Bermuda
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in Bermuda.
Foreign Ownership Eligibility
Bermuda welcomes 100% foreign-owned companies
Fully remote formation — you never need to set foot in the country.
- Exempted Company is the most common structure for foreign founders
- A local registered office and service providers are typically required
- Bermuda remains a leading hub for insurance and reinsurance operations
- Standard setup timeline is around 5-10 business days
Ownership
100% Foreign OK
Formation
100% Remote
Note
Economic substance requirements have tightened for relevant activities since 2023.
Tax at a glance
Bermuda Tax Overview
0%
Corporate income tax
Bermuda fact sheet
0%
Capital gains tax
Bermuda fact sheet
Applies on Bermuda employees
Payroll tax
Bermuda fact sheet
Pros & cons
Advantages & Considerations
Key Advantages
Zero corporate and income tax framework
Leading insurance and reinsurance hub
English common law foundation
Politically stable British Overseas Territory
Considerations
High cost of living and business operations
Economic substance requirements increased after 2023 reforms
Domestic banking options can be limited for pure offshore models
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Pre-incorporation planning
Prepare filings
Incorporate and register
Operational setup
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Bermuda has a high cost base for both setup and ongoing operations.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every Bermuda setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? YES.
Banking options for non-resident founders in Bermuda. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| Butterfield Bank | Traditional bank | Low (Visit Required) | Commonly 2-6 weeks depending on KYC complexity • Bank and package dependent • Bank policy dependent • Incorporation documents, UBO data, source of funds, and business profile • Wire transfers, online banking, cards, and treasury products |
| Bermuda Commercial Bank | Traditional bank | Low (Visit Required) | Commonly 2-6 weeks depending on KYC complexity • Bank and package dependent • Bank policy dependent • Incorporation documents, UBO data, source of funds, and business profile • Wire transfers, online banking, cards, and treasury products |
| HSBC Bermuda | Traditional bank | Low (Visit Required) | Commonly 2-6 weeks depending on KYC complexity • Bank and package dependent • Bank policy dependent • Incorporation documents, UBO data, source of funds, and business profile • Wire transfers, online banking, cards, and treasury products |
| Clarien Bank | Traditional bank | Low (Visit Required) | Commonly 2-6 weeks depending on KYC complexity • Bank and package dependent • Bank policy dependent • Incorporation documents, UBO data, source of funds, and business profile • Wire transfers, online banking, cards, and treasury products |
| Limited fintech offerings compared with major offshore centers | Fintech | High (Remote) | Commonly 2-6 weeks depending on KYC complexity • Bank and package dependent • Bank policy dependent • Incorporation documents, UBO data, source of funds, and business profile • Wire transfers, online banking, cards, and treasury products |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Economic substance | Ongoing | Applicable entities must demonstrate adequate local management and activity where required. |
Annual filings | Ongoing | Maintain statutory records and submit annual returns and fees on time. |
AML and KYC controls | Ongoing | Maintain up-to-date beneficial ownership and due diligence documentation. |
Frequently Asked
Speak with a Bermuda specialist
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