General Information Brief
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Here you can find the general information brief document.
Bermuda - About the Jurisdiction
2.1 - Bermuda is a group of islands in the Western Atlantic approximately 1000 miles north of the Caribbean and 570 miles east of Cape Hatteras, North Carolina in the United States.
2.2 - Bermuda is an Overseas Territory of the United Kingdom. It is self-governing having laws enacted by a local Legislature, Bermuda is a nil tax jurisdiction. Responsibility for external affairs including civil aviation, defence, internal security and the police are substantially retained by the Governor as the representative of the United Kingdom. The Director has responsibilities and obligations under the Civil Aviation Act 1981 and the Convention on International Civil Aviation to keep a register of aircraft and to ensure that the requirements of the Air Navigation (Overseas Territories) Order 2001, as amended (the Order), are complied with in that regard.
2.3 - Bermuda's economy is service-oriented, the two main contributors being tourism and international business. The Gross Domestic Product stood in excess of US$4.5 billion, for fiscal year 2003-2004. Bermuda is the largest captive insurance centre in the world and international companies here are involved in a broad range of activities, including aviation, shipping, oil trading and investment holding.
2.4 - International companies in Bermuda are of several types, the most numerous example being the Exempted Company so called because it is exempted from local ownership requirements. Such companies may not conduct business in Bermuda but may undertake any type of approved business activity from a principal place of business in Bermuda. They may not compete in the local economy with Bermudian owned companies.
2.5 - Bermuda has developed excellent communications and transportation services and six major airlines provide regular services between the Island and the USA, Canada and the United Kingdom.
2.6 - Bermuda in general and the Department in particular, take pride in providing a quick, responsive and high quality service to its clients in the various sectors of business undertaken. The government and the economy are extremely stable and Bermuda laws are dependable and protective of investors in the Bermuda economy.
2.7 - International companies conducting business in Bermuda have found that the legal, financial and economic infrastructure of Bermuda is internationally respected and trusted and has proved to be dependable. Legal and other systems in place in Bermuda are closely aligned with those of the United Kingdom and as such are well understood by law firms in Europe, North America and countries used to doing business with the United Kingdom.
2.8 - Further information about Bermuda may be obtained from various Government Departments via the Government web portal at www.gov.bm.