Your Handy Guide to Bermuda Company Registration

Bermuda is a stunning paradise in the Atlantic that boasts more than just sun, sand, and surf. It’s also an attractive destination for businesses seeking a stable political and economic environment that provides a secure and predictable climate for growth. With a favourable tax regime that includes zero corporate income tax, capital gains tax, and sales tax, it’s no wonder why entrepreneurs and investors go for Bermuda company registration.
Bermuda ranks as one of the top international financial centres in the world. But it’s not just about business. The country also offers a high standard of living with a large educated workforce. Plus, Bermuda has excellent transportation links connecting businesses to important North America and Europe cities. So, if you’re looking for a business destination that blends work and plays in a stunning tropical setting, Bermuda might be a perfect choice.

 

Going about Bermuda Company Registration

Here’s how to get started:

Choosing a Name for Your Company

Selecting a company name in Bermuda is a critical first step when incorporating a business. The name you choose should be unique and not already registered, as this is a legal requirement for all companies operating in Bermuda. Before selecting a name, it’s essential to conduct a thorough search of existing company names to avoid any potential legal issues in the future. Once you’ve chosen a name, you can register your company with the Registrar of Companies.

Register Your Company

Once you have chosen a unique name for your business, you will need to complete the necessary registration documents, including the Memorandum of Association, Articles of Association, and a Declaration of Compliance, and file them with the Registrar of Companies. In addition, all companies registered in Bermuda must have a local registered office and a local representative who can accept legal documents on behalf of the company. It’s important to note that failure to appoint a registered office and local representative may result in penalties or fines.

Get Relevant Licenses

Certain types of businesses in Bermuda may require a license to operate, depending on the industry and the company’s nature. You must apply to the relevant government agency to obtain a business license. The agency will review your application and determine whether your business meets the requirements for licensing. Do take note that the process of obtaining a license can be lengthy. Therefore, plan accordingly to ensure the timely starting of your business operations.

Registering for Taxes

Registering for taxes is a crucial requirement for all companies operating in the country. This involves obtaining a tax identification number and registering for relevant taxes, such as payroll and corporate income taxes. When you’re done registering the taxes, you can proceed to open a local bank account. Having a bank account is necessary to facilitate financial transactions in Bermuda. When opening a bank account, you must provide various documents, such as proof of identification and business registration, to comply with the bank’s Know Your Customer (KYC) requirements.

 

Let’s Get You Started

We understand every aspect of the Bermuda Company Incorporation process. 3E Accounting will guide you through it, ensuring it’s fast, cost-effective, and hassle-free. Rest assured that we are available round-the-clock to address any concerns. Our expertise and experience guarantee that starting a company with us will be a smooth and stress-free experience. So why wait? Reach out to us today to get started!