Bermuda currently has no corporate or income tax. Exempt Bermuda companies receive a certification of tax exemption and a Government assurance under the Exempt Undertakings Tax Protection Act 1996, confirming that in the event of Bermuda introducing a taxation system, exempt companies will be further exempted up to 2016.
The annual licence fee for a Bermuda company with an authorised capital of up to US$12,000 is US$1,680. Thereafter, there is a sliding scale up to a maximum of US$25,000 on an authorised capital more than US$500 million.
Although there is no statutory requirement to file accounts, there should be sufficient accounting records to enable the directors and shareholders to ascertain the financial position of the company. The accounting records should be kept at the registered office address. If they are kept outside Bermuda, copies of all accounting records should be available for inspection by the directors each quarter.
All Bermuda companies should appoint an auditor, except where the directors and shareholders have unanimously agreed not to appoint one.
