Bermuda Exempt Company Formation
Bermuda Key Points
- Time – 5-7 days to incorporate your company
- Directors – only one director of any nationality, is necessary for your company
- Secretary – a resident company secretary is necessary for a Bermuda exempt company
- Shareholders – only one shareholder of any nationality, is required
- Share Capital – companies limited by shares are no longer required to maintain a minimum share capital
- Tax – there are no taxes on profits, income, dividends or any capital gains tax
- Support – we provide you with full expert assistance throughout every step of the company formation process
Bermuda Exempt Company
Exempted companies are predominantly owned by non-Bermudians and, although incorporated in Bermuda, may carry on business from within Bermuda only in connection with transactions and activities external to Bermuda.
By virtue of the Companies Act 1981 an Exempt Company enjoys substantial advantages, it is not subject to currency controls or capital controls. The most outstanding characteristic of an Exempt Company in Bermuda is that it is free from all forms of taxation.
Bermuda is a highly respected jurisdiction and has earned a reputation as a world class centre of commerce.
Features of the Exempt company:
- Taxation – Bermuda exempted companies are granted as exemption from all forms of taxation in Bermuda until 2016
- Directors – only one director of any nationality, is necessary for your company
- Secretary – a resident company secretary is necessary for a Bermuda exempt company
- Shareholders – A minimum of one shareholder is required, the beneficial ownership of the company must be revealed to the Government at the time of incorporation
- Business Activity – the most common business activity of exempted companies is investment holding
Exempt Company – Requirements of Bermuda Law
- Must have a registered office in Bermuda
- Corporate records and the register of officers and directors must keep at its registered office
- A Bermuda exempted company must have at least one shareholder
- Upon the issue of shares the names and addresses of the shareholders must be entered on the share register
- Share certificates may be denominated in any currency
- Exempted company must pay an annual registration fee
A Bermuda exempted company must have a secretary ordinarily resident in Bermuda.
Annual Reporting
No annual return of shareholders is made although underlying beneficial interests are disclosed to the Government at time of incorporation.
Share Capital
Companies limited by shares are no longer required to maintain a minimum share capital.