Permit
Company (Branch Operations)
Any body corporate incorporated outside of Bermuda (“Foreign
Corporation”) which is seeking to establish a Bermuda
Branch from which it can conduct a trade or business may do
so by obtaining a Permit from the Minister of Finance pursuant
to Section 134 of The Companies Act, 1981. Such entities are
referred to in Bermuda as Permit Companies.
Permit Companies are exempt from all forms of taxation whether
on income, capital gain or capital appreciation until 2016
or such further period as extended by the Minister of Finance
from time to time.
Many foreign corporations have taken advantage of this type
of business vehicle in Bermuda due to tax treaty or other
reasons for operating their businesses outside of a particular
jurisdiction.
For further information on Permit Companies, please review
our Memorandum on Permit Companies in Bermuda by clicking
here.
|
