Q:
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Is there any restriction on the name of exempted company name registration in Bermuda?
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A:
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Bermuda Exempted Company shall not register with a name which in the opinion of the Registrar is undesirable and avoid using names which are similar that of another company.
Meanwhile, no company shall be permitted to be registered with a name contains the words “Chamber of Commerce”, “municipal”, “chartered”, “co-operative”, “building society” or in the opinion of the Registrar suggests or is likely to suggest the patronage of Her Majesty or of any member of the Royal Family or connection with any government whether of Bermuda or elsewhere.
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Q:
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Is there any requirement on the minimum amount of registered capital of a Bermuda Exempted Company?
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A:
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There is no requirement on the minimum share capital of an exempted company. The payable government registration and annual maintain fee is based on the amount of capital of the Company.
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Q:
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When can I get the Certificate of Incorporation for my Bermuda Exempted Company after submitting the application?
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A:
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Normally, the Certificate of Incorporation will be issued within 7 working days after submitted the incorporation.
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Q:
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Can the registered office of Bermuda Exempted Company be situated outside Bermuda?
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A:
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A Bermuda Exempt Company shall at all times have a registered office in Bermuda which shall not be a post office box to which all communications and notices may be addressed.
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Q:
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Is there any restriction on business activities for a Bermuda Exempted Company?
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A:
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Referring to the Companies Act, Bermuda Exempted Company shall not carry on any restricted business activity set out below without the consent of the Minister:
1.
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Operating a financial institution other than institutions that are investment funds or persons registered under the Insurance Act;
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2.
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Digital Asset Issuances;
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3.
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Offering of professional services as a barrister and attorney, medical practitioner, architect, dental practitioner, public accountant, optometrist, optician, professional surveyor, nurse, health service provider or any profession or occupation specified under the Professions Supplementary to Medicine Act; and
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4.
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Acquiring land or holding land in Bermuda other than in the case of land acquired or held under the Companies Act.
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Bermuda Exempted Company shall not carry on any prohibited business activity set out below:
1.
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Trafficking in armaments as defined in the Armaments (Control) Act;
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2.
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Except as authorized by law, operating lotteries as defined in the Lotteries Act or gambling facilities, including the operation thereof through the Internet; and
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3.
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Except as authorized by law, importation, exportation trading in, manufacture, production or supply of controlled drugs as defined by the Misuse of Drugs Act.
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Q:
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Is the Bermuda Exempted Company information available for inspection by public?
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A:
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The Register of Members, Directors and Officers of Bermuda Exempted Company shall be kept at its registered office and be open for inspection by members of the public without charge.
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Q:
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Can Bermuda Exempted Company have only one shareholder?
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A:
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Bermuda Exempted Companies are required to have at least one shareholder.
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Q:
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Can Bermuda Exempted Company have only one director?
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A:
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Every Bermuda Exempted Company shall have a minimum of one director.
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Q:
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Does the Bermuda Exempted Company required to appoint a Company Secretary?
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A:
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Yes, Bermuda Exempted Company shall appoint a Company Secretary who shall hold office in accordance with the bye-laws.
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Q:
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Any restriction on the director and shareholder’s nationality or residence of Bermuda Exempted Company?
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A:
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Bermuda Exempted Company shall have a minimum of one director, other than an alternate director, who is ordinarily resident in Bermuda if it has no local Company Secretary or resident representative be appointed.
There are no restrictions as to the shareholder’s nationality or residence of Bermuda Exempted Company.
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