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Bermuda: Types of Company

Overseas Partnership

An overseas partnership is defined as a partnership formed under a law other than the law of Bermuda. An application must be made to the Minister of Finance giving the reasons why an exempted partnership should not be formed instead (for instance, that it is more tax-efficient). In other respects, the application process is similar to that for an exempted partnership. The Minister issues a permit, analogous to that for a permit company, and the Registrar keeps a register of overseas partnerships. An overseas partnership may not participate in the domestic economy.

An overseas partnership must maintain a registered office in Bermuda and must keep sufficient records there to show the nature of its business and its financial situation, updated at least every three months.

An overseas partnership pays an annual fee of USD2,235. It is deemed to be non-resident and is exempt from exchange controls.

 

 

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