APGI Bermuda Tax Exempt Company
Bermuda Tax Exempt Company Incorporation
Bermuda Tax Exempt Company Overview
Bermuda remains today the oldest colony of the United Kingdom yet it has been self-governing with respect to its own affairs, aside from defense and external affairs, for over 300 years. At the same time because of its strategic location in the North Atlantic (being much further north than is commonly believed and considerably closer to New York and Boston than the Caribbean) Bermuda benefits from being effectively under the US defense umbrella. The legal system is based on English common law, modified and supplemented by Acts passed under the Bermuda Constitution Order, 1968.
Bermuda is governed by the locally elected House of Assembly but ultimate authority lies with the Queen who is represented by the Governor.
With a population of close to 60,000 and a thriving tourist industry, Bermuda enjoys communications and travel connections of a high standard. Bermuda has attracted substantial insurance business and, after London and New York, Bermuda enjoys the third largest premium flow of any insurance centre.
Bermuda is of interest to Hong Kong people looking for an area to establish an offshore company because the Hong Kong Stock Exchange has approved the Bermuda Exempted Company for listing purposes.
The Bermuda Tax Exempt Company
TAXATION
The Bermuda Tax Exempt Company will receive an undertaking from the Minister of Finance that the company will not be subject to any tax or duty on profits or income capital, gains or appreciations and that no inheritance tax or estate duty will be payable on shares debentures or other obligations of the company. Currently the exemption extends until 2016 but it may be further extended at a later stage.
SHAREHOLDERS
A minimum of one shareholder is required and bearer shares are not permitted. The beneficial ownership of the company must be revealed to the Government at the time of incorporation but such details are given in confidence. The share register of the Company is open to inspection by the general public but anonymity can be retained through the use of nominees. NB - bank references must be provided on the proposed beneficial owners of all Bermuda companies. These references must be provided by Banks where the individual has had a personal banking relationship for a minimum of three years.
DIRECTORS
A minimum of 3 directors is required and there must be sufficient directors ordinarily resident in Bermuda to allow for a quorum to be present. Meetings of directors and of shareholders may be held outside of the island. A register of Directors and Officers must be maintained and this register is open to inspection by the general public.
ANNUAL REPORTING
No annual return of shareholders is made although underlying beneficial interests are disclosed to the Government at time of incorporation. The requirement to have annual audited accounts may be dispensed with by unanimous decision of the directors and shareholders.
TIMESCALE
For the entire registration process, including approval of application for tax exempt status, a period of 4 weeks should be allowed.
CAPITAL
A minimum issued - as distinct from paid-up - capital of US$12,000 is required in the case of exempted companies. If the company is not conducting insurance business there is no minimum amount for paid-up capital.
LOCAL REQUIREMENTS
As a matter of local company law the company MUST maintain a registered office address within Bermuda, must appoint a Bermuda resident company secretary and must also appoint a quorum of Bermuda resident directors (i.e. a minimum of 2 directors must be resident in Bermuda). We can provide all these services as part of our domiciliary service.
Schedule Of Fees
| Basic Fees: Bermuda IBC | € EURO | $ US DOLLAR |
|---|---|---|
| Annual License Fee: | --- | --- |
| Annual Registered Office fee: | --- | --- |
| Annual Registered Agent fee: | --- | --- |
| Incorporation Fees: | --- | --- |
| TOTAL FIRST YEAR FEES: | ON REQUEST | ON REQUEST |
| Additional Services: | € EURO | $ US DOLLAR |
| Corporate Seal | --- | --- |
| Open Bank Account in Belize | --- | --- |
| Power of Attorney | --- | --- |
| Certificate of Good Standing | --- | --- |
| Notarization per document or set | --- | --- |
| Apostille per document or set | --- | --- |
| Nominee Director | --- | --- |
| Nominee Shareholder | --- | --- |
| Annual Fees: | € EURO | $ US DOLLAR |
| Maintenance Fee (due in January) | --- | --- |
| Nominee Director | --- | --- |
| Nominee Shareholder | --- | --- |
