Bermuda - Establishing an OfficeBermuda - Establishing an Office

The process of establishing an office in Bermuda may involve several government entities depending on the size and type of business.  The Bermuda Monetary Authority (BMA) (www.bma.bm) vets all prospective companies.  The Registrar of Companies (www.roc.gov.bm) issues certificates of incorporation. Companies wishing to carry on a restricted business activity (see Schedule 9 under the Companies Act 1981) must seek the approval of the Ministry of Economic Development and/or the Ministry of Finance.  In October, 2009, the BMA launched an automated e-filing and e-approval system for corporate registrations.  The system improved the speed of processing applications.  Currently, company incorporation may take as little as four weeks.  The Bermuda Business Development Agency operates a concierge service to facilitate and expedite international company formation.
 
For incorporation, the BMA requires at a minimum:

• a detailed business plan;

• a copy of a company’s most recent financial statements;

• the memorandum and articles of association;

• equivalent documentation for non-incorporated bodies;

• copies of client agreements used or intended to be used for the business;

• personal questionnaires completed by all proposed institutional and/or individual controllers of the entity;

• a description of the legal business/group structure;

• an up-to-date chart for licensed institutions forming part of wider groups;

• register the business name;

• payment for a business license;

Once the government approves a business plan, businesses should contact a local attorney, and/or local accounting firm for further assistance.