Eternity Law International — Ready-made company in Bermuda

Ready-made company in Bermuda

Published:
April 16, 2020

What is included:

  • Ready-made company in Bermuda,
  • Local bank account,
  • Legal address.

Cost: on request.

Bermuda is famous for one of the largest GDP per capita.

Success lies in the effective use of its geographic location, the identification of financial and consulting services to foreign corporations, and the provision of quality travel services.

The basis of the tourism industry income (over 84%) is formed thanks to tourists from North America. More than 60% of the islands’ economies account for international business.

The economic development strategy is based on the promotion of tourism and the financial services sector – these are the main economic goals of the state government.

Offshore is one of the most effective tax planning and optimization methods. The method is based on the legislation of countries that partially or completely exempts from taxation of income.

Bermuda is a famous offshore zone that attracts entrepreneurs with an insurance system, a developed financial sector, advisory and investment infrastructure, as well as a simplified tax system.

Companies in Bermuda differ in administrative forms.

Exempt Company is the classic and most popular form of offshore. A company of this form is engaged in various types of business that are not prohibited by law.

In particular, it is possible to license the provision of financial services, insurance and reinsurance services. Companies are not allowed to:

  • carry out business with the participation of residents;
  • seize real estate in the administrative territory of the state;
  • take deposits;
  • engage in activities contrary to law.

In Bermuda, the Companies Act has existed since 1981, which regulates the functioning of firms. According to the law, third parties cannot acquire an already established company in Bermuda.

TAXATION

Bermuda is considered attractive for starting a business through a loyal tax system.

A company does not pay certain types of taxes if more than 60% of the capital is owned by non-residents. In this case, the company is exempt from taxes on:

  • profit;
  • dividends;
  • capital gains;
  • the property;
  • inheritance and gift.

If an offshore company is not subject to these taxes, it is required to pay a state fee annually. Its size depends on the size of the company’s capital and the size of the unit account.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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