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Advantages and Exempted Company Registration Explained

Bermuda, a well-known international financial centre, is known for its developed financial industry and offshore company registration policies, which attract global businesses. The region provides a favourable tax environment as well as a stable political and legal framework, making it an attractive location for businesses seeking tax planning and international expansion. Bermuda’s offshore company structure accommodates a wide range of businesses, including funds, insurance companies, and other financial services organizations.

To maintain its credibility as a financial center, the Bermuda government is committed to ensuring financial system transparency and compliance, as well as strict regulatory measures to prevent money laundering and other illegal financial activities. Bermuda’s unique geographic location and specialized financial services make it a vital link between the North American and European economies. As the global economic landscape has changed, the Bermuda Government has continued to adapt its strategies to maintain its international competitiveness.

 

Bermuda Exempted Company Registration for Foreigners

In Bermuda, there are two types of company registration: local and exempted companies. Exempted companies are also referred to as offshore companies, tax-exempt companies, or International Business Companies (IBC). Local companies are primarily owned by Bermuda residents and focus on running local businesses, whereas offshore companies are typically held by foreign nationals and operate outside of Bermuda. It is important to note that Bermuda does not allow the purchase of shell companies and a new company must be registered to take advantage of its asset protection benefits.

Types of company registrations include limited companies, partnerships and limited liability companies and can usually be completed within one day. In terms of taxation, Bermuda companies enjoy significant advantages, such as tax exemptions on profits, income, dividends, and capital gains, which are taxable to local resident shareholders. In addition, company profits can be accumulated without the need for dividends distribution. Bermuda also offers the legal protection of a tax-exempt company.

 

Registering Your Business in Bermuda

Registering a company in Bermuda requires a visit to the local Registrar of Companies (ROC).

Choosing a Company Type

The first step in registering a company in Bermuda is to select the type of company to be registered.

Select a Company Name

Before registering your company, you will need to choose a suitable name.

Prepare Required Documents

Next, you need to prepare the necessary documents for company registration. The main documents include:

• Memorandum of Association (for LLPs, S.A.’s and LLCs)
• Company registration application form (for all types)

Identification of Company Directors and Shareholders

The Bermuda Companies Incorporation Act requires a company to have at least one director or one representative (for branches of foreign companies). The director or representative must be at least 18 years of age. Shareholders can be individuals or corporate entities.

Capital Requirements

There are no minimum capital requirements for registered companies in Bermuda.

Incorporation

Once the paperwork is in order, you can file an application with the Bermuda Registrar of Companies.

Tax Registration

Upon completion of your company registration, you must register your company with the Bermuda Revenue Commissioners for tax purposes.

Obtaining the Necessary Permits and Licences

Depending on your business activities, you may need to obtain additional permits or licences. Please check with the appropriate authorities and industry regulators for specific requirements.

 

The Importance of Choosing a Bermuda Exempted Company Registration with a Professional Accounting Team

To summarize, many multinational corporations register their offshore companies locally in Bermuda due to tax considerations. As a result, Bermuda has become one of the most popular locations for business incorporation. However, because most businesses do not settle locally, after registering a Bermuda company, you will also require a team of professionals to assist you with your Bermuda company’s tax or accounting needs. If you are interested, please contact 3E Accounting, as their professional team has the necessary experience to advise you on this.