An Exempt Company may not trade in Bermuda, own property there or have an office with employees in Bermuda. A Bermuda Exempt Company may not undertake the business of banking, insurance, assurance, reinsurance, fund management, investment schemes, investment advice or any other activity, which may suggest an association with the banking and insurance industries. These banking and insurance activities are prohibited unless licensed .The consent of the Minister of Finance is required only in respect of companies which plan to engage in restricted activities like banking, investment business, trust business.

Key Features of Bermuda Exempt Company

Bermuda Exempt Company

Corporate Details

General

  • Type of Entity

Exempt Company

  • Registered Office in Bermuda

Yes

  • Type of Law

Common Law based on English

  • Our time to establish a new company

One Day

  • Corporate Taxation

No

  • Shelf Companies allowed

No

Share capital or equivalent

  • Standard currency

Bermudan Dollar

  • Permitted currencies

Any

  • Minimum paid up

No

Directors

  • Minimum number

Two

  • Local required

Yes

  • Publicly accessible records

Yes

  • Location of meetings

Anywhere

  • Corporate directorship allowed

No

Members

  • Minimum number

One

  • Publicly accessible records

No

  • Corporate shareholder allowed

Yes

  • Government Register of Shareholders

Yes

Company Secretary

  • Required

Yes

  • Local or qualified

Yes

Accounts

  • Requirements to prepare

Yes

  • Audit requirements

No

  • Requirements to file accounts

No

  • Publicly accessible accounts

Yes

Other

  • Requirement to file annual return

No

  • Migration of Domicile Permitted

Yes

 Tax Treatment

A Bermuda Exempt Company is tax exempted.

Duration to set up the company

One business day.  

Advantages of Bermuda Exempt Company

  • No taxes.
  • Complete privacy.
  • Separate legal entity.
  • Control over fiduciary duties.
  • Only one member required for formation.
  • Easy and low cost registration.
  • No minimum authorized capital.
  • English is the official language.

The Valsen Advantage

  • Speedy, Efficient and consistent Services.
  • Relentless effort to obtain bank accounts.
  • Expert advice on structuring options.
  • Dedicated ongoing compliance support.