International offshore company formation

General
Type of Company	Exempt
Political Stability	Good
Standard Authorised Capital	No
Tax on Offshore Profits	Nil
Corporate Requirements
Local Registered Office and Registered Agent Required	Yes
Minimum Number of Directors/Managers	2
Local Directors Required	Yes (Min. 2)
Corporate Directors Permitted	No
Minimum Number of Shareholders/Members	1
Local Shareholders Required	No
Corporate Shareholders Permitted	No
Company Secretary Required	Yes
Bearer Shares Allowed	No
Annual Requirements
Filing of Annual Return	Yes
Submit Audited Accounts	No
Min. Annual Tax / Licence Fees	US$1780
Shelf Companies Available	No

GENERAL INFORMATION

INTRODUCTION
Bermuda is a group of about 150 small coral islands in the North West Atlantic. Its area is 53.3 sq. km. The population of Bermuda is about 60,000 and is made up primarily of people of European and African origin. Bermuda enjoys one of the highest per capita incomes in the world, though its only natural resource is limestone. Bermuda successfully exploits its location by providing luxury tourist facilities and financial services.

Bermuda is the favored location for companies wishing to list on the stock exchange and is of special interest to Hong Kong businessmen wishing to establish an OFFSHORE COMPANIES: the Hong Kong Stock Exchange has approved Bermuda Exempted Companies for listing purposes. The Islands have attracted substantial insurance business and, after London and New York, Bermuda has become the third largest insurance centre.

There must always be sufficient Bermuda resident Directors to form a quorum in Bermuda. Directors who are not resident in Bermuda may be appointed. The directors must appoint a president and vice-president as officers, who need not necessarily be directors.

LANGUAGE
The official and spoken language is English

TYPE OF LAW
English Common Law with local modifications.

COMPANY INFORMATION

TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Exempt Company

TIME TO INCORPORATE
Three Days, but allow fifteen working days for receipt of documentation.

RESTRICTIONS ON NAME AND ACTIVITY
The following words cannot be used either in English or any other language: Bank, Building Society, Savings, Loans, Trust, Insurance, Assurance, Reinsurance, Fund Management, Investment Fund, Fiduciary and Broker

A company name must end with the suffix Limited or Ltd. to denote limited liability.

CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, preference shares, redeemable shares and shares with or without voting rights.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
Yes.

LICENCE FEES
Companies with an authorised capital up to US$12,000 pay US$1780 per year.

Additional incorporation and annual fees would be payable for companies having a higher share capital.

FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.