Bermuda exempted companies are widely used for insurance, reinsurance, asset management and holding structures. Most operate in US dollars, so a USD account is essential for capital management, vendor payments and distributions. This guide explains how banks typically assess Bermuda applicants and how to prepare.
Why Bermuda companies need a USD account
A USD account in the company's own name supports capital calls, premium and claims flows, vendor payments and clean records for regulators and auditors.
How applications are typically assessed
Bermuda's domestic banking market is small and selective.
- Pre-application assessment: Local banks often review the nature of the business, beneficial ownership and funding before accepting a formal application.
- Institutional orientation: Onboarding frameworks are often designed for insurers and asset managers with established financial histories, which can be a poor fit for newer companies.
- Ongoing review: Non-resident applicants may be accepted but should expect continuing beneficial ownership and AML reviews throughout the relationship.
Documents you should expect to provide
- 1Certificate of Incorporation or formation documents
- 2A recent Certificate of Compliance or Good Standing, where the company is not newly formed
- 3Company registration number
- 4Register of Directors, Register of Members or a Certificate of Incumbency
- 5Memorandum of Association and Bye-laws
- 6Government-issued photo ID and proof of address for every director, shareholder above the provider's threshold and authorized signatory
How to prepare
- Confirm your corporate records are current. Make sure registers and constitutional documents reflect current ownership.
- Prepare identity documents for every individual. Collect passports, recent proof of address and beneficial ownership declarations.
- Explain the business model. For insurance or fund-related activity, describe premium, claims or capital flows in plain terms.
Frequently asked questions
Can a newly formed Bermuda company apply?
Many providers consider new companies if ownership, activity and funding are well documented. Confirm with each provider.
Are exempted LLCs treated the same as exempted companies?
Documentation differs slightly between entity types. Ask each provider which documents it requires for your structure.
Questions to ask any provider
Whichever bank or financial technology provider you consider, ask for written answers to the same questions so you can compare like with like:
- Who holds the account? Identify the institution named in the account agreement and how deposits held there are protected.
- Which payments are supported? Confirm inbound and outbound ACH, domestic wires and international wires, plus any limits or restricted countries.
- What does it cost in total? Ask for setup, monthly, per-transaction and currency-conversion charges in one written schedule.
- How is onboarding completed? Confirm whether verification can be completed remotely and which documents must be certified, apostilled or translated.
- What happens after approval? Ask how often the provider refreshes due diligence and what information it may request later.
This guide is general information for business owners. It is not legal, tax or financial advice and does not describe the products, terms or eligibility requirements of any specific provider. Requirements change, so confirm current rules with your registered agent, accountant or adviser and with the provider you choose.