The reason is a very favorable corporate taxation system, as well as the presence of a large number of professionals knowledgeable in legislation and business. Bermuda is known for the absence of currency controls on transactions involving citizens of this state.
Currently, the Bermuda Islands are a very strong and economically stable state. This is a true paradise for many American companies that do not want to bear the heaviest tax burden.
The legal system of the Bermuda Islands is very similar to the American one. This is why many US citizens feel so comfortable and free here and are confident that they are under protection. Also, residents of Hong Kong really like to open their offshore companies here.
The main law regulating the activities of companies in Bermuda is the Companies Act. It is important to consider that amendments are introduced periodically. As a rule, limited liability companies thrive here. There is no limit on their duration here.
By the way, tax-exempt companies here can be LDCs (limited duration companies) and CLGs (mutual companies). Not long ago, certain amendments came into force that simplified the incorporation procedure. That is why Bermuda companies are now taking leading roles in the global financial system.
The main characteristics of tax-exempt companies in Bermuda are:
– They are exempt from all forms of taxes until 2016 (or a date to be determined by the government after that);
– Have a registered office (its address must be entered in the Register);
– Directors (a tax-exempt company must have two residents of the Bermuda Islands);
– Shareholders (there must be at least one shareholder. By the time of incorporation, the government must have the names of the company's owners);
– Conducting commercial activities (activities on the territory of the state can be carried out only if operations are directed outside Bermuda).
This material was prepared with the support of the company 4uk.
PR