Why there is not much Interest in Bermuda offshore companies?

[NwWork]

Saw that there is no CIT, PIT filling requirements at all in this country so doesn't this make it a good place to make a new company and enjoy tax free earnings made by that new company especially if foreign income brought into Bermuda to your company bank acc? Did see something about applying for a tax certificate yearly but can someone explain that as well?

Other country with no filling requirements is Cayman Islands while all other countries seem to have filling requirements.

 

[TheCryptoAnt]

cause where are you gonna bank?

It aint impossible but highly unlikely you are gonna get any decent banking. Some LT EMIs will take you but EUR only and fees are atrocious

 

[Konstanz]

Because it's same as BVI company. It will be very difficult to have bank account.
Also if you live in high tax country such company will be considered resident and you will be taxed for all this company incomes as your own

 

[Sols]

I don't agree that banking with Bermuda company is as difficult as BVI, because if you form a company in Bermuda, you are presumably doing so for the benefits Bermuda has to offer with its more favorable reputation. Forming a company in Bermuda usually implies having a small crew (at least a director) there to satisfy tax residence of the company. Once you have that, you have access to several high quality banks on the island (subject to bank approval of your activities). Better than you would in BVI, even if you establish a presence there.

Unlike BVI, Bermuda's focus isn't on incorporating thousands upon thousands of companies per year. One way they do this is by having significantly higher costs. The costs are insignificant when part of a larger tax structure, but high enough to keep away clients who are looking for a cheap offshore company.

Did see something about applying for a tax certificate yearly but can someone explain that as well?

I think you're referring to Tax Assurance Certificates, which guarantee that a company is exempt from taxation and will continue to be so until at least 2035, in case any taxes are implemented in the meantime. Exempted companies usually apply for these certificates once a year.