Company registration in Bermuda

The jurisdiction is known for one of the highest per capita income indicators. This is largely due to the fact that Bermuda Islands is offshore, which allows investors to minimize tax costs and receive the desired confidentiality regarding their activities and revenues.

A well-developed economy, excellent infrastructure and loyal corporate legislation contribute to the fact that many foreign entrepreneurs are eager to register their company in this jurisdiction.

The establishing of a company in Bermuda Islands is regulated by The Companies Act, which was adopted in 1981 (with subsequent changes in 2006). Foreign businessmen are also guided by the Law on the taxation of exempt companies and regulatory legal acts on partnership.

Peculiarities of the jurisdiction

The most often legal entities, providing insurance or financial services (for this you need to receive a special license) are registered in this territory. However, the local legislation does not contain restrictions on types of activities, so foreign investors can choose any field.

The most convenient and accessible organizational and legal form of a legal entity is the so-called "exempt company" (E.L.L.C. – Exempt Limited Liability Company). Such a company has the main features of a limited liability company. Its main advantage is a complete exempt of the profit from tax payments.

Key advantages of the procedure for an establishment of a corporation in Bermuda Islands are as follow:

• short time;
• no personal presence of the shareholder is required, the documents can be issued remotely;
• the whole process is clearly regulated and usually does not cause any problems for foreigners;
• there is no requirement for a mandatory contribution of the authorized capital in full - you can actually pay only 1 dollar;
• nominee shareholders and/or directors may be appointed;
• there is no need to place public information about the company in open sources;
• there is no mandatory requirement to provide the annual financial statements of the enterprise;
• there is no currency control.

In addition, in order to ensure maximum confidentiality, the local legislation does not require to disclose any information on the beneficiaries of the corporation. These data should be provided only in exceptional cases by a court decision.

The stages of the procedure

A company registration in Bermuda Islands is carried out quickly enough. On the average, all bureaucratic formalities take about three weeks.

The main stages of the registration process include the following:

• a selection of the company's name and a coordination with the state registrar of legal entities;
• a selection of the legal address of the company;
• a definition of the shareholders' pool (1 or more);
• an appointment of directors (at least two) - they must be local residents;
• a development of a memorandum of association;
• a determination of the authorized capital amount of the company (the minimum amount is 12 thousand Bermuda dollars);
• filing an application for the registration of the legal entity together with the prepared package of documents to the local treasury;
• a payment of stamp duties and state duties.

Together with "Prifinance", the establishment of a company in Bermuda will take place as quickly and comfortably as possible. Qualified employees of our organization will undertake all preparatory procedures and compliance with bureaucratic formalities, as well as a subsequent servicing of an already registered legal entity.