COMPANIES ANNUAL FEES AND RETURNS
DUE JANUARY AND MARCH 2021
For the convenience of the public, the following is a summary of the Annual Returns and Fees for companies operating pursuant to The Companies Act 1981, The Exempted Partnerships Act 1992, The Overseas Partnership Act 1995, The Limited Liability Company act 2016 and/or The Segregated Accounts Companies Act 2000.
THE COMPANIES ACT 1981
1. EXEMPTED COMPANIES
1-1 Every exempted company shall in the month of January submit to the Registrar of Companies a declaration signed on behalf of the company as to the company’s principal business and its assessable capital together with the appropriate fee payable.
Fifth Schedule
Where the assessable capital of the exempted company is:-
- $0 - $12,000 ................................................................................................................ $ 2,095
- $12,001 - $120,000 ..................................................................................................... $ 4,275
- $120,001 - $1,200,000 ................................................................................................ $ 6,590
- $1,200,001 - $12,000,000 ........................................................................................... $ 8,780
- $12,000,001 - $100,000,000 ....................................................................................... $10,980
- $100,000,001 - $500,000,000 ..................................................................................... $19,605
- $500,000,001 or more ................................................................................................. $32,676
1-2 Where the exempted company has been designated as an FSC under the Internal Revenue Code of the U.S.A. and HAS SUBMITTED TO THE REGISTRAR A CERTIFIED COPY OF THE DOCUMENT WHICH EVIDENCES SUCH DESIGNATION:
- Small foreign sales corporation which does
not lease aircraft ........................................................................................................... $ 615
- Regular foreign sales corporation which does
not lease aircraft ........................................................................................................... $1,240
- Foreign sales corporation small or regular
which leases aircraft ..................................................................................................... $2,079
(iv) Where the exempted company is one whose capital is denominated in a currency other than Bermuda area currency or currency of the United States of America and the Bermuda area currency equivalent is $15,000 or less ……………………………………………………………………………………….$2,095
(v) Where the exempted company is one whose capital is denominated in a currency other than Bermuda area currency or currency of the United States of America and the Bermuda area currency equivalent is $150,000 or less …………………………………………………………………………………..….$4,335
1-3 Fees and declarations in respect of Exempted Companies should be delivered to the Registrar of Companies on or before the 31st day of January 2021.
1-4 Fees submitted after the due date attract a penalty of $300.
2. OVERSEAS (PERMIT) COMPANIES
2-1 Where the principal business of the permit company is finance business or insurance business or in the case of a permit company which is open-ended, mutual fund business ........................................ $4,335
Where the permit company has a physical presence in Bermuda ................................... $2,095
Where the permit company does not have a physical presence in Bermuda, but where its principal falls within one of the specified categories .............................................................................................. $2,095
In any other case .......................................................................................................... $25,000
2-2 Fees and declarations in respect of Overseas Companies should be delivered to the Registrar of Companies on or before 31st March 2021.
2-3 Fees submitted after the due date attract a penalty of $300.
3. LOCAL COMPANIES
3-1 Every local company shall in the month of March forward to the Registrar of Companies a Form 14 Return of Shareholdings in the company as at the 31st December signed by one director.
3-2 Every local company shall not later than 31st March 2021 submit to the Registrar of Companies the appropriate fee.
Where the issued capital is:
(i) Less than $50,000 ........................................................................................................ $ 685
(ii) $50,000 or more but less than $250,000 ...................................................................... $ 1,020
(iii) $250,000 or more but less than $500,000 .................................................................... $ 1,700
(iv) $500,000 or more but less than $1,000,000 ................................................................. $ 3,385
(v) $1,000,000 or more but less than $5,000,000 .............................................................. $ 6,765
(vi) $5,000,000 or more but less than $10,000,000 ............................................................ $12,890
(vii) $10,000,000 or more ................................................................................................... $19,330
3-3 The Annual Return and fee should be delivered to the Registrar of Companies in addition to a filing
fee of $50.00 in respect of the Return.
3-4 Fees submitted after the due date attract a penalty fee of $150
4. LOCAL, EXEMPTED AND OVERSEAS COMPANIES
4-1 Where the company is one which is engaging in or carrying on in Bermuda, wholesale trading business in respect of petroleum and other oils or liquefied petroleum gas
Local Company ..................................................................................................................... $19,330
Exempted Company .............................................................................................................. $20,300
Overseas Company ................................................................................................................ $20,300
4-2 A company liable to pay the fees provided for in sub-paragraph A(b) and B(c) of paragraph one, of Part II of the Fifth Schedule must pay those fees in addition to any other fee that the company is liable to pay under section 121 (1) or section 135 (see 1-1 and 2-1).
4-3 Where the company’s business includes the management of any unit trust scheme: in respect of each unit trust scheme managed by the company as at the date of the declaration under section 131(1) and 121(1) ..………………………………………………………………………………………………$3,050
4-4 NON-RESIDENT INSURANCE UNDERTAKINGS (NRIU)
Every Non-Resident Insurance Undertaking shall no later than 31st March 2021 submit to the Registrar of Companies the amount of $10,000.
5. LICENCED COMPANIES- SECTION 114B OR 129A LICENCES
5-1 All companies holding a licence under section 114B or 129A of the Companies Act 1981 shall pay
a fee of $1,000 upon the issue of the licence.
5-2 A fee of $1,000 is payable by 31st January of every subsequent year for the duration of the licence.
5-3 Any 114B licensed local company which fails to pay the fee provided by this section shall be guilty of an offence and liable on conviction by a court of summary jurisdiction to a fine not exceeding one hundred dollars for each month during which such fee remains unpaid.
5-4 Any 129A licensed exempted company which contravenes 129A (1) shall be guilty of an offence and liable on summary conviction to a fine not exceeding $500 for each day the offence continues or on conviction on indictment to a fine not exceeding $1,500 for each day the offence continues.
THE EXEMPTED PARTNERSHIPS ACT 1992
6 EXEMPTED PARTNERSHIPS
6-1 An exempted partnership shall on or before 31st January in each year, send to The Registrar of Companies a declaration in writing signed by a partner or by a person duly authorised to sign on behalf of the partnership, stating the general nature of the business transacted by the exempted partnership together with the annual fee ............................................................................................................................................... $2,350
6-2 Under section 12 (2) If an exempted partnership fails to send a declaration to the Registrar in compliance with subsection (1), every partner shall be liable to a penalty of $250.
6-3 In accordance with section 11 (5) and subject to subsection (6) where in any year a partnership
referred to in subsection (3) (a) or (b) fails to pay the annual fee, every partner shall be guilty of an offence and shall be liable on conviction by a court of summary jurisdiction to a fine for every day during which the default continues. Notwithstanding the provisions of section 11 subsection 6 (b) the Registrar may accept payment of the sum due together with a penalty of $100 and upon such acceptance the provisions of subsection (5) shall not apply.
THE OVERSEAS PARTNERSHIPS ACT 1995
7. OVERSEAS PARTNERSHIPS
7-1 Every Overseas Partnership shall no later than 31st January in each year submit to the Registrar the amount of $2,350.
7-2 Fees submitted after the due date result in a default fine of $315.
THE LIMITED LIABILITY COMPANY ACT 2016
8. EXEMPTED LIMITED LIABILITY COMPANY
8-1 Every Exempted Limited Liability Company shall no later than 31st January submit to the Registrar of Companies the fee referred to in section 253 subsection 1………………………………………..$900.00
8-2 Fees submitted after the due date attract a penalty of $315.
9. LOCAL LIMITED LIABILITY COMPANY
9-1 Every Local Limited Liability Company shall no later than 31st March submit to the Registrar of Companies the fee referred to in section 253 (1)…………………………………………………..$900.00
9-2 Fees submitted after the due date attract a penalty of $315.
10. LICENCED COMPANIES- SECTION 14 LICENCE
10-1 Every local limited liability company holding a licence under section 14 of the Limited Liability Company Act 2016 shall pay a fee of $1,000 upon the issue of the licence.
10-2 A fee of $1,000 is payable by 31st March of every subsequent year for the duration of the licence.
10-3 Any section 14 licensed local limited liability company which fails to pay the fee provided by this section commits an offence and liable on conviction by a court of summary jurisdiction to a fine not exceeding one hundred dollars for each month during which such fee remains unpaid.
11. LICENCED COMPANIES- SECTION 25 LICENCE
10-1 Every exempted limited liability company holding a licence under section 25 of the Limited Liability Company Act 2016 shall pay a fee of $1,000 upon the issue of the licence.
11-2 A fee of $1,000 is payable by 31st January of every subsequent year for the duration of the licence.
11-3 Any section 25 licensed local limited liability company which fails to pay the fee provided by this section commits an offence and liable on conviction by a court of summary jurisdiction to a fine not exceeding one hundred dollars for each month during which such fee remains unpaid.
THE SEGREGATED ACCCOUNTS COMPANIES ACT 2000
12. SEGREGATED ACCOUNTS COMPANIES
In addition to the annual fee or tax otherwise payable, Segregated Accounts Companies shall pay an annual fee of $295 in respect of each segregated account operated by the company, subject to a maximum annual fee of $1,180 in the aggregate.
GENERAL NOTES
13. PAYMENT INSTRUCTIONS
13-1 All cheques in respect of fees, similarly all returns mentioned, should be made payable to the Accountant General and forwarded to the Registrar of Companies, Government Administration Building, 30 Parliament Street, Hamilton HM 12 by the required date. Annual fees paid via electronic transfer must be confirmed as received in the Registrar of Companies bank accounts by the due date in order to avoid a penalty.
13-2 All bank fees are borne by the sender. Any shortages in fees will reflect as an underpayment and will generate a penalty, if applicable. Companies will be deemed to be non-compliant until the difference is paid in full. Contact the bank for transaction fees.
13-3 All electronic transfers must include the company’s registration number(s)
13-4 All U.S. Dollar cheques will be accepted at par with the Bermuda Dollar to companies denominated as Non-Resident under the Exchange Control Act.
13-5 Insurance Business Fees, Trust Company fees and Bank and Deposit Company fees are to be submitted to the Finance Business Planning Dept. of the Bermuda Monetary Authority, 42 Victoria Street, Hamilton HM 12.
13-6 Every company must notify the Registrar of the situation of its registered office (which shall not be a post office box) on Form 13.
The ROC reminds CSPs, companies, and limited liability companies of the wire transfer process as follows:
Company/CSP transfers the money to the ROC BMD or USD bank accounts
Company/CSP obtains Bank transfer information
Company/CSP to send email to the following Revenue division team member of the ROC –
rocaccounts@gov.bm with bank transfer information and the excel spreadsheet (attached)
clearly stating how the monies should be allocated. Please ensure to include the company
name, registration number and type of application.
Accordingly, the ROC hereby requests that the above wire transfer process be adhered to in order to ensure all fee remittances is appropriately allocated in a timely manner upon receipt.