Bermuda exempted company bank account: costs and rules
Unlike most offshore centres, Bermuda lets an exempted company bank at home without a licence, in US dollars and other currencies, with a full service bank on Front Street.
The price of that is a careful review. Since September 2026 the bank can also read your entry on the owner register, so your file and the register must tell the same story.
A Bermuda company tells people you're serious. It costs more than most offshore companies, it has a local team behind it, and its banks are household names in reinsurance and fund circles. The account follows the same logic: fewer shortcuts, more paper, and a relationship that lasts once it is open.
Key takeaways
- An exempted company may bank with a licensed Bermuda bank without a local business licence.
- One bank's published tariff puts basic upkeep at $10 to $20 a month per account, before wires and online banking.
- Since September 2026, banks can request your full entry on the owner register.
- The company is non-resident for exchange control, so foreign currency accounts are normal.
- Deposit cover is BD$25,000, Bermuda dollars only.
- We set the account up with you, inside the company price.
Can a Bermuda exempted company bank in Bermuda?
An exempted company is set up to do business outside Bermuda, and the Registrar lists the things it may still do on the island without a licence. Banking with a bank licensed under the Banks and Deposit Companies Act is one of them (Registrar of Companies). So the local account is a real option, not a workaround.
Bermuda is one of the few offshore centres where the home bank is the usual first choice.
What a Bermuda business account costs in a year
Most guides only say "fees vary". One Bermuda bank publishes its full corporate tariff, so here is a year built from it. Move the sliders to your own pattern. The figures are that bank's, in BMD or USD at par, from its schedule last updated 1 December 2025 (corporate schedule of charges). Other banks price differently.
Two lines surprise people. The bank may add a supplemental monitoring fee of up to US$500 a year on relationships it reviews more closely, and where it rates wire activity as higher risk it charges a 100% supplement on wire fees. Both appear in the same schedule, and both are in the estimate when you answer yes above.
The account itself is cheap; wires and risk surcharges make up most of the bill.
Who can see your owners since September 2026
Bermuda's Beneficial Ownership Act was amended with effect from 14 and 25 September 2026. The register stays private, but three groups now see different amounts of it.
| Who | What they can see | Why it matters for the account |
|---|---|---|
| Authorities | The full entry, as before | No change. |
| Your bank | The full entry, for due diligence or to report a mismatch | Whatever you write on the form is compared with the register. A gap stalls the file. |
| People with an anti money laundering interest | Four fields on application: name, month and year of birth, country and nationality, nature of interest | Journalists or counterparties may apply. The bank's own records stay private. |
| The general public | Nothing | No open search, unlike the company's name and registered office. |
Fill in the bank form as if the bank already holds your register entry, because it can.
Bermuda bank account requirements, and who supplies each part
In Bermuda the company comes with a licensed corporate service provider, a secretary and a resident representative. Banks lean on them, which splits the file into two halves.
- Passport and recent proof of address for each director and 25% owner
- A business outline: clients, countries, currencies, monthly amounts
- Source of funds and, for larger balances, source of wealth
- Tax residence self certification
- Certificate of incorporation and memorandum of association
- Bye-laws and the registers of directors and members
- A certificate of compliance or incumbency
- Confirmation of the owner filing and its date
- Its own application and signature cards
- FATCA and CRS forms for the company
- A risk rating that sets fees and review cycles
A parent company above the Bermuda company adds its own papers and a chart down to every person. A nominee shareholder doesn't change who the bank names as owner.
Half the file is yours, half comes from your Bermuda provider, and both must match the register.
Currency rules: why a foreign currency account is the norm
Under Bermuda's Exchange Control Regulations an exempted company is treated as non-resident. Two practical effects follow for the account.
- Accounts in US dollars, Canadian dollars or sterling are routine
- Foreign currency dealings sit outside the rules written for residents
- No 1.25% foreign currency purchase tax, which falls on residents buying foreign currency with Bermuda dollars
- Bermuda dollars are pegged to the US dollar at par, so most companies never need them
- Local costs, such as your provider's fees, are usually invoiced in US dollars
- Business with Bermuda residents beyond the listed exceptions needs a licence
Hold US dollars; you rarely need Bermuda dollars at all.
Deposit cover: BD$25,000, and only in Bermuda dollars
The most the deposit insurance scheme pays per eligible depositor at a member bank. The Deposit Insurance Act 2011 defines an insured deposit as one held in Bermuda dollars.
What it covers on a US dollar balance, which is where an exempted company keeps its money. The bank's own tariff notes that only Bermuda dollar deposit products are eligible.
For a company with serious balances the protection that matters is the bank's own strength, the spread of money across institutions, and for investments, custody that keeps assets separate from the bank's balance sheet.
Treat a US dollar balance in Bermuda as uninsured and choose the bank accordingly.
Digital asset companies and Bermuda banks
Bermuda built a licensing regime for digital asset businesses in the Digital Asset Business Act 2018, run by the Bermuda Monetary Authority. That shapes how banks sort crypto clients into two groups.
- Holds its own cryptoOrdinary reviewRecords of purchases, wallets and exchange statements carry the file.
- Paid in cryptoOrdinary review, more questionsEach payment matched to an invoice and a client.
- Serves others in cryptoLicence firstExchange, custody or transfers for clients need a BMA licence before a bank will look.
- LicensedSpecialist bankingSome Bermuda banks work with licensed digital asset firms.
- Every yearRefreshed reviewExpect updated wallet and volume figures at each review.
Holding or earning crypto needs records; serving others in crypto needs a licence.
How long it takes, and how we handle it with you
- FormationThe company existsYour provider files with the Registrar and records the owners.
- WeeksBank reviewBermuda banks review new non-resident companies in depth; plan for weeks, not days.
- Before useOnline banking set upA one off profile fee and a monthly corporate fee at the bank priced above.
- YearlyPeriodic reviewUpdated owner and activity details, which your provider keeps current.
Our part is inside the company price: US$5,685 in year one and US$4,490 a year at the lowest capital band, with the government fees, the local team and the owner filing included. Details on the Bermuda company page and in the Bermuda annual fees.
Weeks at a Bermuda bank; we build the file so the weeks aren't spent on gaps.
Bermuda company bank account questions
Can a Bermuda exempted company open a bank account in Bermuda?
How much does a Bermuda business bank account cost?
Can my Bermuda bank see the beneficial ownership register?
Does a Bermuda exempted company pay the foreign currency purchase tax?
Are deposits in Bermuda insured?
Can a Bermuda crypto company open a bank account?
How long does a Bermuda account take to open?
Does Heirson open the account for me?
Changelog
- 13 November 2026: first published.
A Bermuda company, banked where it makes sense.
We form the exempted company with the local team and prepare the account file with you at the same time.