Your web browser is out of date. Update your browser for more security, speed and the best experience on the Bermuda Monetary Authority.

The Act provides for the issue of two types of licence:

An unlimited licence, under which a person shall be licensed to provide any or all of the corporate services under the definition of corporate service provider business.

limited licence, under which a person shall be licensed to provide any or all of the corporate services under the definition of corporate service provider business, subject to the limits set out in subsection (6) as follows:

The limited licence authorises a licensed undertaking which is engaged by a company, partnership or limited liability company to provide those corporate services described in section 2(2) paragraphs (a) and (c)(vii) of the Act only in cases where:

a) the company has, or in the case of a new formation of a company, the proponents of the company have obtained the permission of the Controller under regulation 12, 13, 14, 17, 19 or 20 of the Exchange Control Regulations 1973 for the issue or transfer of securities or other related matters

b) the partnership has obtained the consent of the Authority under section 5 or 8B(3A) of the Limited Partnership Act 1883 for the formation of a limited partnership or for the change of particulars of a limited partnership, respectively

c) the partnership has obtained the consent of the Authority under section 8 or 13(1)(a) of the Exempted Partnerships Act 1992 for the registration of an exempted partnership or for the change of any general partner, respectively

d) the limited liability company has, or in the case of a new formation of a limited liability company, the proponents of the limited liability company have obtained the consent of the Authority under section 45(7) of the Limited Liability Company Act 2016 for the issue or transfer of an LLC interest

Minimum Criteria for Licensing

Applicants must meet the minimum criteria as set out in Schedule 1 to the Act. The minimum criteria include the following:

Controllers and officers to be fit and proper persons;

  • Corporate Governance
  • Business to be conducted in a prudent manner
  • Integrity and skill
  • Reputation of Bermuda

The position of the licensed undertaking within the structure of any group to which it belongs or its links with any related companies shall be such that it will not obstruct the conduct of effective consolidated supervision.

feedback icon