How 3E Accounting Can Simplify the Process of Company Incorporate in Bermuda
There are two types of legal vehicles in Bermuda: the first is a local company, which can only be owned by Bermudians. On the other hand, exempted companies are owned by foreign nationals and operate outside Bermuda’s borders. They can also enjoy asset protection benefits, simplified incorporation procedures, and tax discounts.
This article provides a comprehensive guide to company incorporation in Bermuda for foreigners. We will also see how 3E Accounting can help streamline your company incorporation process.
Reserving Your Company Name and Liaising with Authorities
You can begin your Bermuda company incorporation by reserving your desired company name through the Registrar of Companies. Our team will handle the necessary paperwork and facilitate communication with the Bermuda Monetary Authority and other relevant authorities on your behalf.
Structuring the Company and Preparing Registration Forms
We assist in structuring your company according to your requirements, ensuring compliance with the Companies Act 1981. We’ll guide you in drafting the Articles of Association or Statutes, which establish the framework for your company’s operations.
Filing Documents and Obtaining the Certificate of Incorporation:
Our dedicated professionals will handle the preparation and filing of all required documents with the Bermuda Monetary Authority. This includes applications for incorporation, share capital details, registered office address, intended business activities, and shareholder information.
Upon approval, you will receive the Certificate of Incorporation confirming your company’s legal existence.
Directors, Shareholders, and Resident Representatives
Bermuda companies typically require at least one director, who need not be a Bermuda resident. We provide guidance and assistance in meeting these requirements, ensuring compliance with the Companies Act. If necessary, we can also assist in appointing a resident company secretary or representative.
Registered Office and Compliance
Companies in Bermuda must have a registered office within the country. Our services include providing a registered office address and assisting with compliance matters, such as maintaining statutory records, shareholder and director registers, and ensuring timely payment of government fees.
Taxation and Benefits of Exempt Companies:
Bermuda offers attractive tax benefits without taxes on profits, income, dividends, capital gains, or estate duties. Exempted companies operating outside Bermuda or without local operations enjoy non-resident status and freedom from exchange controls.
Annual Reporting and Compliance Fees
Annual reporting of shareholders is not required, and accounts need not be filed with the Registrar. Compliance fees, due on January 1st of every year, ensure your company’s ongoing compliance with local regulations.
Professional Support for Company Incorporate in Bermuda
3E Accounting is well-equipped to act as a registered agent, provide a registered office, and offer professional support throughout the incorporation process. Our expertise ensures a smooth and efficient registration experience in Bermuda. Contact us for more information.
