Limited liability company, formed under the Limited Liability Company Act 2016Bermuda
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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no manager or member is obligated personally for them solely by reason of being a member or a manager (section 48(1))
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“limited liability company” or “LLC” means a limited liability company formed in accordance with section 29 with one or more members
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(3) A person may be admitted to a limited liability company as a member of the limited liability company and may receive an LLC interest in the limited liability company without making a contribution or being obligated to make a contribution to the limited liability company.
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(a) Filing of initial certificate of formation under section 30(1), or $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
Not in our records A notary, A resident director, Paying up the capital: none of these is in our records for the Limited liability company, formed under the Limited Liability Company Act 2016.
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 1 · one person may form it alone
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“limited liability company” or “LLC” means a limited liability company formed in accordance with section 29 with one or more members
- A local company secretary
- Does not apply
- A local registered agent
- Required
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To form an LLC 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 900
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(28) Annual fee payable in accordance with section 253 $900
- 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 LLC’s name and registration number; its certificate of formation; the address of its registered office; its date of formation;
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Financial statements include an auditor's report (s.51); s.52 removes the obligation for an interval if all members agree in writing. No size-based exemption is stated.
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If in respect of a particular interval all the members agree in writing that no financial statements or auditor’s report thereon needs to be prepared, there shall be no obligation to cause financial statements or auditor’s report thereon to be prepared for that interval.
Important dates
When each obligation falls due, as the authority states it.
- Annual declaration sent to the Registrar with the annual fee
- 31 January
With Registrar of Companies
Stated for every limited liability company in s.254(1).
- Annual fee and corporate regulatory fee
- 31 January
With Registrar of Companies
31 January for an exempted LLC; a local LLC pays by 31 March (s.253(2)(c)). Half the fee if formed after 31 August (s.253(3)).
- Enter any change among managers in the register of managers and notify the Registrar
- 14 days after change of officers
With Registrar of Companies
Within 14 days of the change.
What is public
- Directors
- Public
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in each day is allowed for inspection) be open for inspection by members of the public without charge.
- Beneficial owners
- To the authorities only
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in each day is allowed for inspection) be open for inspection by members of the public without charge.
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 Limited liability company, formed under the Limited Liability Company Act 2016.
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
- Limited liability company, formed under the Limited Liability Company Act 2016
- Identifier
- BM-LLCA form ISO 20275 does not list.