Considering forming a corporation in Bermuda? When researching offshore incorporation, Bermuda is an important location to consider. The Island is a popular place to incorporate for many reasons: not only are there tax benefits for corporations that are formed in Bermuda, but also it is also a business-friendly jurisdiction.

Key benefits for a company being based in Bermuda include the following advantages.

GEOGRAPHY

Bermuda is a 21-square-mile, self-governing British Overseas Territory, located 650 miles off the coast of the Carolinas. There are daily direct flights to London, US gateway cities and Toronto. Being in the Atlantic Standard Time zone makes it ideal for companies serving global markets.

REPUTATION

Throughout its history as a global financial centre, Bermuda has succeeded in attracting quality business. The Island enjoys a blue-chip record of compliance with global standards and lends leadership to guiding the evolution of regulatory best practices. Treaty partnerships with nations around the world also afford Bermuda-based businesses financial advantages.

REGULATORY ALIGNMENT

The Island is globally respected for its leadership and proven record on compliance and transparency. The jurisdiction has more than 120 treaty partnerships with nations around the world. The European Union awarded Bermuda full equivalence with its Solvency II insurance regulatory regime; only Switzerland also enjoys that distinction. Bermuda also holds qualified jurisdiction status from the US’ National Association of Insurance Commissioners.

INDUSTRY REACH

Bermuda is a global business hub comprising numerous markets: Re/Insurance, Captive Insurance, Life and Annuity Insurance, Insurance-Linked Securities, Asset Management, Trusts and Private Client vehicles, Family Offices and other high-net-worth services, Shipping and Aviation registries, as well as newer sectors such as Fintech, Insurtech, Cryptocurrencies and Digital Assets businesses.

PROFESSIONAL TALENT

The Island is home to a wealth of world-class talent. Auditors, Financial Advisers, Lawyers, IT Specialists, Actuaries, Re/Insurance Underwriters, Brokers, Fund Administrators, Corporate Secretaries and a full range of professional support services staff are all available to help your business flourish.

INFRASTRUCTURE

Bermuda benefits from having a secure, modern and world-class physical and technological infrastructure including excellent telecommunications, broadband and a fully electronic Bermuda Stock Exchange.

TAX NEUTRALITY

The Island is a well-known tax-neutral jurisdiction with zero corporate, income, withholding or capital gains taxes. That said, its consumption-based system does levy payroll tax, import duties, social insurance, and custom duties on goods and services. These form the major component of Bermuda’s tax revenues to fund government expenditure.

LIFESTYLE

Famously, Bermuda has one of the highest standards of living in the world, with excellent education, services and access to first-rate healthcare. It benefits from a temperate climate, natural beauty, world-famous beaches of pink sand, golf courses and delightful coral reefs.

A STABLE ENVIRONMENT

With courts dating back to 1616, the Island operates under English common law, with ultimate recourse when necessary to the UK Judicial Committee of the Privy Council. Bermuda is a stable, Westminster-style parliamentary democracy.

COMPLIANCE LEADERSHIP

Bermuda has 41 bilateral Tax Information Exchange Agreements (TIEAs) and more than 125 multilateral treaty partners. The Island exchanges information with all G20 nations, European Union members states, and other OECD countries. Bermuda has implemented US FATCA and exchanges OECD Common Reporting Standard (CRS) and OECD Country-by-Country (CBC) information with every country around the world that belongs to the OECD’s Convention.

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– Listen to our podcast with the CEO of the Bermuda Business Development Agency –

Recommended link: Bermuda Business Development Agency

Read the ICAEW economia magazine interview with our founder, together with the premier of Bermuda and the CEO of Deloitte’s Caribbean & Bermuda region, in their country profile on Bermuda.

— Download our Recruitment Solution for Bermuda Start-ups PDF —

Is your company interested in setting up a subsidiary or opening an office in Bermuda? Hamilton Recruitment is here to help you.