 |
Bermuda consists of a group of over 100 islands in the North Atlantic Ocean. Bermuda remains today the oldest colony of the United Kingdom with the population of the islands being approx 60,000, made up of people primarily of European and African origin. Bermuda is a dependent territory of the United Kingdom. The currency in use is the Bermuda Dollar, which is on a par with the US Dollar.
Bermuda enjoys one of the highest per capital incomes in the world. Bermuda is also one of the leading domiciles in the insurance field with many companies carrying on insurance and re-insurance business. In terms of collective investments, Bermuda mutual funds or unit trusts have proved popular with investors in the Middle East and Asia because of the security offered by Bermuda as an offshore centre for these funds. The Bermuda Shipping Registry forms part of the British flag registry, allowing for the registration of all types of vessel without restriction. Britain classes it as a category one port of registry. The Bermuda Stock Exchange (BSE) has been placed on an international level, making it attractive as a place for many of Bermuda’s publicly quoted companies to list their shares. This has historically been of great interest to people from Hong Kong. |
Highlights of Bermuda Exempt Companies
- No taxation
- No double taxation agreement with other countries, which could obligate the disclosure of information of clients.
- Bearer shares permitted
- Confidentiality on beneficial shareholders information through use of nominee shareholders allowed
- Well developed professional infrastructure and financial services sector
- Neutral tax jurisdiction
- Establish reputation within Asia
- No exchange controls, barring the use of Bermuda dollar
General Information
| Type of Company | Exempt Corporation | |
| Companies Law | Companies amended Act 2009 | |
| Minimum Director | Two | |
| Minimum Shareholder | One | |
| Bearer Shares Permitted | Yes | |
| Corporate Shareholders | Yes | |
| Corporate Directors | No | |
| Disclosure of Ownership | Yes (although use of nominee shareholders permitted) | |
| Disclosure of Directors | No | |
| Corporate Seal Required | No | |
| Annual accounts filing | No | |
| Annual returns filing | No | |
