Promote:
Invest in Bermuda
A short guide for companies expanding into Bermuda: the economy at a glance, the rules and steps to set up, and who can help, each with its source.
1. Bermuda at a glance
PopulationEstimate
64,555
The World Bank reports a population of 64,555 in 2025.
Source: World Bank WDI, population, Bermuda, 2025 (opens in a new tab) · as of 2025
GDP
US$9.19 billion
The World Bank reports GDP of US$9,194,499,000 in 2024, in current dollars.
Source: World Bank WDI, GDP, Bermuda, 2024 (opens in a new tab) · as of 2024
GDP per person
US$142,250
The World Bank reports GDP per person of US$142,250.43 in 2024, in current dollars.
Source: World Bank WDI, GDP per person, Bermuda, 2024 (opens in a new tab) · as of 2024
Real GDP growth
1.9%
The World Bank reports real GDP growth of 1.9 percent in 2024.
Source: World Bank WDI, real GDP growth, Bermuda, 2024 (opens in a new tab) · as of 2024
Inflation
2.5%
The Department of Statistics reports twelve-month inflation of 2.5 percent for April 2026, its latest Consumer Price Index report.
Source: Department of Statistics, Consumer Price Index, April 2026 (opens in a new tab) · as of April 2026
The currency is the Bermuda dollar.
Source: Bermuda Monetary Authority, Annual Report 2024 (opens in a new tab) · as of November 1, 2026
2. Before you set up
The investment agency, any one-stop route, the sectors reserved for nationals and the zones, as the guide found them.
The Bermuda Business Development Agency completed its transition to a performance-led investment promotion agency in 2025, the Ministry of Economy and Labour says.
Source: Government of Bermuda, Economy and Labour budget overview 2026 (opens in a new tab) · as of February 26, 2026
The Bermuda Business Development Agency runs a business concierge service that the government describes as a one-stop shop for setting up a business.
Source: Government of Bermuda, Business Development Agency page (opens in a new tab) · as of November 1, 2026
Section 4A of the Companies Act 1981 requires ministerial consent for restricted business activities in the Ninth Schedule, and section 4B bars the activities in the Tenth Schedule.
Source: Bermuda Laws Online, Companies Act 1981 (opens in a new tab) · as of 1981
The Bermuda Economic Development Corporation says Bermuda has four Economic Empowerment Zones: North East Hamilton, South East Hamilton, Somerset and St. George's.
Source: Bermuda Economic Development Corporation, Economic Empowerment Zones (opens in a new tab) · as of November 1, 2026
3. Steps to set up
The main steps, in order, each with the body responsible and its official page.
Setting up in Bermuda
- Choose a legal form, check the restricted business lists, and register through a Bermuda law firm, accounting firm or licensed service provider.Registrar of CompaniesOfficial page (opens in a new tab)
Source: Government of Bermuda, limited companies guide, September 2026 (opens in a new tab) · as of September 4, 2026
- Apply to the Minister for the license your structure needs: section 114B, section 129A or, for a permit company, section 134.Registrar of CompaniesLicense application BD$2,205, issuance BD$1,050, annual BD$1,050; permit application BD$350Official page (opens in a new tab)
Source: Government of Bermuda, conducting business guide, October 2026 (opens in a new tab) · as of October 29, 2026
- Register for payroll tax with the Office of the Tax Commissioner within seven days of the end of the first tax period.Office of the Tax CommissionerOfficial page (opens in a new tab)
Source: Office of the Tax Commissioner, registering a tax account, 2026 (opens in a new tab) · as of August 5, 2026
- Register with the Corporate Income Tax Agency if your group is within the scope of corporate income tax.Corporate Income Tax AgencyOfficial page (opens in a new tab)
Source: Government of Bermuda, Bermuda Corporate Income Tax page (opens in a new tab) · as of October 12, 2026
Show 3 more set-up steps
- For banking, insurance, funds, trust, digital asset, money service or corporate service business, apply to the Bermuda Monetary Authority for the sector license.Bermuda Monetary AuthorityOfficial page (opens in a new tab)
Source: Bermuda Monetary Authority, about page (opens in a new tab) · as of November 1, 2026
- Apply for work permits for non-Bermudian staff; an exempted company new to Bermuda can use the new business work permit.Department of ImmigrationStandard permit: 20 working days to processOfficial page (opens in a new tab)
Source: Government of Bermuda, Work Permit Policy 2026 guide (opens in a new tab) · as of May 11, 2026
- If the project needs land, apply for a land license and check the restricted activity rules for corporate land holding.Economic Development DepartmentOfficial page (opens in a new tab)
Source: Government of Bermuda, Economic Development Department page (opens in a new tab) · as of November 1, 2026
4. Organizations that help investors
Start with BDA and Customs. Each card links to the organization’s own site.
Each card says what it can help with:Get adviceFind financeMeet requirementsResearch markets
Investment and business setup
- Get advice
Investment promotion agency
BDA
Bermuda Business Development Agency
Guides investors through Bermuda policy and regulation and connects them with government, regulators and service providers.
Visit BDA (opens in a new tab)Source: Bermuda Business Development Agency, assistance for investors (opens in a new tab) · as of November 1, 2026
- Meet requirements
Company registry
Registrar of Companies
Registers companies and partnerships, handles license and permit applications to carry on business, and keeps the public register.
Visit Registrar of Companies (opens in a new tab)Source: Government of Bermuda, limited companies guide, September 2026 (opens in a new tab) · as of September 4, 2026
Show 2 more organizations
- Meet requirements
Immigration and work permit department
Immigration
Department of Immigration
Decides work permit applications, including the new business permit for exempted companies.
Visit Immigration (opens in a new tab)Source: Government of Bermuda, Work Permit Policy 2026 guide (opens in a new tab) · as of May 11, 2026
Economic development department
EDD
Economic Development Department
Processes land license and Incentives for Job Makers applications and supports the economic development and fintech strategies.
Visit EDD (opens in a new tab)Source: Government of Bermuda, Economic Development Department page (opens in a new tab) · as of November 1, 2026
Customs and tax
- Meet requirements
Customs authority
Customs
Customs Department
Takes export declarations through its CAPS system, issues CAPS ID numbers and enforces import and export restrictions.
Visit Customs (opens in a new tab)Source: Customs Department, Bermuda Customs Declaration, 2025 (opens in a new tab) · as of July 1, 2025
- Meet requirements
Tax administration office
OTC
Office of the Tax Commissioner
Registers employers for payroll tax and administers payroll, land, stamp and other business taxes.
Visit OTC (opens in a new tab)Source: Office of the Tax Commissioner, registering a tax account, 2026 (opens in a new tab) · as of August 5, 2026
Show 1 more organization
- Meet requirements
Corporate income tax authority
CITA
Corporate Income Tax Agency
Administers corporate income tax and tax credit benefits for large multinational groups, and tax information exchange.
Visit CITA (opens in a new tab)Source: Corporate Income Tax Agency, home page, October 2026 notices (opens in a new tab) · as of November 1, 2026
Chambers and industry associations
- Get advice
Insurance industry association
ABIR
Association of Bermuda Insurers and Reinsurers
Represents the public policy interests of Bermuda's international insurers and reinsurers.
Visit ABIR (opens in a new tab)Source: Association of Bermuda Insurers and Reinsurers, about page, 2026 (opens in a new tab) · as of October 15, 2026
5. Worth knowing
Currency and settlement
The Bermuda dollar is at par with the United States dollar, and customs applied a rate of 1.0000 in its weekly rates for October 29 to November 4, 2026.
What to do: Confirm with your bank which currency you will invoice and settle in before you set prices.
Sources: Customs Department, weekly exchange rates, October 29 2026 (opens in a new tab); Bermuda Monetary Authority, Annual Report 2024 (opens in a new tab) · as of October 29, 2026
Reserved sectors
A local company needs at least 60 percent Bermudian ownership and control or a ministerial license, and 48 job categories are closed to overseas workers.
What to do: Ask the Registrar of Companies and the Department of Immigration whether your project is affected before you commit capital.
Sources: Government of Bermuda, conducting business guide, October 2026 (opens in a new tab); Government of Bermuda, Work Permit Policy 2026 guide (opens in a new tab) · as of October 29, 2026
Corporate income tax
Bermuda introduced corporate income tax on January 1, 2025, at 15 percent for groups with revenue of 750 million euros or more in two of the four prior years.
What to do: Check with the Corporate Income Tax Agency whether your group is in scope.
Sources: Government of Bermuda, Bermuda Corporate Income Tax page (opens in a new tab); Bermuda Laws Online, Corporate Income Tax Act 2023 (opens in a new tab) · as of October 12, 2026
Work permits
A standard work permit takes 20 working days to process for a complete application, and no one may start work before approval.
What to do: Time your staffing dates around the approval time, and advertise vacancies for at least eight days.
Source: Government of Bermuda, Work Permit Policy 2026 guide (opens in a new tab) · as of May 11, 2026
Show 1 more
Beneficial ownership filings
The Beneficial Ownership Act 2025, in force since November 3, 2025, requires companies to file beneficial ownership information with the Registrar, though an order of September 25, 2026 exempts some.
What to do: Collect identity and ownership documents for each beneficial owner, and check whether the 2026 exemption order covers your entity.
Sources: Government of Bermuda, limited companies guide, September 2026 (opens in a new tab); Bermuda Laws Online, Beneficial Ownership Exemption Order 2026 (opens in a new tab) · as of September 25, 2026
6. How Promote:Global helps
- Compare Bermuda with other countriesSet Bermuda beside other countries on investment momentum, fundamentals and trade access, before site, tax and legal work.
- Find advisors and service firmsAsk an advisory firm a scoped, paid question, or browse firms that list their own services, from legal work to logistics.
- Organize your next stepsKeep each product and market in a project, with a roadmap of steps you work through.
Turn this guide into your Bermuda project.
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Promote:Bermuda is an independent guide by Promote:Global, not an official government portal. The organizations named here are independent public and membership bodies, not Promote:Global partners, and every link goes to their own site.
Facts read from public sources, with an editorial cut-off of November 1, 2026. Nothing here is investment, legal, tax or sanctions advice. Check current status with the organization before you rely on it.