Bermuda Company Formation
Worldwide Incorporation Services specializes in Bermuda company registration and opening bank accounts.
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Jurisdictions >> Bermuda Company >> Bermuda Company Registration
Offshore Bermuda. Bermuda Offshore Company Formation
Worldwide Incorporation Services specializes in Bermuda company registration and opening bank accounts.
Bermuda – General Information
Location: North America, group of islands in the North Atlantic Ocean, east of South Carolina (US).
Area: total: 54 sq km, land: 54 sq km, water: 0 sq km.
Natural resources: Limestone, pleasant climate fostering tourism.
Population: 70,864 (July 2017 est.).
Capital: Hamilton.
Time Zone: UTC-4.
Languages: English (official), Portuguese.
Dependency status: Overseas territory of the UK.
Government type: Parliamentary democracy (Parliament); self-governing overseas territory of the UK.
Legal system: English common law.
International organization participation: Caricom (associate), ICC (NGOs), Interpol (subbureau), IOC, ITUC (NGOs), UPU, WCO.
Economy: International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda’s economy, consistently accounting for about 85% of the island’s GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda’s GDP but a much larger share of employment. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita incomes in the world.
Currency: Bermudian dollar (BMD).
Bermuda Offshore Company – Overview
Principal Corporate Legislation
The Companies Act 1981 as amended.
Type of Law
Common.
Language of Legislation and Corporate Documents
English.
Type of Company for International Trade, Investment & Tax Planning
Bermuda Exempted Company.
Bermuda Exepmted Company – Key Facts
Share Capital
Standard authorised share capital is US$12,000. Minimum paid up share capital is US$1.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
A Bermuda offshore company cannot trade within Bermuda. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Agent Required
Each Bermuda Offshore Company must have a Licenced Registered Agent in Bermuda.
Registered Office Required
Each Bermuda Offshore Company must have a Registered Office in Bermuda, provided by a Licenced Registered Agent.
Directors
A Bermuda Company requires a minimum of one director. There must always be sufficient Bermuda resident directors to form a quorum in Bermuda. Non-Bermuda directors may be appointed. Corporate directors are not permitted.
Shareholders
A Bermuda Company requires a minimum of one shareholder.
Publicly Accessible Records
No.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Personal Presence Required
No.
Taxation
Nil.
Double Taxation Treaty Access
None.
Requirements to File Accounts
Yes.
Requirement to File Annual Return
None.
Audit Requirements
Annual.
Currency
Bermudian Dollar (BMD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.
Name of a Company
The words “Limited” or “Ltd” must be part of the name of every Bermuda company.
Time to Incorporate
Two to three weeks.
Cost of Bermuda Exempted Company Formation
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Bermuda Company Formation – Office Addresses
Services related Offshore Bermuda
Worldwide Incorporation Services provides the following services related Offshore Bermuda:
- Bermuda Company Formation
- Registered Office and Agent Services in Bermuda
- New Zealand Company Secretarial Services
- Nominee Shareholder / Nominee Director
- Opening of Bank Accounts
- Full Bermuda Company Administration Services
- Mailing Address in Bermuda
- Trademark Registration
- Yacht Registration
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