02 Sep Bermuda Exempt Companies
Bermuda Exempt Companies
Bermuda is the oldest self-governing British Overseas Territory and has earned a reputation as a world-class centre of commerce, featuring a business-friendly environment, a stable and growing economy and an unmatched collection of talent and intellectual capital in key sectors, including insurance, financial services and, more recently, electronic commerce.
The Bermuda Government works closely with Bermuda’s international business community to develop laws & regulations that enhance the business environment in Bermuda and the Law is based on English common law with final right of appeal to the UK Privy Council.
Bermuda is one of three leading reinsurance centres in the world, with 15 of the top 40 global reinsurers based in Bermuda. There are over 100 companies with financial strength ratings, many of which are publicly traded insurance companies. Bermuda has a robust insurance and reinsurance market. Its uniqueness is that the Island is a one-stop-shop for risk management solutions. Unlike other domiciles, Bermuda has established markets in three key sectors – Captives, Insurance and Reinsurance. New companies continue to form, capital and surpluses grow steadily and the capacity available to the buyer continues to increase. The Bermuda Monetary Authority (BMA) is internationally recognised for its pragmatic, risk-based approach to regulation. It maintains quality jurisdictional standards by re-engineering Bermuda’s regimes to ensure alignment with relevant evolving global standards.
Benefits of Bermuda Exempt Companies
- Bermuda has no corporate tax. Exempt Bermuda companies receive a certification of tax exemption and a Government assurance under the Exempt Undertakings Tax Protection Act 1966.
- Bermuda companies require only one director, which need not be a Bermuda resident.
- The minimum share capital of a Bermuda company is $1, shares of no par value are not permitted and bearer shares are not permitted.
- 100% foreign ownership is permitted with a Bermuda exempt company, and only one shareholder is required, corporate shareholders are allowed.
- There is no statutory requirement to file accounts.
- Company Incorporation normally takes 3 to 5 days.