Bermuda has a long history of being a leading jurisdiction that is quick to meet the changing needs of business. From captive insurance to alternative investments, the island has welcomed innovation, with Government and the private sector successfully working together to foster thriving but well-regulated new markets. Blockchain and digital assets are no exception. The Bermuda Government is focused on developing a business-friendly environment for this new industry, with an appropriate regulatory framework for initial coin offerings (“ICOs”), a government-regulated digital currency exchange and e-residency. A key feature of this process has been a high degree of cooperation and consultation between the private sector and regulators, who welcome direct feedback from industry players and their service providers.
Bermuda is widely respected as the premier offshore financial centre. It meets or exceeds global standards of compliance and regulation, and investors are comfortable with its reputation for quality and integrity.
In addition to embracing business innovation, the island offers the following advantages:
As Bermuda’s leading offshore corporate practice, Conyers has the expertise to advise clients of all sizes who are looking to incorporate on the island for the purposes of developing their business using blockchain technology or through issuing digital currencies or tokens.
The principal legislation governing the formation and operation of Bermuda companies limited by shares is the Companies Act 1981, which is regularly amended to keep pace with international commercial developments. The Limited Liability Company Act 2016 provides for the formation and operation of limited liability companies (“LLCs”), a hybrid vehicle modelled on the Delaware LLC, which has many of the features of a partnership with separate legal personality, but within a corporate entity.
Our dedicated team of attorneys can assist with: