Bermuda

Population:

65,000

Currency:

Bermuda dollar at par with the US dollar

Language:

English

Time zone:

GMT minus 3

Centre's expertise:

Established centre that has become global insurance leader

General requirements

Type of entity

Usually exempted company

Type of law

Bermuda law (based on English Common Law)

Shelf company available

No

Time to establish a new company

2-3 days

Taxation

Nil

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

Cannot contain "chamber of commerce", "municipal", "chartered", "corporative", "building society". No language restrictions.

Share capital

Permitted currencies

Any

Minimum paid up

Capital can be issued nil paid

Usual authorized capital

Minimum US$12,000

Directors and personnel

Minimum number

2

Local required

No

Company secretary & qualifications

Usually local secretary

Shareholders and AGM

Minimum number

1

Disclosure requirements

Need to know ultimate beneficial owners and conduct due diligence

Publicly accessible records

Incorporation, notice of registered office, register of charges, any prospectus filed with registry, directors and offices register, register of members

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

Annually

Audit requirements

Required unless unanimously waived by members and directors

Account filing obligations

None

Publicly accessible accounts

None

Other

Requirements to file annual return

Yes

Change in domicile permitted

Yes

Need to registered office

Yes

Number of companies set up in last year

1,388 (1,061 were exempted companies)

Total number of companies on register

13,000