Corporate Governance – Bermuda: Law And Practice

1. INTRODUCTION

1.1 Forms of Corporate/Business Organisations

The principal forms of corporate and business organisations in Bermuda are:

• exempted companies, owned by non-Bermudians and carrying on business outside Bermuda from a principal place of business in Bermuda (or within Bermuda with other exempted companies); and
• local companies requiring at least 60% ownership by Bermudians and which carry on business in Bermuda.

Both types of companies are private companies limited by shares. It is also possible to form both exempted and local limited liability companies (LLCs).

1.2 Sources of Corporate Governance Requirements

Corporate governance requirements in Bermuda are regulated by: