Bermuda Company Management Services
In Bermuda, there are many management agencies, Banks, commercial law firms and others who provide company or corporate management services. They work in affiliation with accountants, attorneys and other 3rd parties to provide such services.
The offerings includes the full range of corporate operations. Clients can contact them for a standard package or for a customized set of services. The services are not only provided to existing corporate, but also for setting up new companies and to manage their key business activities.
About 10,000 exempted companies that operate out of Bermuda, cover almost all types of business. However the majority are investment holding companies. Bermuda is vastly experienced in providing corporate management services to all such companies. It is particularly well known for the portfolio of services it offers to the insurance companies and the ship owners.
Here are the main management services provided by the Bermuda companies:
Incorporation in Bermuda
Assistance and advice are provided during the incorporation of the company in Bermuda. The professional service also includes assistance in the application process, follow up, checking the documentation, vetting the bona fides and so on. Most of the companies are formed under Bermuda Companies Act. However in special cases, it is possible to form a company by Act of Parliament.
Establishment of Organization in Bermuda
The consultants can facilitate and arrange for various things related to establishment of the new company’s organization. Such matters include statutory meetings of shareholders and directors, allotment of capital, presentation and adoption of bye-laws, appointment of the company’s directors, auditors, bankers, managers, Principal Representative, establishment of bank signing authorities, fixing financial year, and location of the company’s registered office in Bermuda and so on.
All Bermuda companies need to have at least two representatives who should be residents of Bermuda. They should serve either I) both as directors, or II) one as a director and the other as the secretary, or III) one as the secretary and the other as the resident representative.
Corporate Secretarial Services in Bermuda
Bermuda has developed highly trained professionals in the areas of secretarial functions. The service providers can bring such skills to manage a wide range of secretarial services while the new company can focus on its core functions. Most of the staff in this area are members of the relevant accounting and corporate secretarial professions in Bermuda, Canada or the UK.
Auditors Services
Bermuda based companies are required to appoint auditors. In case of some companies, requirements for annual audits may be waived if approved by all the share holders.
Accounting
Bermuda Companies or corporate management services provide a full suit of offerings in the area of accounting. It includes billing, receivables, payables, payroll, inventory and complete financial reporting with online access from anywhere. One can also avail investment portfolio management services. Data backup and security is also a standard service.
Banking and cash management
Handling day-to-day banking and cash management in line with the client requirements.
Bermuda Company Identity
Identity services, including unique telephone & fax numbers, and a postal address.
Office accommodation in Bermuda
Executive office accommodations can be provided with full services including computers, phones, copiers, printers, fax and other advance office equipment. The charges can be by the hour, day or month.
Systems analysis and support
Services include analysis of office support systems and design and implementation of required hardware, software and network infrastructure. The Bermuda management companies also provide operations support to run the IT set up.
Special projects
Services includes business planning, budgeting and cash flow forecasting, feasibility studies, funding proposals, business development and marketing, cost containment processes, inter-office connectivity, reorganizations, valuations, strategic planning research, information development etc.
Special purpose companies
Bermuda has strong expertise in many specialized areas like foreign sales corporations, insurance, partnership management, shipping management, unit trusts and pension funds.
Bermuda Services for Foreign sales corporations
Over 400 Foreign Sales Corporations (FSCs) are registered in Bermuda. They receive benefits in terms of US tax concessions on their commission income. Bermuda companies can provide specialist services to FSCs to maximize savings and reduce the time required for compliance.
Insurance
Bermuda is the world leader in the field of
international insurance. Most of the international insurance companies, small or big, are managed through local 3rd party services. Such services include the provision of actuaries and loss reserve specialists, along with full range of corporate management facilities.
Partnership management
Managers from Bermuda's professional services companies can well fill in the requirement for local managers by the exempted partnerships. Limited partnerships are often the preferred vehicle for venture capital schemes, multinational investment syndicates and high-risk operations like oil exploration, research and development etc.
Bermuda Shipping
Protection & Indemnity (P&I) clubs provide insurance coverage to the ship owners who own and operate ships. In this respect, Bermuda P&I clubs are the World Market leaders. By using Bermuda based management companies and representatives in the major shipping centers worldwide, they effectively facilitate shipping operations through out the globe.
Many local Bermuda managers are members of the International Group of P&I Clubs. This enables them to arrange their excess loss reinsurance programs through the International Group Reinsurance Pool and the International Group Excess Loss Reinsurance Contracts.
Bermuda service providers also offer payroll services for non-resident shipping personnel who work around the world. This service can enhance the payroll package by able to take them out of the tax jurisdiction.
Unit trusts and pension funds
Bermuda law requires the appointment of a local trustee and manager for unit trusts and pension funds established in Bermuda. A full suite of services are provided by Bermuda companies.
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