Bermuda

One of the many British over seas territories in the North Atlantic ocean. The Bermuda was first discovered by European in the 16th century. An island with great weather and sunny beaches. A great place for a holiday, especially if our looking to get a great and go snorkeling. The official language is English and the official currency is Bermuda dollar.

Economy

Most of  Bermuda income derives from the taxation of offshore activities. As most of its GDP is composed of income from these kinds of activities, Bermuda is known world wide as an offshore financial center.It's also well known as popular tax avoidance location and is used by large companies such as Google to dodge massive amounts of taxes. Although companies tend to find any loop holes that they can to dodge from the government, that every body loves so much, it's still a notable fact. The second largest industry in the Bermuda is tourism, falling behind the offshore financial activities by a margin. For the most of the 20th century the Bermuda was one of the richest countries in the world, but following the global recession of the 21st century, their economy has been on a quite a downfall. Still holding great shape, compared to other countries, but no longer holding up to the great economy of the prosperous past.

Population

Al tho the economic system has seen better days, the population count of the country has almost doubled since the 1950. The population is mostly mixed Africans and Europeans.

The Bermuda employs laws based on the English system. The currency of the country is Bermuda dollar which is on par with the US dollar. The companies are incorporated relaying on the The Companies Act of 1891. At least 60% of all types of companies except exempt companies must be owned by local residents.

Incorporation

The incorporation process in Bermuda is quite difficult. Before anything else, the intention to register a company must be advertised in the local newspaper, with the details of object clauses, the planned name and also the type of company planned to be incorporated. After that an application for consent has to be made with the Bermuda Momentary Authority with the following documents: Name of company, The address in which the office is going to be registered, the type of business the company is going to be involved in, general information of the company directors and shareholders, bank account details, the payments of required registration fees. The time for incorporation is usually around two to three weeks. A local office must be registered. The name of the company may be in any language, as long as the language uses Latin alphabet and a translation in English is provided, also suffixes to denote limited liability such as Limited or Ltd must be added.

Taxation

There are no double taxation agreements for Bermuda. The fee that must be paid yearly depends on
the amount of share capital. The fee ranges form 1870 Bermuda dollar to 29 220 Bermuda dollar for share capitals from 12000 USD to 500 000 000 USD and are as fallows:

Nr	Share capital	License fee
1.	$0 - $12,000	$1,870
2.	$12,001 - $120,000	$3,820
3.	$120,001 - $1,200,000	$5,890
4.	$1,200,001 - $12,000,000	$7,850
5.	$12,000,001 - $100,000,000	$9,815
6.	$100,000,001 - $500,000,000	$17,530
7.	$500,000,001 or more	$29,220

Board

The minimum number of directors are two, and at least one must reside in Bermuda at all times, more offshore directors may be appointed, the director must be a natural person. The minim number of shareholders is one. The company must employ a company secretary and she must be resident and a natural person.