Forming a company in Bermuda involves meeting specific legal and regulatory requirements designed to promote transparency and international compliance. To begin, businesses must decide on the type of company structure, with the most common being a Bermuda exempted company, which primarily conducts business outside of Bermuda. A minimum of one director and one shareholder is required, and both can be individuals or corporate entities. While there are no nationality or residency requirements for directors or shareholders, a local registered office in Bermuda is mandatory. Additionally, the company must appoint a Bermuda-based secretary and engage a licensed local corporate service provider to manage filings and communications with the Bermuda Monetary Authority (BMA).

A key step in the Bermuda company registration process is obtaining approval from the BMA, which assesses the company’s ownership structure, business activities, and compliance with anti-money laundering regulations. Once approved, the company must register with the Registrar of Companies, file the Memorandum of Association, and pay the requisite government fees. Annual requirements include filing financial statements and paying annual government fees. While Bermuda offers significant tax advantages, such as no income, corporate, or capital gains tax, companies must maintain proper records and adhere to local compliance standards.