Q:
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Does a Bermuda Exempted Company required to appoint local officers or representatives?
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A:
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The Bermuda Exempted Company shall at all times have at least one director, secretary or representative in Bermuda.
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Q:
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When should I renew the Bermuda Exempted Company?
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A:
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Referring to the Companies Act, Bermuda Exempted Company shall settle the annual fee to Bermuda Government during the month of January each year.
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Q:
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Do the accounts of the Exempted Company need to be prepared?
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A:
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The Bermuda Exempted Company must keep proper records of account with respect to its business activities. These records must be kept at the registered office or at such other place as the directors think fit.
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Q:
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Do the accounts of the Bermuda Exempted Company need to be audited?
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A:
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Referring to the Companies Act, Bermuda Exempted Company is required to prepare audited accounts annually. However, such requirements can be waived if all the directors and shareholders of the Company agree for not appointing auditor.
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Q:
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Does the Bermuda Exempted Company need paying tax in Bermuda?
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A:
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The Bermuda Exempted Company and its members are not subject to profits, income or capital gain tax to the Tax Authority in Bermuda.
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Q:
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Does Bermuda Exempted Company needs to hold annual general meeting each year?
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A:
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A Bermuda Exempted Company required holding an annual general meeting once in every calendar year. However, the members of the company may by resolution to dispense such requirement.
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Q:
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Does Bermuda Exempted Company required to hold the board or shareholder meeting within Bermuda?
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A:
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There is no restriction for the place of the meeting of directors or members. Also, such meetings can be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting, unless the bye-laws otherwise provide.
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Q:
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Do I need to notify any Government Authorities if there are any changes of the beneficiary owner and /or director of Bermuda Exempted Company?
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A:
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The Bermuda Exempted Company is required to notify the Companies Registry and Bermuda Monetary Authority if there are any changes of beneficiary owner or director within the specified period.
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Q:
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What are the consequences if the annual renewal fees of the Bermuda Exempted Company have not been paid?
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A:
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Non-payment of annual renewal fees will make the Bermuda Exempted Company lose its status of good standing and, the company and every officer of the company shall be liable to a default fine.
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Q:
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Is there any way I can check if my company is renewed or not?
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A:
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Generally, the Registered Agent will inform the company after renewed. The Bermuda Exempted Company may apply for a Certificate of Compliance from the Companies Registry for proofing of company status.
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FAQ
