The Bermuda Exempt Company is the most preferred company type in this jurisdiction. The peculiarities of an Exempt Company include:

Exempt Company are allowed to engage in any activity provided by law. The provision of banking, trust, insurance and reinsurance services is however subject to licensing.
The company is prohibited from the following activities, they include:
– To conduct commercial activities with the residents of Bermuda involved;
– To take possession of real estates located on the administrative lands of the islands;
– To accept deposits and conduct activities contrary to the national interests of the jurisdiction.
Registration of offshore business in Bermuda takes place within 3 working days from the date of submission of the necessary documents to the registration authorities. There is the option of an accelerated registration procedure the company can undergo within a few hours (if necessary and in a case where the Treasury of Bermuda has all the information concerning the company’s managers and beneficial owners).
According to the island’s legislation, third parties can not buy a ready-made company in Bermuda.
The names of companies are registered only in English. The name should include words or abbreviation like ‘Limited’ or ‘Ltd’ respectively. The names of companies which can mislead concerning the company’s scope of activities or the names which directly or indirectly indicate the link to state or municipal authorities is not permitted.
The legal address should be in the territory of this jurisdiction and provided by the registered agent. Only representatives of the state authorities are allowed to come to this address. The use of the post-office box leased from the local post office as the legal address is prohibited.
Registration of offshore business in Bermuda is possible if there is minimum authorized capital of 12,000 BD $ (or equivalent in another freely convertible currency). Issue and allocation of capital between shareholders are mandatory, but its incomplete payment is not allowed.
Only registered shares and bearer bonds are allowed to be issued. Bearer shares are not issued.
Citizens and legal entities can be shareholders of the company (there should be at least one shareholder). No residence requirements.
Only citizens can become directors (there should be at least two directors). At least one of the directors of the company should be a Bermudian resident.
The meeting of shareholders should be held once per the calendar year. The place does not matter. The shareholders with more than 10% of voting shares can convene extraordinary meetings. Besides, the meetings of directors can be held in any jurisdiction of the world, and the minutes are kept by each of the directors.
Data on beneficial owners can be disclosed, only upon a legal ruling or decision from the judicial authority.
The law does not limit the selection of banks, the countries of their location, and the number of accounts for the company. Information about all banking transactions is strictly confidential.
Currency control of the company’s activities is not applied.