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Sole proprietorship

Setting Up a Business in Bermuda 

There are a few options for setting up a business in Bermuda. Your options depend on the nature of your business activities and whether you wish to conduct business in the local market.

Generally speaking, formation of a limited company, partnership or LLC which does not require consent of the Minister of Finance may be accomplished within one day after an application is received. Where the consent of the Minister is required, the processing time is up to a week from the date that the ROC has received all necessary information relating to the proposed company, and all personal declarations from the proposed beneficial owners.

Register your business

Most businesses register as a limited company (ltd.), partnership or limited liability company (LLC).

On this page you will find the various options for setting up a business in Bermuda.

Click on a link below to go directly to the information you are looking for.

Sole proprietorship

A sole proprietorship can only have one owner and is the simplest form of business to set up. The owner is personally responsible for the business’s debts, will have some accounting responsibilities and must take care to keep separate personal finances and accounts from those of the business. Owners of sole proprietorships must register with the Office of the Tax Commissioner and the Department of Social Insurance, on behalf of the owner and any employees. Sole proprietorships may require additional registrations depending on the type of business activity conducted. Owners of sole proprietorships are also encouraged to register with the Bermuda Economic Development Corporation (BEDC).

 

Disclaimer

You may have other responsibilities depending on what your business does.  The content of this website, including any publication, is of general informational nature.  It is not intended to be comprehensive nor does it constitute legal advice.  Although our aim is to ensure that the content is current and accurate, you should consult a Bermuda professional service provider with your specific questions regarding starting and operating a business in or from Bermuda.

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