Business accounts: Bermuda
An honest assessment before work starts, the quote is fixed in writing.
Bermuda is a British Overseas Territory and a global centre for insurance, reinsurance and fund management. The Bermuda dollar is pegged one to one to the US dollar, there are few banks on the island, and all are supervised by the Bermuda Monetary Authority (BMA). Company accounts here are opened mainly for Bermuda companies with real activity on the island, not for holding companies with no link to Bermuda.
Who Bermuda banks open company accounts for
| Company | Chances | What the bank cares about |
|---|---|---|
| An exempted Bermuda company with office and staff on the island: insurance, funds, asset management | high | regulatory licence, office, directors on the island |
| A local company operating in Bermuda | high | Bermudian ownership share, licences, tax registrations |
| A Bermuda company managed by a local licensed provider | medium | structure, source of capital, purpose |
| A foreign company with no link to Bermuda | low | banks usually refuse |
A Bermuda company for the account
International business in Bermuda is usually run through an exempted company registered by the Registrar of Companies. The BMA approves the ownership in advance, and the company must have a registered office and secretary on the island. Each year it pays a government fee based on its assessable capital and confirms its beneficial owners. Insurance, funds and other regulated activities also need a BMA licence. The bank looks at all of these documents, so we build the structure around the bank's requirements from the start.
Substance requirements and taxes
Bermuda companies carrying on certain activities - insurance, banking, fund management, financing, headquarters, shipping, intellectual property - must have real presence on the island: management, staff and spending. Most companies pay no income tax, but from 1 January 2025 Bermuda entities of multinational groups with revenue of €750 million or more pay 15% corporate income tax. Employers pay payroll tax, and goods carry customs duties.
What the bank checks
- Certificate of incorporation, memorandum, register of directors and shareholders, BMA consent for the ownership.
- The regulatory licence if the activity is regulated.
- Passports, addresses and bank references for directors, signatories and beneficial owners.
- A description of the business, counterparties and expected turnover.
- Evidence of the source of capital and owners' funds.
Timeline and process
| Stage | Time |
|---|---|
| Preparing corporate documents and the file | 1-3 weeks |
| Meeting with the bank, in person or by video | 1-2 weeks |
| Review and opening | 4-10 weeks |
Bermuda banks charge a monthly service fee and transfer fees, and set a minimum balance for some accounts. Tariffs depend on the bank and company profile, and we compare them before applying.
Deposit protection
The Bermuda deposit insurance scheme covers up to $25,000 per depositor per bank. For a company this is small, so large balances are usually placed in liquidity management instruments.
Why Bermuda banks refuse
- The company has no activity, office or staff in Bermuda.
- Regulated activity without a licence.
- The source of capital is not evidenced.
- Owners or counterparties from sanctioned or higher-risk countries.
- Expected turnover too small to be served by a Bermuda bank.
- The ownership was not approved by the BMA or changed without notice.
How we help
We assess whether your company suits Bermuda banks, bring in a local licensed provider if needed, prepare corporate documents, the source of capital file and business description, and handle the meeting and review until a decision. If a Bermuda bank does not fit, we propose a bank in another jurisdiction for your structure.
What we do
- Corporate account - opening assistance
We will calculate online the cost of opening an account for your company and maintaining it for a year.
See also
Company formation · Personal account · Investment property · Country taxes · All country programs
FAQ
Can a company open an account in Bermuda?
Is presence in Bermuda required?
How does the opening process work?
How much does a corporate account cost?
Does a Bermuda company pay income tax?
Is company money protected at a Bermuda bank?
Need a corporate account in Bermuda?
We assess whether your company meets Bermudian banks' requirements, prepare the compliance pack and handle the bank until it decides. The catalogue covers business accounts worldwide.
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