British Virgin Islands
Bermuda
Cayman Islands
Cook Islands
Jersey
Location
Caribbean, east of Puerto Rico
Mid-Atlantic
Caribbean; south of Cuba and west of Jamaica
South Pacific
English Channel, 14 miles off French coast
Legal system
English common law
English common law
English common law
English common law
Based on Norman law, with English common law
Language(s)
English
English
English
English, Cook Islands Maori
English and local Norman Patois
Currency
US dollar ($US)
Bermuda dollar ($BD)
Cayman Islands dollar ($CI)
New Zealand dollar ($NZ)
Pound sterling (§)
Exchange controls
None
None for international offshore activities
None
None
None
Banking confidentiality
Yes
Yes
Yes
Yes
Yes
Time zone
GMT minus 4 hours
GMT minus 4 hours
GMT minus 5 hours; no daylight saving time
GMT minus 10 hours
GMT (British Summer Time)
Tax treaties
Japan, Switzerland and United Kingdom (applicable to resident companies
only)
United States of America
None
None
Guernsey and United Kingdom, plus France in respect of shipping and airfreight
Company acquisition time:
(1) Shelf companies
(2) New formations
(1) 1 day
(2) 1 day
(1) Not generally available
(2) 15-20 working days
(1) 1 day
(2) 1-2 days
(1) 1 day
(2) Up to 28 Days
(1) Not allowed
(2) 1 day
Incorporation Costs:
(1) Government Registry
(2) Registered Agent
(1) US$300.00 on share capital
of US$50,000.00 or less
(2) US$980.00 (avg.)
(1) US$1,600.00 + US$200.00 based
on minimum share capital of US$12,000.00
(2) US$2,000.00 (avg.)
(1) US$492.00
(2) US$1,200.00 (avg.)
(1) ¤130
(2) ¤500
(1) ¤160 or ¤200 (the latter is same day formation)
(2) ¤880
Annual charges:
(1) Government Registry
(2) Registered Agent
(1) US$300.00
(2) US$480.00 (avg.)
(1) US$1,600.00
(2) US$1,750.00 (avg. w/ directors, secretarial and
registered office).
(1) US$492.00
(2) US$1,200.00 (avg.)
(1) ¤42
(2) ¤700 (avg.)
(1) ¤610
(2) ¤500 (avg.)
Shareholders:
(1) Minimum
(2) Residency requirements
(1) 1
(2) No requirements
(1) 2 (Directors must hold at least 1 share each as
nominees)
(2) No requirements
(1) 1
(2) No requirements
(1) 2
(2) No requirements
(1) 2 nominees are standard
(2) No requirements
Share capital
(1) Minimum authorized
(2) Minimum issued
(3) Bearer shares
(4) Redeemable shares
(1) No minimum requirement
(2) 1 share
(3) Yes
(4) Yes
(1) US$12,000.00
(2) No requirements
(3) No
(4) May be applied for
(1) No minimum requirement
(2) 1 share
(3) Yes
(4) Yes
(1) None specified (usually ¤2,000)
(2) 2 shares
(3) Yes
(4) Yes
(1) ¤10,000 in any currency
(2) 2 shares
(3) No
(4) Yes
Beneficial ownership:
(1) Disclosure
(2) Bearer shares
(1) Not required to Government but must be disclosed
to registered agent
(2) Yes
(1) To Bermuda Monetary Authority, which keeps in strict confidence
(2) Not applicable
(1) Not required to Government but must be disclosed to registered agent
(2) Yes
(1) Not required
(2) Disclosure not required
(1) To local regulatory body, which keeps in strict confidence
(2) Not applicable
Directors:
(1) Minimum number
(2) Residency requirements
(3) Corporate directors
(1) 1
(2) Not required
(3) Yes
(1) 2
2 residents
No
(1) 1
(2) No requirements
(3) Yes
(1) 2
(2) No requirements
(3) No
(1) 1
(2) No requirements
(3) No
Local presence requirements:
(1) Directors
(2) Company officers
(3) Meetings
(4) Annual general meeting
(1) Not required
(2) Not required
(3) Not required
(4) Not required
(1) 2 residents
(2) Not required
(3) Not required
(4) Not required
(1) Not required
(2) Not required
(3) 1 annual directors' meeting
(4) Not required
(1) Not required
(2) Not required
(3) Not required
(4) Not required
(1) Not required
(2) Not required
(3) Not required
(4) Not required by Members' consent
Audit requirements
None
Yes, but can be waived by agreement of all directors
and shareholders
None
Yes
Members may agree to dispense with audit requirements
Annual accounts
Not required
Yes, but can be waived (not public)
Basic accounts only (not public)
Yes; public companies must file annual returns
Not required
Migration possible?
Yes
No, unless incorporated by private act
Yes
Yes
No
Share transfer duty
Nil
Nil
Nil
Nil
Nil
Tax rates:
(1) Offshore companies
(2) Domestic companies
(3) IBC companies
(1) Nil
(2) 15%
(3) Nil
(1) Annual fees from US$1,600.00- US$8,000.00
(2) US$500.00
(3) Annual fees from US$1,600.00- US$8,000.00
(1) None
(2) None
(3) None
(1) ¤600 non-resident company duty
(2) ¤300 annual fee for exempt companies; otherwise 20% of taxable income
(3) ¤600 non-resident company duty
(1) Exempt company ¤500 flat rate per annum
(2) Resident companies 20% for local income tax company
(3) IBC company sliding scale of 2% and lower on profits
© Hewlett Beck & Arad, The Elan Group and Affiliates, 1995-1998. All rights reserved.
