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Offices| Aspect | Details |
|---|---|
| Timeline | Register a company in Bermuda in 1 to 2 weeks |
| Fee for Bermuda Company Formation | The fees for Bermuda business registration start from 3399 USD |
| Benefits of Bermuda Company Registration |
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| Types of company formation in Bermuda |
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| Requirements for company formation in Bermuda |
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| Taxation Norms for Company Registration in Bermuda |
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| List of Documents Needed for Company Registration in Bermuda |
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| Procedure for Company Registration in Bermuda |
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| How can we help you with Bermuda company formation? | You can choose Enterslice for Bermuda offshore company formation for the following reasons:
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Experience an effortless registration process with our professional consultants at Enterslice.
Company Registration in Bermuda is an excellent choice for those looking to establish a business overseas. Bermuda is a highly sought-after location due to its tax benefits, advanced infrastructure, and proximity to the US. The process of Company Registration in Bermuda is fast, simple, and affordable, requiring only an annual government fee and a registered agent fee.
The Bermuda Business Development Agency (BDA) supports foreign investment, further enhancing its appeal. With a stable political and economic environment and a skilled labour force, Bermuda is recognized as a world-class commercial centre
Overall, entrepreneurs or businesses may consider Bermuda for their respective company registration in Bermuda because of the following points:
No Capital Gains Tax
100% Foreign Ownership
No Local Directors & Shareholders
Political & Economic Stability
Double Tax Agreements with 40+ Countries
Strong Regulatory Standards against Money Laundering
The list of various types of company formation in Bermuda is as follows:
Limited liability companies (LLCs) must be registered with the Registrar of Companies and are formed under the Limited Liability Company Act 2016. The complexity of operating an LLC depends on the terms outlined in the LLC agreement. LLCs in Bermuda are classified as either local or exempted. It is highly recommended for global business enthusiasts.
Exempted companies in Bermuda are businesses incorporated by non-Bermudians to operate outside Bermuda. These companies are exempt from the Companies Act's requirement that at least 60% of the equity must be owned by Bermudians. It has also gained popularity among the masses for Bermuda company incorporation.
Bermuda limited companies are typically established under the Companies Act 1981 (as amended). Registration with the Registrar of Companies is mandatory. In limited companies, the business finances are kept separate from the personal finances of the shareholders.
In Bermuda, partnerships can be registered under various acts, including the Partnership Act 1902, the Limited Partnership Act 1883, the Exempted Partnerships Act 1992, and the Overseas Partnerships Act 1995. The complexity of operations depends on the partnership agreement. Registration with the Registrar of Companies is mandatory. Partnerships in Bermuda are categorized as either local or exempted.
In general partnerships, partners have unlimited liability and are jointly and severally responsible for the partnership's debts. Local partnerships must have at least 60% Bermudian ownership and register with the Office of the Tax Commissioner and the Department of Social Insurance. Exempted general partnerships, however, must register with the Registrar of Companies.
A sole proprietorship is the simplest form of business structure, involving only one owner who is personally liable for the business's debts. The owner has some accounting responsibilities and must ensure that personal finances are kept separate from business accounts. Additionally, they need to register with the Office of the Tax Commissioner and the Department of Social Insurance.
The list of benefits of Bermuda company registration is as follows:
To register a company in Bermuda, only one director and one shareholder are required, and the same person can hold both roles. Additionally, neither the director nor the shareholder needs to be a resident of Bermuda.
Company incorporated in Bermuda do not need to file reports like financial accounts or annual returns with its government unlike other jurisdictions. Additionally, no requirement of business record to be drafted in Bermuda. It is one of the key benefits of company registration in Bermuda for global entrepreneurs.
There is only one annual filing also commonly known as a Statutory Declaration; this list showcased the authorized share capital. The government uses it to base its annual required government fee.
After Company incorporation in Bermuda, most business corporations are usually exempted from paying taxes on profits, income, capital gains, estate, etc also referred to as Bermuda Exempted Company.
In Bermuda operating a company is affordable as the government only charges an annual government and agent fee. It’s a key benefit for an entrepreneur who wish to register a company in Bermuda.
The Bermuda government also allows 100% foreign ownership, thus encouraging Bermuda offshore company formation among businesses across the globe. It is one of the significant benefits of Bermuda company registration.
The procedure to apply for company registration in Bermuda can be tiresome and complex. Follow these steps with Enterslice to save your effort and time:
Select an appropriate business structure to ensure a smooth and efficient company formation in Bermuda.
For your Bermuda business setup, you will need a local registered office and a company secretary. Additionally, gather the necessary KYC documents, including the names of directors, company resolutions, and identification proof.
In this stage, the applicant company must provide names of directors, Company resolution, proof of identification, and company name reservation. Also, Check the availability of your preferred business name.
Draft the necessary documents, such as the memorandum and articles of association. Meanwhile, the company incorporation in Bermuda can be done remotely, with no need to travel to Bermuda.
After incorporation, open a corporate bank account with a reputable bank to speed up your journey of company registration in Bermuda.
Ensure compliance by preparing financial statements, filing corporate tax returns, and managing bookkeeping for your company registration in Bermuda.
Acquire the necessary licenses and permits for your company formation in Bermuda.
The legal framework for company registration in Bermuda is as follows
The Companies Act 1981
The Limited Liability Company Act 2016
The Bermuda Monetary Authority Act 1969
The list of documents required for company registration in Bermuda is as follows:
Name of the company
Notarised passport copies
Identity proof of prospective managing directors
Identity proof of supervisory directors and proxy holders (if applicable)
Registered address of the company
Article of Association
Memorandum of Association
A description of the company or business plan
The reporting obligations for Bermuda company registration are as follows:
Bermuda has long been an exceptional destination in which to live, work and play. It is also a blue-chip jurisdiction with a deep talent pool of highly motivated and qualified professionals working across multiple industries. Here given below are some of the flourishing business opportunities for company incorporation in Bermuda:
The penalties for non-compliance with NBFC registration guidelines are listed below for your understanding:
The list of requirements for company formation in Bermuda is as follows:
Essentials for Company Registration in Bermuda
Other Essentials for Bermuda Company Formation
Have a look at the taxation norms for Bermuda company formation before starting your business in Bermuda-
As a leading consulting firm in Asia, we have built a robust presence over the past decade, supported by a network of over 10,000 professionals, including Chartered Accountants, Lawyers, Consultants, and Company Secretaries. When considering Company Registration in Bermuda, here are the reasons why we are the preferred choice for entrepreneurs:
Yes, Bermuda is considered a tax haven for entrepreneurs and businesses worldwide. It allows 100% foreign ownership, and, importantly, there is no corporate tax.
Yes, you can register a company in Bermuda with 100% foreign ownership in Bermuda under the category of Bermuda exempted company.
Yes, a foreigner can engage in Company incorporation in Bermuda and enjoy a wide range of tax incentives and funding opportunities to grow and expand its business.
No, there are no audit requirements for Bermuda company registration. Forming a company in Bermuda can be simple and easy with our consultants at Enterslice.
The most common business model used for Bermuda company incorporation is an Exempted Company. It is one of the most preferred forms of business structures for company registration in Bermuda.
The most common types of companies that can be formed in Bermuda are exempted companies, local companies, limited partnerships, etc. International businesses prefer exempted companies to register offshore company Bermuda due to their tax benefits.
The two principles categories for Bermuda company Formation are as follows:
As per the Bermuda Companies Act 1981, a company, trust, or individual who is a Bermudian may obtain a Bermuda business registration (local company). These local companies must be controlled by Bermudians with sixty percent holdings of the shares and Board of Directors.
Exempted companies are those companies that are exempted from the provisions of Bermuda law requiring 60 % of equity to be beneficially owned by the Bermudians. These are overseas companies that have obtained permission from the Bermuda government to run or operate business in Bermuda. It is one of the principal categories for Bermuda offshore company formation
Bermuda offshore company registration obtains a benefit from no corporate tax, no capital gains tax, and no value-added tax (VAT) making it tax flexibility jurisdiction for entrepreneurs and business globally.
No, it is not mandatory to travel overseas for company formation in Bermuda. Foreign businesses can thus obtain company registration in Bermuda from their comfort.
No, the personal information of directors and shareholders is not part of public records in the Bermuda business setup.
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