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
Bermuda Stakes Success On Its Top-tier Reputation
  Ross Webber considers how Bermuda's pragmatic approach towards calls for greater transparency has put the island in good stead for the future. (01/07/2016)
Bermuda’s Competitive Insurance Advantage
  Chris Garrod examines how recent developments within Bermuda's (Re)insurance sector have given the jurisdiction a competitive advantage over their rivals. (01/07/2016)
Bermuda: A Centre of Excellence
  Greg Wojciechowski examines how Bermuda has emerged as the centre for excellence for ILS structures. (01/07/2016)
Tickled Pink: Rediscovering Trusts in Bermuda
  While known globally for it's stellar Insurance offerings, Randall Krebs examines Bermuda's other successful sector, Trusts. (01/07/2016)
If it quacks like a duck?…The classification and duties of non-trustee power-holders
  With reserved powers legislation available in most offshore jurisdictions, Ashley Fife examines the difficulties regarding the categorisation of powers held by a person other than a trustee as either fiduciary or non-fiduciary. (01/01/2016)
Bend Me, Shape Me… Restructuring & Reshaping Trusts in Bermuda
  Ashley Fife examines options for restructuring and reshaping Trusts in Bermuda to enable trustees to adapt to unforeseen circumstances. (01/10/2015)
IFCs and Investing in Emerging Markets
  Matthew Stocker, Olivaire Watler and Charlie Pywell examine the crucial role IFCs play in facilitating investment in emerging markets. (01/08/2015)
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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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