The Financial Commission of Bermuda regulates offshore financial services, as well as other financial transactions carried out in these islands. This regulatory body was established in 1969 to regulate and control all transactions related to financial activities.
One of the main offshore products of this tax haven is Bermuda offshore companies. This type of offshore is extremely attractive due to the benefits they provide to their owners. First of all, this is very easy registration, as well as great tax privileges. First of all, an announcement is made that an offshore company will be registered. The name of the offshore and its address, as well as the offshore status of the company being created, must be indicated in the announcement. Then, an application with a request to register a company, which contains all the necessary information, is sent to the Bermuda Financial Commission for consideration.
A registered offshore company of Bermuda does not have the right to conduct its business activities on the territory of the islands or with their residents. All Bermuda offshores are exempt from paying taxes, which is guaranteed by the offshore legislation of this tax haven.
Exempt partnerships of Bermuda as well as Bermuda offshore companies enjoy tax exemption privileges received outside this offshore jurisdiction. An Offshore Partnership may be formed by one or more partners and may be located outside of that tax haven. Exempt partnerships are created for the purpose of doing business outside of Bermuda.
Bermuda Offshore Legislation makes it possible to register offshore Trusts. Bermuda trusts are also exempt from taxes on income earned outside the jurisdiction of incorporation. Trusts are created for the purpose of protecting assets, real estate, and any other form of property. Also, Bermuda trusts can own real estate in this offshore jurisdiction.