How to incorporate company in Bermuda?
Tetra Consultants’ ultimate guide on Bermuda company incorporation is tailored to help our international clients to understand the whole process fully. Before you choose to incorporate company in Bermuda, Tetra Consultants advises you to read through the following comprehensive guide as requirements and regulations are stated clearly to help you fully understand the company registration process.
Simply put, we can break down company formation engagement into the step-by-step procedure for incorporation of company in Bermuda:
1. Planning & strategy
2. Incorporation
3. Bank account opening
4. Staying compliant
By systematically following the above four phases, you can expect to start conducting business with your Bermuda company within 6 weeks.
Step 1: Planning & strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to Bermuda company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, and whether there is a need to apply for any licenses.
- Once confirmed, Tetra Consultants will search and reserve your preferred company name with the Bermuda Registrar of Company (ROC).
- It is necessary that you have a legal office address in Bermuda. As such, Tetra Consultants under our company incorporation services will provide you with a local registered address.
- Other additional requirements include appointing a registered agent. To meet this requirement, Tetra Consultants will assist you in appointing the registered agent coupled with its address so that you can meet your registration needs.
- The role of local registered agent will act as your representative to the respective authority and submit accurate financial statements and corporate tax returns.
Step 2: Incorporation
- Tetra Consultants’ legal team will draft articles of incorporation, business plan, and other required legal documents for Bermuda company incorporation.
- Thereafter, Tetra Consultants will proceed to register company in Bermuda with the Bermuda Monetary Authority.
- Once the company is successfully incorporated, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, to your preferred addresses. On average, within 1 week you can expect to receive the documents of your new company.
Step 3: Bank account opening
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your newly-incorporated company. You can enjoy leveraging our extensive banking network and receive your bank account numbers within four weeks.
- Tetra Consultants will contact multiple reputable international or Bermuda banks and present your business to each relationship manager and compliance team.
- We will leverage our extensive banking network to help you set up a corporate bank account for your newly incorporated firm. Some of the internationally reputable and local banks in Bermuda we have worked with include Bermuda Commercial Bank, Bank of Butterfield Ltd, Clarien Bank Ltd, and HSBC Bank Bermuda Ltd.
- In most cases, Bermuda banks will not require you to travel to Bermuda for the bank meeting. In the event this is required, We will send a representative to the bank meeting with you. Conversely, our staff will negotiate with the banks to hold a conference call or obtain a waiver.
- On average, the corporate bank account will be opened within 4 weeks after Bermuda company incorporation. Tetra Consultants will courier the internet banking token and access codes to your preferred address.
Step 4: Staying compliant
- Tetra Consultants, following the incorporation of the Bermuda company, will proceed with the tax registration with the tax department.
- After incorporating the Bermuda company and opening a corporate account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.\
- You can be confident you are in the best hands when Tetra Consultants undertakes your Bermuda company’s accounting & tax services.
- Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
Contact us to find out more about how to incorporate a company in Bermuda. Our team of experts will revert within the next 24 hours.