All You Need to Know About Company Registration and Bermuda Company Incorporation Services

Bermuda Company Incorporation Services Bermuda is a British Overseas Territory located in the North Atlantic Ocean, east of the United States. The country has one of the highest GDP per capita rates in the world, with tourism and insurance being the two prominent economic sectors. The Registrar of Companies is the Bermuda government agency in charge of company registration and incorporation. The legislative framework is the Companies Act 1981. Hiring a Bermuda Company Incorporation Services provider can be tricky and more difficult than it is if you’re unfamiliar with their laws and processes.


Company Formation Process in Bermuda

To incorporate a limited company in Bermuda, you will need the assistance of a local law firm, accounting firm, or corporate service provider (CSP). These professionals will take you through every step of forming a limited company in Bermuda, including, but not limited to:

  • Name reservation
  • Disclosure and vetting of proposed beneficial owners of the company, including personal declarations where required
  • Drafting the Memorandum of Association and bylaws of the company
  • Any licence or permit applications required to be submitted based on the nature of the proposed business activities
  • Choosing a registered office in Bermuda
  • Choosing directors, officers, and a company secretary
  • Paying government fees


Types of Companies in Bermuda

It is simple to incorporate a Bermuda company. All businesses in Bermuda are required to register with the Registrar of Companies (ROC). Here are some details on the four distinct types of companies provided for under the Companies Act of 1981:

Company Limited by Shares

A company limited by shares under Bermudian law is allowed to limit the liability of its members to the amount that remains unpaid on the shares that they hold. If a member’s shares have no payable residual, this sum can be zero.

Company Limited by Guarantee

The memorandum document limits the liability of a company’s members in a company limited by guarantee. In Bermuda, the primary purpose of companies limited by guarantee is charitable work. These companies do not typically pay dividends.

Unlimited Liability Company

A company’s members are subject to infinite liability. It combines all the typical traits of a company with a partnership’s limitless liability.

Limited Liability Company (LLC)

In Bermuda, there are two kinds of LLCs. The first category is the offshore LLC, also known as an “exempted LLC” under the law. Then there are local LLCs, which are used to conduct business in Bermuda. For those who do not live in Bermuda, the most common type is an exempted LLC. Local LLCs, on the other hand, the company be owned by Bermudans.


Why Incorporate Your Company in Bermuda?

Bermuda is both economically and politically stable. There are no taxes in Bermuda on profits, income, or dividends paid to a Bermuda company or its shareholders. Furthermore, it is a minimal shareholder requirement. Last but not the least, incorporating a company in Bermuda is lax reporting requirements.

In Bermuda, forming a company is a straightforward process that can be completed as quickly as possible. Do contact us should you need professional support from the leading Bermuda Company Incorporation Services provider. We ensure to enable a seamless integration into the Bermudan market.

Bermuda Company Incorporation Services