Exempted company, incorporated under the Companies Act 1981Bermuda
What it takes to form, own and run a private limited company in Bermuda, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares held by them
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Any one or more persons by subscribing their names to a memorandum of association and otherwise complying with the requirements of this Act in respect of registration may form a company
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The affairs of the company shall be managed by at least one director
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The Companies limited by shares are no longer required to maintain a minimum share capital.
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Considering an application to be registered under section 6 $340 (2) Registering a memorandum of association under section 14 $100
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a tax, to be known as corporate income tax, shall be chargeable to a Bermuda Constituent Entity Group on its net taxable income for each fiscal year
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Yes
What it takes to form
- A notary
- Not stated
The registry’s and the law’s own pages do not mention it.
- A resident director
- Not required
- Paying up the capital
- Not in our records
Own it
Who may own and run it
- Directors
- At least 1 · none need live there · a company may be one
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The affairs of the company shall be managed by at least one director
- Shareholders
- At least 1
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Any one or more persons by subscribing their names to a memorandum of association and otherwise complying with the requirements of this Act in respect of registration may form a company
- Members
- At least 1 · one person may form it alone
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Any one or more persons by subscribing their names to a memorandum of association and otherwise complying with the requirements of this Act in respect of registration may form a company
- A local company secretary
- Not required
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The directors of a company shall appoint a secretary to the company who shall hold office in accordance with the bye-laws.
- A local registered agent
- Required
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To incorporate a company in Bermuda you will require assistance from a law firm, accounting firm or corporate service provider located in Bermuda.
Each year, at the registry
- Annual registry fee
- BMD 2,095
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Where the assessable capital of the exempted company— (i) is $0-$12,000 $2,095
- Accounts on the public record
- No
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The Registrar holds the following, which may be searched online at www.registrarofcompanies.gov.bm: the company’s name and registration number; its certificate of incorporation, or certificate of continuance; its memorandum of association;
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- An auditor is appointed under s.89; s.88(1) removes the obligation to lay financial statements or appoint an auditor for an interval if all members and directors agree. No size-based exemption is stated.
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if all members and directors of a company, either in writing or at a general meeting, agree that in respect of a particular interval no financial statements or auditor’s report thereon need be laid before a general meeting or that no auditor shall be appointed then there shall be no obligation
Important dates
When each obligation falls due, as the authority states it.
- Annual declaration
- 31 January
With Registrar of Companies
The Act says during the month of January each year; recorded as the last day of January. Not tied to the financial year.
- Annual fee and corporate regulatory fee under s
- 31 January
With Registrar of Companies
Paid with the declaration, during January each year; half the fee if registered after 31 August (s.131).
What is public
- Directors
- Public
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be open for inspection by members of the public without charge. (3A) Any member of the public may require a copy of the register, or any part of it, on payment of the appropriate fee prescribed in the Eighth Schedule.
- Shareholders
- Public
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be open for inspection by members of the public without charge. (3A) Any member of the public may require a copy of the register, or any part of it, on payment of the appropriate fee prescribed in the Eighth Schedule.
- Beneficial owners
- To the authorities only
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be open for inspection by members of the public without charge. (3A) Any member of the public may require a copy of the register, or any part of it, on payment of the appropriate fee prescribed in the Eighth Schedule.
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Varies
Corporate income tax of 15% is chargeable only to a Bermuda Constituent Entity Group, that is Bermuda members of an in-scope MNE group (consolidated revenue of EUR 750 million or more in two of the four preceding fiscal years). The Act deems this entity type not fiscally transparent (subject to election). No other tax on its profit is stated on the pages read: the Ministry of Finance describes the Act as affecting Bermuda businesses in MNEs with revenue of EUR 750M or more.
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a tax, to be known as corporate income tax, shall be chargeable to a Bermuda Constituent Entity Group on its net taxable income for each fiscal year
- CFC rules in Bermuda
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
Not in our records Route, Statutory fee: none of these is in our records for the Exempted company, incorporated under the Companies Act 1981.
Every business in Bermuda
VAT
- VAT or sales tax
- None levied
Bermuda's tax authority lists the taxes it administers — payroll tax, corporate services tax, betting duty, land tax, foreign currency purchase tax, financial services tax, hotel occupancy tax, cruise ship departure tax and stamp duties — and the list contains no VAT, GST or general sales tax, so levied is recorded as no.
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The OTC provides services to the public in relation to the reporting and collection of the following taxes. ... Payroll Tax ... Corporate Services Tax ... Betting Duty ... Land Tax ... Foreign Currency Purchase Tax (FCPT) ... Financial Services Tax (FST) ... Hotel Occupancy Tax
Payment and banking services
None of the services whose lists we hold names Bermuda. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Private limited companyDerived our grouping, the same words in every country
- Name in law
- Exempted company, incorporated under the Companies Act 1981
- Identifier
- BM-EXEMPTED-COMPANYA form ISO 20275 does not list.