🇧🇲 Conformité annuelle — Bermuda

Choosing Bermuda for a general holding company when BVI or Cayman would suffice

Fix: Bermuda's premium cost is justified by BMA insurance regulation and the (re)insurance ecosystem. For a standard holding structure with no insurance nexus, BVI offers 0% tax and English common law at a fraction of the cost.

Underestimating payroll tax obligations for Bermuda-based staff

Fix: Bermuda has no income tax, but payroll tax on Bermuda-based employees is significant (up to 10.25%). If you plan to hire locally, factor this into your cost model. Exempt Companies with no local employees avoid this entirely.

Assuming banking will be straightforward for non-insurance entities

Fix: Bermuda banks are conservative and focused on the insurance sector. Non-insurance Exempt Companies may face lengthy onboarding or minimum balance requirements. Plan a banking strategy early — consider banking in the US or UK if Bermuda banking proves impractical.