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Services · Business accounts

Business accounts: Bermuda

An honest assessment before work starts, the quote is fixed in writing.

We assess your chances against your profile, prepare the compliance file, help you present your source of funds properly and handle communication with the bank until it decides. The final decision always rests with the bank, so no one can guarantee an opening - careful preparation simply improves the odds.

We quote the exact cost for this country after a short consultation: it depends on the bank and your residency. The quote is fixed in writing before work starts.

Fees

ServicePrice
Corporate account - opening assistanceon request

Prices are indicative and cover our work on a typical case. We confirm the exact quote in writing after a short call - you know the final number before we start. Government fees and bank tariffs are billed separately unless explicitly included.

See also

Personal account · Investment property · Country taxes · All country programs

FAQ

Can a company open a bank account in Bermuda?
It can, but the market is tiny: only a few licensed banks operate on the island and they are highly selective. Their clients are insurers and reinsurers, funds, large groups and companies with a genuine local footprint. A small business with no Bermuda link is usually declined.
Do I need a presence in Bermuda?
Legally the account is not tied to residency, but banks expect a Bermuda company, a local corporate administrator and a business model they understand. Economic substance requirements apply to several activity types. Without an administrator on the island, applications rarely get looked at.
How does the process work?
Normally through a corporate administrator or law firm that assembles the file and submits it to the bank. Review takes weeks, longer for complex structures, and includes interviews with beneficial owners. Even a perfect file is not a guarantee of approval.
How much does a corporate account cost?
Bermuda is an expensive jurisdiction: minimum balances and monthly fees run higher than in most financial centres, and terms are tighter for non-resident structures. Pricing is bank-specific and negotiated case by case. Budget for the administrator and audit too, not just the bank.

Don’t want to figure this out alone?

We handle the whole process end to end: we assess your company's chances with specific banks, prepare the compliance file and give you honest timelines. Leave your details and a corporate banking expert will get back to you. The first consultation is free.

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