multinational scope there is no corporate income tax on a Bermuda investment provider's profit.Outside MNE scope.
15% for EUR 750m groups
The Corporate Income Tax Act 2023 taxes Bermuda constituent entities of groups above EUR 750 million at 15% from 1 January 2025 (s. 4(2)(a)).€750m groups, 2025.
No VAT
No value-added or sales tax on fees - the mandate economics stay whole.Fees whole.
No dividend withholding
Distributions leave without Bermuda withholding for out-of-scope companies.Clean above.
Payroll tax instead
Bermuda funds itself through payroll tax; a staffed licensee budgets for it, and the economic-substance headcount makes it real.Budget for staff.
BMA fees are the levy
No financial-sector levy found beyond the schedule: USD 2,710 per activity, USD 850 for registrants - known to the dollar.The only levy.
Tax summary
Corporate income tax0% · 15% MNE ≥ €750m
VATNone
Dividend withholdingNone
Payroll taxApplies to staff
Annual BMA feeUSD 2,710 per activity
*Figures as of 2026 per Bermuda law and the BMA fee schedule. Group scope under the CIT Act is tested per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Bermuda company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
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Bermuda · BMA
Launch your investment firm in Bermuda with expert support.
Full-service assistance - from the licence-or-registration decision to the BMA file, island substance, banking and annual reporting - run through our Hamilton office.
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Is Bermuda the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Bermuda investment licence, answered.
What licence does an investment firm need in Bermuda?+
A licence under s. 17 of the Investment Business Act 2003 - standard or test - or, for firms serving only sophisticated clients or no more than twenty persons, a Class B registration under s. 13B. Class A registration covers Bermuda-formed firms regulated by an IOSCO member with no office on the island.
What capital is required?+
It sits in the Prudential Standards Rules 2022; the BMA's 2021 draft proposed USD 100,000 as agent, USD 250,000 as principal, USD 12,000 for neither, with a USD 250,000 net-asset floor where additional capital at 8% of risk-weighted assets applies - the final figure is confirmed for your file. Class B: none.
What are the fees?+
Per the 2025 schedule: USD 2,840 to apply or register; annually USD 2,710 per standard activity, USD 6,780 for several activities without client assets, USD 13,560 with client assets, USD 850 for a Class A or B registrant. The 2026 schedule is confirmed at filing.
How long does licensing take?+
The Act has no clock. The BMA states that a complete and accurate application should not remain outstanding beyond three months, and often appreciably less (guidance para. 45) - the file's completeness earns that window.
Who qualifies for Class B?+
Firms whose clients are all high-income (over USD 200,000 in each of two years, USD 300,000 jointly), high-net-worth (over USD 1,000,000 excluding the residence) or sophisticated investors, funds, bodies with USD 5,000,000 of assets, or no more than twenty persons at a time - without soliciting the public.
What substance does the BMA expect?+
A principal place of business in Bermuda, fit-and-proper controllers and officers, a reporting officer, insurance, quarterly reports within 21 days and annual returns four months after year-end. Fund managers add the Economic Substance test: managed and directed in Bermuda with adequate people, premises and expenditure.
How are Bermuda investment firms taxed?+
No corporate income tax, VAT or dividend withholding for companies outside the multinational scope; groups above EUR 750 million pay 15% under the Corporate Income Tax Act 2023 from 1 January 2025. Payroll tax applies to staff.
Is there an investor compensation scheme?+
The Investment Business Act sets up none for investment business. Client money is protected structurally instead: paid into a client bank account at an approved bank and held on trust under the Client Money Regulations 2004 (regs 7 and 12).
Bermuda or Jersey for a new firm?+
Bermuda buys a three-month expectation, 0% tax and a registration with no capital floor; Jersey buys a six-week indicative timetable, £25,000 paid-up capital, a deeper fund-services bench and a 10% rate. The client base and the group's tax map decide - we model both.
Why Prifinance for Bermuda?+
A Hamilton office for the BMA file, the licence-versus-Class B question answered in writing first, capital quoted from the final Rules rather than a draft, and banking, substance and the annual-fee calendar run alongside the application.
What licence?+
s. 17 licence or Class B.
Capital?+
Rules 2022 - draft figures.
Fees?+
USD 2,840 + 2,710/yr.
How long?+
≤ 3 months guidance.
Class B?+
HNW or twenty clients.
Substance?+
Island office, people.
Taxes?+
0% · 15% MNE.
Compensation?+
None in the Act - trust instead.
Or Jersey?+
Tax vs bench.
Why you?+
Hamilton, final Rules.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bermuda Monetary Authority or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.