New Companies Act of Bermuda

• Repealed the minimum amount of authorized capital
• The names of minor companies are allowed in languages other than English
• The company may own shares
• Advertising and documentation can be transmitted by e-mail or posted on the website
• The requirement for binding of the seal was lifted
• Directors of the company gained greater liability insurance

Currently, Bermuda companies are usually open in the next two - five days, depending on whether or not the approval of the Ministry, under the Companies Act 1981, as amended. The application for registration is made in the financial authority of the Bermuda-HNS, it specifies the details of the proposed trust management and the alleged name stored in the registrar of companies, are not allowed to use some ambiguous words, including the word «bank». If the requirements for the enterprise is not standard, the company may be formed by a parliamentary act, which takes about two months.

Local companies should be 60% owned by Bermudian owners, and may trade in the domestic economy. The two directors could not be out of the Bermuda-Second World War, and should not be shareholders. The Registrar may not be local but may be a shareholder. At the very least, require at least one shareholder, and with the exception of zero value of the shares. The minimum capital was previously $ 12 000, there is also an annual fee to the capital, which may or may not be represented in the form of shares.

The accounts must be kept in a local registered office, along with joint-stock the roster, and minutes of meetings of shareholders and directors, despite the fact that the accounts be closed for inspection. The share register, register of directors and officers, the certificate of registration of companies, memoranda, and founding documents are open to the public. Companies that do not lead the work, closed to access, but the old companies are available under certain circumstances.