Fact File

Fact File Supplied By:

Cox Hallett Wilkinson Limited.

Location

North Atlantic ocean, 774 miles south east of New York. There are daily direct flights to US gateway cities, Toronto and London.

Time Zone

Atlantic Timem (GMT-04:00).

Population

65,325 (2015 census).

Capital

Hamilton.

Airport(s)

LF Wade International Airport (St. George's Parish).

Language

English.

Currency

Bermuda dollars (on par with US$ dollars).

Political System

Self-governing British overseas territory.

International dialing code

+1 441.

Legal System

Based on English common law.

Centre's expertise

Financial services, investment funds, insurance and reinsurance, trusts, pensions, family offices, shipping and aviation companies and related registries.

Personal income tax

None.

Corporate income tax

Bermuda levies a payroll tax, but does not tax the income of a company.

Exchange restrictions

None, if designated as non-resident. Consent required for certain issues and transfers of securities.

Isle of Man

17 July 2019.

Chile

29 May 2019.

Belgium

November 2018.

United Kingdom

July 2018.

Permitted currencies

Any such currency as the company thinks expedient (excluding Bermuda dollars for exempted companies).

Minimum authorised capital

None, except where the company writes insurance for its own account, in which case it must have a minimum authorised share capital of $120,000.

Minimum share issue

One.

Shelf companies

No.

Timescale for new entities

One to three working days.

Incorporation fees

$785 for government registration fees relating to the incorporation, plus annual government fees (as set out below) and the registration of the statutory list of directors. Additional fees may apply if the company is seeking to conduct a restricted business, such as insurance or investment business. Professional fees and disbursements may vary but are estimated to be a minimum of $3,500. Annual corporate administration fees for the provisions of corporate secretarial fees and registered office.

Annual fees

For exempted companies, those that are designated as non-resident, fees will range from $2,095 - 32,676 depending on share capital and assessable share capital. For local companies, fees will range from $685 - 19,330 plus an annual filing fee of $50.

Minimum number

One (two for companies carrying on certain regulated activities).

Residency requirements

Companies that are designated as non-resident must have a minimum of one director, or a secretary, or a resident representative, who is ordinarily resident in Bermuda. Local companies must be at least 60% owned and controlled by Bermudians (subject to certain exceptions). However with effect from 31 December 2018, all companies, LLCs and partherships with separate legal personality must comply with the Economic Substance Requirements now in effect.

Corporate directors

Yes, Bermuda has introduced a statutory list of directors to be filed with the Registrar of Companies by the Secretary. Any changes to the board of directors are to be uploaded within 14 days of the effective date.

Meetings/ frequency

AGM once a year unless this requirement is waived.

Disclosure

Yes, save in the case of mutual fund companies.

Bearer shares

No.

Minimum number

One.

Public share registry

Register of shareholders to be kept at company's registered office and (save in the case of mutual fund companies) 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 shareholders and all directors.

Registered office

Yes, must be in Bermuda and cannot be a post-box.

Domicile issues

Re-domiciliation permitted.

Company naming restrictions

Yes, cannot be the same as the name of an existing company, or contain 'Chamber of Commerce', 'municipal', 'chartered' 'co-operative', 'building society'. Must have suffix 'Limited' or 'Ltd.' (except for unlimited company).