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Bermuda is a British Overseas Territory consisting of over 100 small islands in the North Atlantic with a population of approximately 60,000. The official language is English and its Law is based on the English system. Tourism is its main source of wealth.
The formation of a Bermuda company takes two to three weeks. One has to announce the intention to incorporate in a local newspaper and then make an application for consent to incorporate giving information such as the names and addresses of the proposed shareholders, proposed bank account details and bank character references relating to the proposed beneficial owners.
Though it is necessary to provide details of the beneficial owner to the authorities, the details are not in the public domain because of strict secrecy laws.
A Bermuda Exempt Company cannot trade within Bermuda or own property there. It may not be involved in banking, investment or insurance without a Licence.
Although non-Bermuda directors can be appointed, sufficient Bermuda resident directors to form a quorum in Bermuda must be appointed. A minimum of two directors is required.
The company secretary must be resident in Bermuda.
Corporations or natural persons of any nationality can hold shares in a Bermuda company.
The Cayman Islands, Grand Cayman, Cayman Brac and Little Cayman, are a British Overseas Territory in the Caribbean located South of Cuba and North-West of Jamaica. The territory is a major offshore financial centre. The Cayman Islands historically have been a tax-exempt destination. On 8th February 1794, Cayman residents rescued the crews of ten merchant ships, including HMS Convert. The ships had struck a reef and run aground during a storm. King George III rewarded the Island with a promise never to introduce taxes as compensation for their heroism.
The formation of a Cayman Islands company takes one to two weeks. The names of directors and officers are submitted to the Registrar of Companies but are not in the public domain.
A Cayman Islands exempt company cannot trade within Cayman or with Cayman residents or companies resident in Cayman. Only one director is required and this can be a corporation or a natural person. It is necessary to appoint a company secretary but the shareholders, secretary and director may be the same person or company.
Incorporation takes about four days.
Guernsey is one of the Channel Islands and is a British Crown Dependency located off the French Coast. Although the defence of Guernsey is the responsibility of the United Kingdom, Guernsey is not part of the UK but rather a separate possession of the Crown. It is not part of the European Union. Its legal system is derived from Norman French customary law, heavily influenced and overlaid by English Common Law.
One director, two shareholders and a company secretary are required and details are on public record. Accounts are required but are not in the public domain.
It takes about two weeks to form a company.
We are happy to introduce our clients to a reputable Guernsey company who can deal with incorporations, provide nominees and registered office address, and carry out all the functions of maintaining a company in good standing.
Isle of Man
The Isle of Man is located in the Irish Sea, between England and Ireland and is a self-governing British Crown Dependency. The Head of State is Queen Elizabeth II. She holds the title Lord of Mann and is represented by the Lieutenant Governor on the Island. The Isle of Man is not part of the United Kingdom or the European Union. Its foreign relations and defence are the responsibility of the UK Government which also represents the Island in international forums.
The Island’s own Parliament and Government have control of all domestic matters.
The legal system is based on English Common Law and Manx Statute.
A minimum of two directors are required who must be natural persons and a company secretary. Details of directors, shareholders and secretary are publicly available. Accounts have to be filed but are not in the public domain.
It usually takes one to two days to incorporate a new company.
We are happy to introduce our clients to a reputable Isle of Man company who can deal with incorporations, provide nominees and registered office address, and carry out all the functions of maintaining a company in good standing
Jersey is one of the Channel Islands and is a British Crown Dependency, located off the French coast. It is a separate possession of the Crown and is not part of the United Kingdom, although the United Kingdom is constitutionally responsible for its defence. It is not a full member of the European Community though it is part of the EEC Customs Zone. Its legal system is a mix of Norman Statutes and English Law.
One director, one shareholder and a secretary are required. The shareholder records are in the public domain.
It takes two to three days to incorporate a company. Jersey service providers in our experience prefer not to work with intermediaries but directly with beneficial owners. We are happy to introduce our clients to a reputable Jersey company which can deal with incorporations, provide nominees and registered office address and carry out all the functions of maintaining a company in good standing.