Bermuda

Bermuda remains one of the oldest colonies of the United Kingdom yet it has been self-governing with respect to its own affairs. It is strategically located in the North Atlantic, closer to the United States than the Caribbean. Bermuda is protected under a United States defence umbrella. The legal system is based on English Common Law but has been modified and supplemented by acts passed under the Bermuda Constitution

Bermuda is governed by the locally elected House of Assembly but ultimate authority lies with the Queen who is represented by the Governor.

With a population of close to 60,000 and a thriving tourist industry, Bermuda has attracted substantial insurance business and, after London and New York, Bermuda enjoys the third largest premium flow of any insurance centre.

Bermuda is of interest to Hong Kong people looking for an area to establish an offshore company because the Hong Kong Stock Exchange has approved the Bermuda Exempted Company for listing purposes.

Taxation
The Bermuda Tax Exempt Company will receive an undertaking from the Minister of Finance that the company will not be subject to any tax or duty on profits or income capital, gains or appreciations and that no inheritance tax or estate duty will be payable on shares debentures or other obligations of the company. Currently the exemption extends until 2016 but it may be further extended at a later stage.

Shareholders
A minimum of one shareholder is required and bearer shares are not permitted. The beneficial ownership of the company must be revealed to the Government at the time of incorporation but such details are given in confidence. The share register of the Company is open to inspection by the general public but anonymity can be retained through the use of nominees.

Directors
A minimum of 3 directors is required and there must be sufficient directors ordinarily resident in Bermuda to allow for a quorum to be present. Meetings of directors and of shareholders may be held outside of the island. A register of Directors and Officers must be maintained and this register is open to inspection by the general public.

Please contact info@emetoffshore.com to learn more about founding a Bermuda Tax Exempt company.