Bermuda: Types of Company
Partnerships are recognised in Bermudan law under the Partnership Act 1902 as amended, which is modelled on equivalent English law. They can become exempt from local ownership requirements and exchange controls under the Exempted Partnerships Act 1992, through an application process similar to that for Exempt Companies (see above). An exempted partnership must maintain an office in Bermuda and must appoint a resident representative.
Exempt partnerships pay the Government an annual fee of USD2,235 (at the time of writing).
See next section for changes to partnership law in 2005.