General Information Brief
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Here you can find the general information brief document.
Bermuda International Register of Civil Aircraft
3.3 - Ownership by a Bermuda Body Corporate
3.3.1 - It is permissible for a Bermuda body corporate, an Exempted Company, to be formed solely for the purpose of owning and operating aircraft on the Register; this is a customary practice. Full company incorporation is required of persons wishing to register aircraft in Bermuda and this may be achieved by the relatively straightforward process of registration under the Companies Act, 1981. Full guidance, at an early stage, should be sought from a Bermuda law firm regarding all aspects of incorporation and the maintenance of a Bermuda company. Similarly, advice should be obtained from competent legal counsel in the applicant's principal jurisdiction regarding various possible advantages and disadvantages of such action. The Director cannot offer such advice and, when entertaining applications to register aircraft, he will assume that the applicant will have sought such professional counsel as may be necessary in the applicant's interest.
3.3.2 - A Bermuda Exempted Company may be incorporated subject to the consent of the Minister of Finance and further subject to the approval of the Bermuda Monetary Authority (BMA) on behalf of the Minister in accordance with the Companies Act 1981, as amended. It should be noted that the confidential disclosure of the beneficial owner's identity to the BMA is required and strict confidentiality concerning this is ensured by statute.
3.3.3 - The beneficial ownership and control of an aircraft to be registered must be disclosed to the Director. Such disclosure is treated in confidence and does not form a part of the public record of the registration. The BMA requires the provision of such further information as may be necessary to enable it to properly scrutinize the ownership of the company and that the applicants are persons of integrity and good financial standing. Full information on these requirements may be obtained from any Bermuda law firm practising corporate law. Such firms may also provide the Bermuda resident Directors, or the Resident Representative, of an Exempted Company and the registered office of the company. Executives of Bermuda Banks and management companies may also participate in such arrangements
3.3.4 - It may be noted that, at the date of this General Information Brief, there is no requirement when registering an aircraft in Bermuda to obtain a Bermuda importation licence. There are no Bermuda income or profits taxes, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by a Bermuda company or its shareholders, other than those shareholders ordinarily resident in Bermuda. Details of the fees, charges and stamp duties relating to a Bermuda Exempted Company should be obtained from a Bermuda law firm.