Guide To Companies In Bermuda (July 2012)

PREFACE

This Guide takes into account the Companies Act 1981 (the "Companies Act") including all of the recent amendments to the Companies Act and is divided into five parts:

A. Exempted Companies

B. Overseas ('Permit') Companies

C. Arrangements, Reconstructions and Amalgamations & Mergers

D. Takeovers

E. General Information

Under the heading of General Information, we have dealt with such matters as banking facilities in Bermuda, accountants, mutual and mutual fund companies, winding up and other topics.

This Guide is concerned primarily with "exempted companies" and "permit companies"; no reference has, therefore, been made to those provisions of the Companies Act that regulate the carrying on of business by local companies in Bermuda. Broadly speaking, local companies are required to have at least 60% of their issued share capital beneficially owned by Bermudians. Exempted companies are formed primarily for the benefit of non-residents of