Bermuda, just by the name of it island sounds interesting and have successfully attracted many people. The place which has got many mysteries attached to its name is basically an island territory of British. This island of Bermuda is situated in North Atlantic Ocean. It’s pink sand beaches such as Elbow Beach and the Horse shoe bay of the island are few of the amazing tourist attractions on the island. Apart from that interactive Dolphin quest, maritime history at national Museum of Bermuda and Royal naval Dockyard complex are some other major tourist attractions. You will get to see a unique blend of British and American culture in Bermuda.
Bermuda is just not known for its tourist attraction and a gateway for holiday, but it is also a promising destination for opening an offshore company. If you are thinking why you should choose Bermuda as a destination for your offshore company then we have some very strong reasons in the support of the island.
Regulatory environment of the city is Robust yet flexible!
Any business who wants to grow leaps and bounds basically needs a fertile work environment in which the company can flourish. Mind my words, Bermuda has all the necessary ingredients letting your business to flourish and grow well. It has got a robust system for business. There are defined set of laws and rules leaving less scope for loop holes or business fraudulency. This in turns increases the work transparency creating positive work environment. These regulations are realistic and usually do not cause inconvenience to a new business starting in the vicinity. No matter how much the system is robust and realistic the added advantage of flexibility in the system is the icing on the cake. This flexibility in the regulations encourages people to come up with new and creative ideas and prosper along with the prosperity of the city.
Public and private sectors work hand in hand!
Second best reason for choosing Bermuda for the offshore company is close proximity between the public and the private sector. These sectors are not exclusive but work on mutual cooperation with each other. Both public and private sector provide necessary support, work force and infrastructure to one another. On one hand public sector creates the entire necessary infrastructure for growth and uniform operation of private sector, on the other hand private sector provide world class service and tools to the public sector.
Bermuda is a global insurance player!
The strength of Bermuda market can be judged by the number of insurance and reinsurance companies present in the state. It is leading player in the world of insurance and reinsurance companies. All the leading companies of the world have a head office or a branch office present in the state. The state has a strong market for the growth of the insurance and reinsurance segment. The presence of large number of insurance companies and growth of the sector has not slowed down by any means. Till date lot of new companies are cropping up in the vicinity foreseeing the bright future of insurance companies. There are large numbers of companies with secured financial ratings in the city and the number of such companies is also continuing to grow.
Professional infrastructure of the island is commendable!
Another reason why you can open an offshore company in Bermuda is the presence of strong professional infrastructure. Physical infrastructure in the form of roads, rail, office building and a good man power can be provided by many states and cities of Britain. But what makes Bermuda stand out of the league is the presence of strong professional infrastructure. Professional infrastructure basically refers to the presence of lawyers, doctors, chartered accountants, auditors, bankers, actuaries etc. in the city. Bermuda has ample of all these professional who can easily help you with all your financial and legal work in the business.
Strong legal system of the state!
Apart from offering a strong physical and professional infrastructure, Bermuda islands also have strong legal system to offer. The legal system of the state is based on common English laws and in case of any kind of disputes; final verdict will be reserved to jurisdiction of United Kingdom. When you start a venture in any city, state or the country, it is very important to understand and adhere to the local and national laws of the area. Since Bermuda has got some very simple set of rules, you can easily handle the legal matters of the offshore company on the island. For everything else you can always hire some of the best attorneys available in the town.
Stability and connectivity!
One of the major reasons why most of the companies prefer a set up in Bermuda island is its long history of political and social stability. Since a long time in the history of the island, it has not witnessed and king of social or political revolution. People of the island are making a decent living in a friendly and supportive environment. As such there has not been any major issue leading to economic or political trouble in the area. Apart from that Bermuda is well connected to all the major business centres of Britain and America. Commutation is not a problem if you are starting a set up in Bermuda Island. Another benefit is the time zone of the island. No matter in which part of the world your head office, branch office or the client is situated, you can easily make a voice or a video call to th person without disturbing yours or the client’s sleep. It is one hour ahead of Eastern Standard time while four hours behind the Greenwich mean time.
Tax neutrality is a boon!
There is no exaggeration of the fact that tax neutrality is a boon in Bermuda. The local laws and tax system do not levy heavy taxes on the capital gains in the state. Apart from that you do not have to pay heavy amounts on income and manufacturing goods.