Bermuda is a British overseas territory in Atlantic Ocean in the proximity of Cuba and U.S. state of North Carolina. It is an island territory without having land borders with any other country or area. Despite being a British overseas territory, Bermuda has its own constitution and government. Its location and geography make it an ideal offshore jurisdiction which is one of the most important sources of income for Bermuda along with tourism.
Bermuda is one of the world’s most famous offshore jurisdictions and its status as a favored location for investors around the world is known since past several decades. This popularity is mainly due to several steps it took to flourish offshore company formation. Currently, more than 15,000 international companies are registered in Bermuda.
Following are few important reasons that companies and individuals around the globe select Bermuda as their prime location for offshore company formation.
- Only a single director and shareholder are required to register Bermuda offshore company. A single entity (company or individual) can hold both these positions
- Residency in Bermuda is not required by director and shareholder of offshore company
- Government officials in Bermuda don’t view ongoing corporate records and filing of these records is also not mandatory
- It is also not necessary for companies incorporating in Bermuda to file reports of annual returns or financial accounts. Only the annual filing of Statutory Declaration is necessary that has to be filled on annual basis. Government uses this file for its annual government fee
- Almost all offshore companies in Bermuda are exempted from various types of taxes on profit, capital gains, estate, income and others
- Incorporation in Bermuda is simple and quick process. After providing all the required documents, it usually takes 3 to 5 days to complete the registration process
- Apart from setting up a company, consistent running a company is also quite affordable. You only need to pay government and agent fee on annual basis
- There is no minimum share capital required for offshore companies in Bermuda
These are few of the several advantages provided to investors who want to open offshore company in Bermuda. For setting up a corporation in one of the world’s best offshore jurisdictions, you initially require an agent that will assist you in formation of company in Bermuda. For this purpose, you can contact DOCS Consultancy via our WhatsApp # 971-56-9971225 or email address [email protected] We are specialist in setting up offshore corporations in various parts of world.