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Bermuda
NEWS
  Ireland and the multinationals on 03/09/2010
  Offshore centres back Hawala deals on 30/08/2010
  South Africa negotiates tax information exchange treaties on 05/08/2010
  House introduces Bill to close foreign tax loopholes on 29/07/2010
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FACT FILE
Location North Atlantic ocean, 774 miles south east of New York.
Time Zone Greenwich Mean Time - 4.
Population 66,183 in 2007.
Capital Hamilton.
Airport St George’s Parish.
Language English.
Currency Bermuda dollars (on par with US$ dollars).
Dialing Code +1 441.
Centre's Expertise Insurance.
Political System Self governing British overseas territory.
Legal System Based on English common law.
Personal Income Tax Bermuda has an average level of taxation on all persons and entities in the form of consumption based tax.
Corporate Income Tax Bermuda has an average level of taxation on all persons and entities in the form of consumption based tax.
Exchange Restrictions None, if designated as a non-resident.
Tax Treaties No double taxation treaties. Tax treaty with the USA and tax information exchange agreements with various nations.
Permitted Currencies Non-Insurance Company: Any, other than Bermuda dollars / Insurance Company: Any, other than Bermuda dollars.
Minimum Authorised Capital Non-Insurance Company: None / Insurance Company: $1 for special purpose insurer. $120,000 for class 1, class 2, class 3, class 3A or class 3B insurer. $250,000 for long-term insurer. $370,000 for class 1, class 2,class 3, class 3A, or class 3B and as a long-term insurer. $1,000,000 for class 4 insurer. $1,250,000 for class 4 and as a long-term insurer.
Minimum Share Issues Non-Insurance Company: One / Insurance Company: One.
Shelf Companies Non-Insurance Company: No / Insurance Company: No.
Incorporation Time Scale Non-Insurance Company: 1–5 working days / Insurance Company: 2–4 weeks.
Incorporation Fees Non-Insurance Company: Starting from $2,500 based on share capital (exclusive of disbursements) / Insurance Company: Starting from $12,000 based on class of (re) insurer.
Annual Fees Non-Insurance Company: Starting from $1,995 based on share capital / Insurance Company: Starting from $4,070 based on share capital ($1,995 for special purpose insurer).
Minimum Number Two.
Residency Requirements No.
Corporate Directors No.
Meetings/Frequency No statutory requirement.
Disclosure Yes.
Bearer Shares No.
Minimum Number One.
Public Share Registry Yes.
Meetings Frequency Yes, annual.
Annual Return Non-Insurance Company:No / Insurance Company:Yes (public document for class 4 insurers).
Audit Requirements Non-Insurance Company: Yes, unless waived. Insurance Company:Yes (statutory accounts must be audited).
Registered Office Yes (insurers must also have a principal office).
Domicile Issues Re-domiciliation permitted.
Company Naming Restrictions Cannot contain the following : ‘chamber of commerce’, ‘municipal’, ‘chartered’, ‘co-operative’,‘building society’.
ARTICLES
Bermuda’s Enhanced International Stature
  Its embrace of the new tax landscape being proposed by the OECD is characteristic of Bermuda's desire to be a player in the international finance and business community. (04/02/2010)
Bermuda: Insurance sector leading the global market
  Janita Burke provides an overview of Bermuda's insurance sector, and reveals that, despite the proliferation of new domiciles, Bermuda remains a market leader. (01/06/2009)
Uniquely positioned: The BSX
  Greg Wojciechowski considers the development of the Bermuda stock exchange. (27/01/2009)
Recent legislative and regulatory changes affecting Bermuda’s funds, insurance and trusts sectors
  Sarah Moule and Zakkiyah Daniels provide a legislative update on the jurisdiction. (07/01/2008)
Bermuda: Recovering re-insurance
  Lynda Milligan-Whyte looks at how collecting liquidated sums from an insurer or reinsurer is easier in Bermuda than most offshore centres. (09/01/2007)
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