Bermuda earned a reputation as a world-class centre of commerce. The legal system in Bermuda is similar to that used in America and is protected under a United States defence umbrella.
Furthermore it is attractive to Hong Kong citizens seeking a tax haven in which to establish an offshore company, as the Bermuda Exempted Companies have been approved by the Hong Kong stock exchange for listing purposes.
Standard requirement for “Bermuda” Exempted Company
|Proposed company name||English|
|Standard authorised share capital||US$12,000|
|Minimum share capital||US$1|
|Minimum shareholder||1 Natural person or legal entity|
|Minimum director||1 Natural person or legal entity|
|Company Secretary||Compulsory and meet requirement (a)|
- The Directors must appoint a Secretary, which may be a company, provided that if the Secretary is a director it must be an individual.
An exempt company may apply to the Minister of Finance for a certificate exempting it from future profits taxation, should there be any, for a period ending not later than the 28th March, 2016.
Advantage of Bermuda Exempted Company
- Political and economic stability
- English legal system
- Internationally recognized reputation and respectability.
- No tax on incomes
- No VAT tax, capital gain tax or withholding tax
- Security of assets and free to transfer and merge assets
- Protection of wealth benefits, inheritance wishes and trust interests