Company incorporation in Bermuda in 2021

Company incorporation in Bermuda in 2021

Registering a company in Bermuda in 2021 is beneficial, as it provides an opportunity to optimize the tax burden. It is possible to conduct business outside the territory or at the place of registration, but in this case you will need to audit, file reports and pay fees.

The advantages of opening a company in Bermuda

To open a company in Bermuda in 2021, please contact our specialists at IT-OFFSHORE. We will help you to collect the documents, give you advice and answer all your questions. This jurisdiction has a stable economy, and there are many interesting programs for foreign entrepreneurs.

The advantages of opening a firm are the following:

  • There is no currency control;
  • There are no restrictions on a bank account, it can be opened in any country;
  • No reporting is required in some cases;
  • There are no conditions regarding the size of the authorized capital;
  • There is no need to pay a profit tax.

It is possible to optimize tax payments in a beneficial way. The rate of profit tax, tax on income at source and on the property is 0%. If there are no resident employees in the company, no profit tax is paid. The country has concluded an agreement on avoidance of double taxation with several countries.

Nuances of company registration

In order to open a local company, it will be necessary to comply with the mandatory requirement - 60% of the share must be transferred to residents, and the balance to foreign shareholders. An offshore company does not need to comply with these regulations, and the company may be completely foreign.

At least one shareholder and director will be required to open a company. An offshore company may register an account in any country. When you open a company, you will need to create a unique name.

It is allowed to conduct almost any legal activity. In some cases it will be necessary to obtain a licence. To open a company you will need to prepare several documents. These include a copy of the owner's identity card, information about the place of residence, and corporate papers.

For which businesses a licence is required:

  • Insurance companies;
  • Banking and financial operations;
  • Some holding companies and fund management.

The period of registration is calculated taking into account the type of company opened and the documents to be collected. The company is registered in 5 days. If it is necessary to open a company with a licence, it may take more than a month.

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