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Overview

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Identifiers

Collect two identifiers from each business customer in Bermuda and submit them as strings on the application body. Tax ID: Bermuda has no general corporate income tax for most businesses and historically issued no TINs. Two regimes now coexist. (1) The primary fiscal identifier for most businesses is the Payroll Tax employer account number issued by the Office of the Tax Commissioner (Payroll Tax Act 1995) upon mandatory registration within seven days of first employing staff; filing via the eTax portal (etax.gov.bm). (2) Under the Corporate Income Tax Act 2023 (effective for fiscal years beginning on or after 1 January 2025), Bermuda constituent entities of MNE groups with annual revenue of EUR 750 million or more are subject to 15% CIT and must register with the Corporate Income Tax Agency via CITA Online (cita.bm), which issues a Taxpayer Identification Number (TIN). For FATCA/CRS purposes, financial institutions use a GIIN issued by the US IRS or BMA reference. Registration number: Unique identifier assigned at incorporation under the Companies Act 1981. Appears on the Certificate of Incorporation, Certificate of Compliance, and annual return filings. Also used for LLCs (Limited Liability Company Act 2016) and partnerships registered with the Registrar. The format is not standardised to a single pattern: purely numeric examples exist (e.g. 50153) as well as alpha-prefixed formats (e.g. EC28777 for exempted companies). Treat the value as free text.

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Sector regulators

Bermuda Monetary Authority (BMA) · Office of the Tax Commissioner · Registrar of Companies · Financial Intelligence Agency (FIA)

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How documents combine

For each evidence area, this table shows whether the listed documents are alternatives (any one of) or a bundle (all required). The artifact-by-artifact lookup follows below.

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Documents to collect

The physical documents you’ll collect from your customer, with the evidence area each one proves. One document can prove multiple areas — for example, Brazil’s Cartão CNPJ covers both tax and business-registration proof, so it appears once with both areas listed. Not applicable in Bermuda: Operating Permit. Skip these areas — no local artifact exists.

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Collection notes

  • Legal Registration: Issued by the Registrar of Companies upon incorporation of a company under the Companies Act 1981. Contains company name, registration number, date of incorporation, and company type (local or exempted). LLCs receive an equivalent certificate under the Limited Liability Company Act 2016. Partnerships receive a Certificate of Registration upon filing with the Registrar.
  • Constitutive Documents: The Memorandum of Association sets out the company’s name, registered office, objects, authorized share capital, and names of initial subscribers; filed with the Registrar at incorporation and publicly available. Bye-Laws govern internal management; certain extracts must be filed with the Registrar within 30 days of adoption or amendment (Companies Act 1981, s.14). LLCs use an LLC Agreement in place of bye-laws; the agreement need not be filed publicly. Partnerships are governed by a Partnership Agreement.
  • Tax Registration: Most Bermuda businesses have no income-tax registration: the primary tax obligation is payroll tax under the Payroll Tax Act 1995 (employer account number via eTax; a portal printout or confirmation serves as proof — no certificate document is issued). Bermuda constituent entities of MNE groups with revenue of EUR 750 million or more fall under the Corporate Income Tax Act 2023 (15%, fiscal years from 1 January 2025) and must register on CITA Online (cita.bm) — by 31 March 2025 or within 60–90 days of meeting the criteria — receiving a Taxpayer Identification Number. Collect whichever registration applies. Land tax and stamp duty are property/transaction-specific, not business-registration documents.
  • Sector-Specific License: The Bermuda Monetary Authority (BMA) is the sole financial services regulator. Key licence types: (1) Banking licence under the Banks and Deposit Companies Act 1999 (Class 1, 2, 3, 4, or Restricted); (2) Insurance licence under the Insurance Act 1978 (Classes 1–7 general; Classes A–E long-term; SPIs; collateralized insurers); (3) Investment business licence under the Investment Business Act 2003; (4) Digital Asset Business licence under the Digital Asset Business Act 2018 (Class T test, Class M modified sandbox, Class F full); (5) Money Services Business licence under the Money Services Business Act 2016 (being superseded by proposed Payment Services Act); (6) Corporate Service Provider registration under the Corporate Service Providers Act 2012.
  • Governance Records: Every company must maintain a Register of Directors and Officers at its registered office and file a copy with the Registrar of Companies; Registrar also maintains a public Directors Register searchable at gov.bm/business/companies-directory (s.92B, Companies Act 1981). Register contains: full legal name, position, and address of each director and officer. Must notify Registrar of changes within 30 days. For local companies, also indicates whether directors hold Bermudian status.
  • Signing Authority: No statutory prescribed form; a board resolution passed by the directors authorizing a named signatory is standard practice. Must be signed by directors in attendance (or by written resolution) and reference the company’s bye-laws. Power of Attorney may be used in lieu where a director or senior officer delegates signing authority; no notarization required for domestic use though apostille is commonly requested for international counterparties.
  • Address: No statutory form prescribed. Standard KYB practice: lease agreement (no time limit) OR utility bill (electricity, water, telephone) OR bank statement, with utility/bank documents dated within 90 days. Bermuda-issued utility bills commonly reference BELCO (Bermuda Electric Light Company) or Bermuda Waterworks.
  • Good Standing: Issued by the Registrar of Companies; locally referred to as a ‘Certificate of Compliance’ though commonly called ‘Certificate of Good Standing’ internationally. Confirms: (1) the company was incorporated under the Companies Act 1981 (or relevant Act); (2) is in Good Standing with no overdue annual fees, government penalties, or outstanding filing obligations; (3) is not in voluntary liquidation and no strike-off proceedings are pending. Signed by an authorised officer and bears the official seal of the Bermuda Registrar of Companies. Available for order online via registrarofcompanies.gov.bm; apostilled versions available from the Bermuda Apostille Office for international use.

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Person roles

When you submit a person on the application body, set their role to one of Conduit’s canonical BusinessPersonRole values. Use this table to map a local corporate-governance title onto the right canonical role.

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Notes

  • Bermuda levies no capital gains tax, VAT, or withholding tax, and most businesses pay no income tax — payroll tax (Payroll Tax Act 1995) is the primary business tax and no TIN is issued. Exception: the Corporate Income Tax Act 2023 imposes 15% CIT on Bermuda constituent entities of MNE groups with annual revenue of EUR 750 million or more, effective for fiscal years beginning on or after 1 January 2025; in-scope entities register on CITA Online (cita.bm) and receive a TIN. Expect a CITA TIN from subsidiaries of large multinational groups and a payroll-tax account number from everyone else.
  • Bermuda has two main company types under the Companies Act 1981: ‘local’ (must be 60%+ Bermudian-owned/controlled) and ‘exempted’ (international business, may not generally trade with the Bermudian public). Conduit will primarily encounter exempted companies.
  • The Certificate of Compliance (locally) = Certificate of Good Standing (internationally). Both names appear on documents from the same issuing authority. Accept either name.
  • Economic Substance Act 2018 (ESA): companies and partnerships conducting ‘relevant activities’ (banking, insurance, fund management, financing & leasing, HQ, distribution & service centres, IP, shipping) must demonstrate local economic substance and file annual ESA declarations with the Registrar. Non-compliance risks penalties and strike-off.
  • The BMA is consolidating the Money Services Business Act 2016 into a proposed new Payment Services Act (consultation paper issued August 2025); MSB licensees will be grandfathered with a one-year compliance grace period.