Registering a company in Bermuda is a step-by-step process that involves selecting a company type, choosing a name, preparing documentation, and registering with the Bermuda Registrar of Companies and Tax Commissioner. By following this guide and utilizing the provided resources, you should be well on your way to successfully establishing your business in Bermuda. Be sure to adhere to the requirements and guidelines to ensure a smooth registration process and a successful start for your company in this business-friendly and attractive jurisdiction.
Step 1: Choose your company type
The first step in registering a company in Bermuda is to choose the type of company you want to register. The most common types are:
- Limited Liability Company (LLC)
- Exempted Company (EC)
- Local Company (LC)
- Overseas Company (Branch of a foreign company)
Step 2: Choose a company name
Before registering your company, you'll need to choose a suitable name. The Bermuda Registrar of Companies (ROC) has guidelines for acceptable names, which can be found at this link: https://www.gov.bm/choosing-business-name
Step 3: Prepare the required documents
Next, prepare the necessary documentation for your chosen company type. The key documents are:
Memorandum of Association (for LLC, EC, and LC)
Application for Company Registration (for all types)
These forms can be downloaded from the ROC's website: https://www.gov.bm/forms
Step 4: Identify company officers and shareholders
You will need to identify at least one director (for LLC, EC, and LC) or one representative (for Branch of a foreign company). Directors or representatives must be at least 18 years old. Shareholders can be individuals or corporate entities.
Step 5: Capital requirements
Bermuda does not have a minimum capital requirement for LLCs, ECs, or LCs. There is no minimum capital requirement for branches of foreign companies either.
Step 6: Register your company
Once your documents are ready, you can submit your application to the Bermuda Registrar of Companies (ROC). This can be done in person at their office or online via the following link: https://www.gov.bm/company-forms
The fees for registering a company are as follows:
- LLC: BMD 2,625 (approximately)
- EC: BMD 2,625 (approximately)
- LC: BMD 1,075 (approximately)
- Branch of a foreign company: BMD 1,975 (approximately)
Step 7: Register for taxes
After your company is registered, you must register for taxes with the Bermuda Tax Commissioner. This can be done in person at the local office or online via the following link: https://www.gov.bm/online-services
Step 8: Obtain necessary permits and licenses
Depending on your business activities, you may need to obtain additional permits or licenses. Check with the relevant authorities and industry regulators for specific requirements.
The entire registration process, from preparing documents to receiving your Certificate of Incorporation, can take anywhere from 2 to 4 weeks, depending on the complexity of your application.