Bermuda Exempt Company

Bermuda Exempt Company

Forming an exempt company is the best approach as this form of company is not subject to exchange controls and enjoys a zero rate of corporation tax.
Provided the company does not trade within Bermuda then its also free from all local taxation and duties.

Company Name

All company names have to be approved and some words are restricted such as chartered or Royal.

Registered Office

All Exempt Companies in Bermuda must have a registered office where all official documents may be served and where company registers and accounts must be kept. We can provide this for you as part of our Standard Company Formation Package.

Directors

Only one director is required for a Bermuda Exempt Company, with no restrictions on a director’s nationality or residency.

Shareholders

There are no restrictions on the nationality or residency of company shareholders, only a single shareholder is required and corporate entities are allowed. This information is disclosed to the Ministry of Finance but is not available for public inspection.

Company Secretary

Bermuda Exempt companies must appoint a resident secretary in Bermuda. We can provide this service.

Share Capital

The minimum share capital is USD 1. Shares of no par value and bearer shares are not permitted.

Timescale

The entire incorporation process takes approximately three to five days.

Filing Requirements

Exempt companies are generally not obliged to file accounts or annual returns. Companies are required to file an annual Statutory Declaration of share capital along with payment of the annual government fee. Account auditing can be waived if the shareholders so choose.

Proof of Identity

As part of our due diligence we require proof of identity in the form of a passport copy for all directors and shareholders of the company.