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| INTRODUCTION |
Bermuda consists of a group of islands in the Atlantic Ocean off the Carolina coast. Bermuda is economically and politically stable. It is a highly respected jurisdiction with tax neutrality and no exchange controls for non-resident undertakings. Bermuda has established itself within the offshore industry with its modern business laws and its well-developed professional infrastructure.
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| LAW AND TAXATION |
By virtue of the Companies Act 1981, an Exempt Company enjoys substantial advantage. The Exempt Company is free from all forms of taxation. This exemption may be extended until 2016 and can be reviewed further if necessary. The recent introduction of several amendments to the Companies Act 1981 have simplified the incorporation procedure.
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Barbados has permitted companies that do not trade locally to establish a presence on their island under the current legislation statute, International Business Companies Act (IBC). The IBC benefits from reduced tax rates which at times can be as low as 1% on profits in excess of $15 million U.S.
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| CORPORATE REQUIREMENTS SUMMARY |
- CSC only provides corporate filing services for exempt companies
- All names must include Limited or Ltd in their name
- The jurisdictional fee is based on capital stock
- A minimum of two directors is required
- The directors do not need to be residents however, a resident secretary or representative is required
- A CSC correspondent acts as a resident agent
- Two of the directors must also be president and vice president
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| **CSC does not provide legal or financial advice** |
