Bermuda
NEWS
FACT FILE
Location North Atlantic ocean, 774 miles south east of New York.
Time Zone Greenwich Mean Time - 4.
Population 64,268 (2010 census).
Capital Hamilton.
Airport LF Wade Internation Airport (St George's Parish).
Language English.
Currency Bermuda dollars (on par with US$ dollars).
Dialing Code +1 441.
Centre's Expertise Financial Services, investment funds, insurance and reinsurance.
Political System Self governing British overseas territory.
Legal System Based on English common law.
Personal Income Tax None for non-residents.
Corporate Income Tax Bermuda has a payroll tax for residents, but no corporate or income tax.
Exchange Restrictions None, if designated as a non-resident. Consent required for certain issues and transfers of securities
Tax Treaties For full details, please go to www.ifcreview.com/TIEA
Permitted Currencies Any such currency as the company thinks expedient.
Minimum Authorised Capital None.
Minimum Share Issues One.
Shelf Companies No.
Incorporation Time Scale One-five working days.
Incorporation Fees Approximately $6,000 based on share capital (exclusive of disbursements) inclusive of incorporation fees and the first year's government, registered agent and secretarial fees.
Annual Fees Starting from $1,995 based on share capital.
Minimum Number One.
Residency Requirements No.
Corporate Directors Yes.
Meetings/Frequency No statutory requirement.
Disclosure Yes, save in the case of mutual fund companies.
Bearer Shares No.
Minimum Number One.
Public Share Registry Registry of shareholders to be kept at company's registered office and available for inspection by the public during business hours.
Meetings Frequency AGM once a year unless this requirement is waived.
Annual Return Yes.
Audit Requirements Yes, unless waived by all the shareholders and all of the directors.
Registered Office Yes.
Domicile Issues Re-domiciliation permitted.
Company Naming Restrictions Yes, cannot contain the following : ‘chamber of commerce’, ‘municipal’, ‘chartered’, ‘co-operative’,‘building society’ must contain: 'limited' or 'ltd' (except for unlimited company).
ARTICLES
In the Chair …Anthony Travers, Travers Thorp Alberga
  The IFC Economic Report invites Anthony Travers to discuss Westminster’s public register demands and asks if existing tensions could result in a push by some of the Overseas Territories to break away from Britain. (01/09/2018)
As the Blockchain Revolution Moves Offshore, What are the Challenges?
  As the Cayman Islands, Bermuda, the BVI and other offshore jurisdictions position themselves as FinTech hubs, there are certain regulatory risks and challenges that each jurisdiction must overcome in this new blockchain era. (01/09/2018)
Offshore: The Leaders, the Trends and the Opportunities
  Dan Wise looks at why certain IFCs prosper. He discusses regulation and investment opportunities, and opines on the implementation of public registers of beneficial ownership in the British Overseas Territories. (01/09/2018)
Q&A with David Lidington, Minister of the Cabinet Office
  The UK’s secure relationship with the British Overseas Territories has been thrown into question following the UK parliament's decision to implement public registers of beneficial ownership. (01/09/2018)
Bermuda’s Reformed Charities Regime
  Read about Bermuda’s new Charities Amendment Act 2018 and find out what steps charity trustees of existing privately funded Bermuda charities will need to follow next. (22/08/2018)
IFCs, ICOs and Blockchain: Time to Pay Attention
  IFCs are, to put it mildly, ‘at odds’ when it comes to cryptocurrencies. (31/07/2018)
By Accident or Design: Bermuda’s Unique Variation Provision
  Much of Bermuda’s current legislation is based on English equivalents. However, from time to time, there are differences between English and Bermuda legislation that create unique opportunities. (01/07/2018)
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FURTHER BACKGROUND INFORMATION
  Bermuda Tax Treaties
  Bermuda currently has 40 agreements in place comprising of 4 Double Tax Treaties and 36 Tax Information Exchange Agreements. - read more...
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