| JURISDICTIONS & FEES |
| Bermuda |
| UTRUST Rating |
**** |
| General |
| Type of Company |
Exempt |
| Political Stability |
Good |
| Standard Authorised Capital |
No |
| Tax on Offshore Profits |
Nil |
| Corporate Requirements |
| Local Registered Office and Registered
Agent Required |
Yes |
| Minimum Number of Directors/Managers |
2 |
| Local Directors Required |
Yes (Min. 2) |
| Corporate Directors Permitted |
No |
| Minimum Number of Shareholders/Members |
1 |
| Local Shareholders Required |
No |
| Corporate Shareholders Permitted |
No |
| Company Secretary Required |
Yes |
| Bearer Shares Allowed |
No |
| Annual Requirements |
| Filing of Annual Return |
Yes |
| Submit Audited Accounts |
No |
| Min. Annual Tax / Licence Fees |
US$1780 |
| Shelf Companies Available |
No |
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GENERAL INFORMATION
INTRODUCTION
Bermuda is a group of about 150 small coral islands
in the North West Atlantic. Its area is 53.3 sq. km.
The population of Bermuda is about 60,000 and is made
up primarily of people of European and African origin.
Bermuda enjoys one of the highest per capita incomes
in the world, though its only natural resource is limestone.
Bermuda successfully exploits its location by providing
luxury tourist facilities and financial services.
Bermuda is the favored location for companies wishing
to list on the stock exchange and is of special interest
to Hong Kong businessmen wishing to establish an offshore
company: the Hong Kong Stock Exchange has approved Bermuda
Exempted Companies for listing purposes. The Islands
have attracted substantial insurance business and, after
London and New York, Bermuda has become the third largest
insurance centre.
There must always be sufficient Bermuda resident Directors
to form a quorum in Bermuda. Directors who are not resident
in Bermuda may be appointed. The directors must appoint
a president and vice-president as officers, who need
not necessarily be directors.
LANGUAGE
The official and spoken language is English
TYPE OF LAW
English Common Law with local modifications.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Exempt Company
TIME TO INCORPORATE
Three Days, but allow fifteen working days for receipt
of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
The following words cannot be used either in English
or any other language: Bank, Building Society, Savings,
Loans, Trust, Insurance, Assurance, Reinsurance, Fund
Management, Investment Fund, Fiduciary and Broker
A company name must end with the suffix Limited or Ltd.
to denote limited liability.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, preference shares,
redeemable shares and shares with or without voting
rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
Yes.
LICENCE FEES
Companies with an authorised capital up to US$12,000
pay US$1780 per year.
Additional incorporation and annual fees would be payable
for companies having a higher share capital.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited
accounts with the authorities, a company is required
to keep financial records, which reflect the financial
position of a company.
Whilst every effort has been made to ensure that
the details contained herein are correct and up-to-date,
it does not constitute legal or other professional advice.
We do not accept any responsibility, legal or otherwise,
for any error or omission.
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