Made up of a hundred coral islands in the North Atlantic Ocean, a common misconception is that Bermuda is part of the Caribbean. The fact is that it is not. The physical feature of the country consists of low hills, which have fertile depression. Bermuda has no fresh water lakes or rivers running through it. The population is made up of people having European and African origin. The total population is very small and is almost equivalent to 60,000. The queen of the United Kingdom acts as the chief of state. She is represented by a governor, and in short Bermuda is a dependent territory of the United Kingdom.
If you would like to have your business incorporated in Bermuda you will have to understand the political and economical forces that you will have to deal with. This article describes what it takes to get your business incorporated in Bermuda. Bermuda has carefully exploited the area with luxury. The official language that is spoken in Bermuda is English. The Bermuda dollar is the official currency and stands at par with the American dollar.
The procedures to incorporate are complex and require one to place an advertisement in the local newspaper. The newspaper advertisement must contain certain information, some requirements of which are below:
Company name.
Registered office proposed address.
Addresses, nationalities and names of the proposed directors.
The names and addresses and nationalities of the proposed shareholders and their interest in the proposed company.
Memorandum of Association showing share capital and classes of shares.
Bank account details.
Bank character.
Registry fees.
While incorporating your business in Bermuda you should keep in mind that if your business is a Bermuda Exempt company, you are not allowed to have trade within Bermuda. An exempt company may not do business such as banking, insurance and re-insurance, trust services, fund management, assurance, and investment schemes. These businesses require you to have a special license. There are certain restrictions with using names as well. Names that would create confusion or are similar to the names of other businesses in Bermuda are prohibited. The restriction also does not allow names with royal or government benefaction.
While incorporating your business in Bermuda, you should note that the management structure has to contain the following Directors (at least two who must be natural persons): Company Secretary and Share holders.
