Accounting services in Bermuda

Accounting services in Bermuda represent a unique field of endeavour, closely linked to the peculiarities of the local economy and legislation. Bermuda is known for its attractive tax regime, making it a popular destination for international business and financial transactions. In this context, accounting services play a key role in maintaining efficiency and compliance for companies incorporated in the islands.

The main areas of accounting services in Bermuda:

  1. Financial Accounting and Reporting – Prepare financial statements in accordance with local and international accounting standards. This includes recording income and expenses, assets and liabilities, and preparing balance sheets and statements of financial performance.
  2. Tax planning and advice – Optimising your tax liabilities with Bermuda-specific legislation. This applies not only to local taxes, but also to international taxation issues, given the international status of many companies operating in Bermuda.
  3. Audit and Verification – Independent verification of companies’ financial statements to confirm their accuracy and compliance with legal and corporate requirements. Audits may be mandatory or initiated at the company’s request to build confidence among market participants.
  4. Consulting and Strategic Planning – Providing advice on improving business processes, optimising management structure and developing growth strategies. Accounting consultants in Bermuda often work with international corporations and financial institutions to help them adapt to changing economic conditions.
  5. Risk Management and Compliance – Analysing and minimising financial risks and ensuring compliance with corporate and regulatory requirements. This includes advice on anti-money laundering, terrorist financing and compliance with international sanctions.
  6. Company incorporation and support services – Assist in the incorporation of new companies, as well as support with corporate record keeping, licensing and compliance with local legal requirements.

Benefits of accounting services in Bermuda
 Bermuda company formation

  • Tax efficiency: With low tax rates and the absence of certain types of taxes, Bermuda offers significant tax advantages for international businesses.
  • International Recognition: Bermuda’s accounting standards and practices meet international requirements, which provides credibility and recognition from the global business community.
  • Qualified professionals: The islands have highly qualified accountants and auditors with international experience and knowledge of local and international business.

Accounting services in Bermuda remain an important component of the success of international companies, ensuring their sustainability, efficiency and compliance with global standards.

Do I need to file accounting statements every month for a Bermuda company?

Bermuda, widely known for its favourable tax regime and stable economic environment, has long attracted international companies and investors. An important aspect of running a business in this jurisdiction is the use of quality accounting services that ensure compliance with local and international financial reporting and taxation standards.

The centrepiece of international business

Bermuda offers a unique environment for international business due to the absence of income tax, corporate taxes and capital gains taxes. Nevertheless, accurate and transparent accounting and reporting remain critical for companies seeking to maximise the benefits of the jurisdiction.

Accounting services: A comprehensive range of capabilities

Accounting services in Bermuda cover a wide range of offerings, from traditional bookkeeping and financial statement preparation to tax and compliance advice. A comprehensive approach to accounting services includes:

  • Financial Accounting and Reporting: Prepare and analyse financial statements in accordance with International Financial Reporting Standards (IFRS) or other applicable standards.
  • Tax planning and consulting: Optimising tax burden and ensuring compliance with local and international tax requirements.
  • Compliance advice: Assist with compliance with local legislative and regulatory requirements, including anti-money laundering regulations and Know Your Customer (KYC) requirements.
  • Audit and review: Independent review of financial statements to meet stakeholder and regulatory requirements.
  • Corporate finance and restructuring: Advice on mergers and acquisitions, financial modelling and debt restructuring.

Importance for international companies

For international companies that choose Bermuda as the jurisdiction for their business, accounting services play a key role in ensuring financial transparency, managerial efficiency and regulatory compliance. Quality accounting services help companies avoid non-compliance penalties, optimise their tax burden and improve relationships with investors and other stakeholders.

Choosing an accounting partner

Choosing the right accounting partner in Bermuda requires careful consideration. It is important to select a provider with a thorough understanding of local and international accounting and tax laws, as well as experience in your industry. A proven track record, professionalism and the ability to provide personalised solutions will be key to the success of your business in Bermuda.


Accounting services in Bermuda provide the foundation for successful and sustainable international business operations in this prestigious jurisdiction. By utilising the services of experienced professionals, companies can maximise the benefits of doing business in Bermuda while ensuring compliance with all requirements and standards.

Annual report for a company in Bermuda

The annual report for a company incorporated in Bermuda is an important element of corporate governance and regulatory compliance. It provides transparency to regulators, shareholders, creditors and other stakeholders. The annual report reflects the company’s financial health, operations and strategic direction for the past financial year. Here are the main components that are typically included in an annual report in Bermuda:

  1. Opening remarks by the management

A review of key achievements and developments during the year from senior management, including the CEO or Chairman of the Board.

  1. Description of the company’s activities

A detailed description of the company’s core business, including products or services offered, markets, and any significant changes in the company’s operations or strategy.

  1. Financial statements

A key element of the annual report, including the balance sheet, income statement, statement of cash flows and statement of changes in equity. The financial statements must be prepared in accordance with applicable financial reporting standards, such as IFRS or GAAP, and audited by an independent auditor.

  1. Management analysis

Management’s analyses and comments on the company’s financial condition and results of operations, including a discussion of key financial indicators, trends and risks.

  1. Information on corporate governance

Information on the corporate governance structure, the board of directors, their committees and key company governance policies.

  1. Sustainable development and corporate social responsibility

For some companies, it is also important to include information on the environmental impact of their operations, social initiatives and sustainability practices.

  1. Auditor’s report

An independent auditor’s report confirming the reliability of the company’s financial statements.

Conclusion and future prospects

A final section for management to share future plans, including strategic initiatives, investments, and expected market trends.

Compliance with annual report filing and content requirements is imperative to maintaining good company status in Bermuda. To ensure compliance with local laws and regulations as well as international standards, companies are strongly advised to engage the services of professional accountants and legal advisors specialising in corporate law and financial reporting in Bermuda.

Do companies in Bermuda need to have an annual audit?

The obligation for companies in Bermuda to undergo an annual audit depends on the type of company, its size, operations and other factors. In general, many companies, particularly those engaged in financial services, insurance, investment management, or operating as exempt companies (tax-exempt companies operating outside Bermuda), are required to have an annual audit and submit audited financial statements.

The Bermuda Monetary Authority (BMA), the financial industry regulator in Bermuda, establishes audit and financial reporting requirements for various types of financial institutions, including banks, insurance companies and investment funds. These requirements ensure transparency and protect the interests of investors and customers.

However, certain types of companies may be exempt from the mandatory annual audit depending on their size or the nature of their operations. For example, small businesses or companies not engaged in financial activities may not be subject to audit requirements if they do not exceed certain income or asset thresholds.

It is important to note that even if a company in Bermuda is not required to undergo an annual audit, it must still maintain accurate records and prepare financial statements that comply with local legal requirements and financial reporting standards. This may be required for internal purposes, tax planning or when dealing with banks and other financial institutions.

For an accurate understanding of the audit and financial reporting requirements applicable to a particular Bermuda company, it is recommended that you seek advice from the accounting professionals at Regulated United Europe.

What is the financial year like for the Bermuda company?

In Bermuda, companies can generally choose their own financial year (fiscal year), which allows them to determine the start and end date of their financial reporting period in accordance with their business needs and strategic planning. This means that the fiscal year does not have to coincide with the calendar year (1 January to 31 December) and can be set to any period of 12 months that the company chooses as its accounting period.

It is important that the chosen financial year is used consistently from year to year for accounting, tax and financial reporting purposes. Changing a company’s financial year is possible but may require certain procedures and notifications to regulatory authorities such as the Bermuda Registrar of Companies and, if necessary, the Bermuda Monetary Authority.

Companies that conduct international business or have investors and partners outside of Bermuda may also need to consider financial reporting and taxation requirements in other jurisdictions when selecting their financial year.

To ensure compliance with local laws and to optimise tax and accounting procedures, companies in Bermuda are advised to consult with professional accountants and legal advisors.

Requirements for preparing an income statement for a Bermuda company

In Bermuda, there is no requirement for Exempt Companies to keep books and file tax returns at a local office. However, it is recommended that accounting records and financial statements be kept to keep the documents in order, which is useful for dealing with investors, partners and banks

In what language should the annual report for a Bermuda company be filed?

Documentation provided by companies in Bermuda, including the annual report, must be in English. This is a standard requirement given the islands’ international status and English-speaking business environment.

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At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Lithuania UAB

Registration number: 304377400
Anno: 30.08.2016
Phone: +370 661 75988
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Anno: 28.08.2019
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland

Regulated United Europe OÜ

Registration number: 14153440–
Anno: 16.11.2016
Phone: +372 56 966 260
Email:  [email protected]
Address: Laeva 2, Tallinn, 10111, Estonia

Company in Czech Republic s.r.o.

Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email:  [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague

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