Bermuda consists of 8 major islands and 130 smaller islands. Its land mass covers almost 21 square miles (54 square kilometres) and it has a population of approximately 60,000. Bermuda is the oldest self-governing British colony and uses the British Westminster style of Government.
The Islands are among the most isolated in the world with the nearest point of land being at Cape Hatteras, North Carolina of the United States of America - 570 miles (917 Kilometres) west of Bermuda.
Bermuda is in the Atlantic Time Zone and is one hour ahead of New York and four hours behind the United Kingdom.
Bermuda's climate is semi-tropical with an average temperature of 71 degrees Fahrenheit although the usual variation in temperatures is from a low of 57 degrees Fahrenheit to a high of 86 degrees Fahrenheit.
English is the official language of Bermuda.
Although self-governing, the United Kingdom remains responsible for Bermuda's defence, external affairs, internal security, and the administration of the police force. These responsibilities are vested in a Governor who resides in Bermuda and who is appointed by the reigning Monarch of the United Kingdom.
The Legislature consists of a 36 seat House of Assembly elected under universal franchise, and an appointed Senate. Two political parties are represented in Parliament: the governing Progressive Labour Party and the United Bermuda Party.
Bermuda's legal system is based on English common law and the doctrines of equity, together with Bermuda statute law dating from 1612.
The Bermuda International Airport is served by a number of major international carriers and has direct links to the United Kingdom, United States and Canada. Flying time to New York or Boston is approximately two hours.
Bermuda is well served by an extensive public transport system of buses and ferries. Only persons holding a Bermuda drivers’ licence are permitted to drive motor vehicles on the Island.
Bermuda offers excellent worldwide communications, services, and facilities. These include telephone, telex, facsimile, internet, cable and satellite.
There are a number of local and international courier services available and delivery to other countries can normally be achieved within one or two days.
The currency of Bermuda is the Bermuda dollar (BD$), which is at par with the U.S. dollar. Both currencies may be used in Bermuda.
Bermuda has developed as a major offshore financial centre with a reputation for the high quality of the international business transacted on or from the island. Due to its geographical proximity to the United States, Bermuda has developed particularly close business ties with North America. However, many European and Far Eastern entities have also established companies in Bermuda.
Extensive and sophisticated professional services have developed with the growth of international business in Bermuda. Bermuda is home to a substantial insurance and reinsurance sector. It also has the largest captive insurance industry in the world. The local banks offer full international banking, investment and fiduciary services. The major international accounting firms are all well represented in Bermuda. Local law firms have extensive experience in the incorporation and administration of local and exempted undertakings.
Prime Location
Being one hour ahead of the North American Eastern Seaboard, four hours behind the United Kingdom and 7 to 12 hours behind the Middle and Far East countries. Bermuda is an excellent location for operating international businesses. With its easy access by air to major international markets, and its appeal as a sub-tropical paradise with a well-developed hospitality industry, Bermuda is an attractive place to hold business meetings.
Political stability
Bermuda is politically, economically, and socially stable and thus provides a favourable environment in which to conduct business. Bermuda is committed to maintaining its integrity as a first class international financial centre, and to maintaining its reputation for quality business and the highest standards of behaviour.
Legal framework
The legal framework is highly developed, providing certainty and effectiveness. The regulatory frameworks are up to date and transparent, and are applied fairly, consistently and in accordance with international standards of best practice.
Tax neutral environment
Bermuda’s taxation is primarily consumption rather than income-based. Corporate bodies are not taxed on their income. The are no taxes on interest, dividends, unearned income or on capital gains.
Excellent Support services
Banking, trust, investment, accounting, custodial, and legal services, which are necessary to support international business, are of the highest international standard. These are supplemented by local management, financial, and corporate service companies.
A variety of entities can be established in Bermuda. By far the most common is the "exempted" company. An exempted company is one which is exempted from provisions of Bermuda law applying to local companies which, among other things, restricts the portion of share capital which may be owned by non-Bermudians. Thus, exempted companies are predominately owned by non-Bermudians and, although incorporated in Bermuda, may carry on business from within Bermuda normally only in connection with transactions and activities external to Bermuda.
The most common business activity of exempted companies is investment holding, but insurance, mutual finds, commercial trading, and shipping companies also figure in large numbers.
Unit trusts, other forms of trusts and settlements, as well as partnerships can also be established. In addition, under a permit issued by the Minister of Finance, overseas companies are permitted to operate under certain circumstances, from a place of business inside Bermuda.
Source: Bermuda Monetary Authority
