Bermuda

Shell has been present in Bermuda for more than 70 years, with reinsurance, lending and pension fund companies incorporated in Bermuda. These companies manage a small number of activities such as filing of company accounts, collecting interest and other administrative activities. We also have companies in Bermuda which have branches in overseas countries. Some countries do not allow foreign companies to establish corporate entities, but do allow operations and activities through branches.

Country Financial Analysis

Bermuda does not impose corporate income tax on companies operating there. Shell companies in Bermuda that have global activities through branches are subject to the applicable tax laws in the countries where those activities take place. The taxes paid of $12.5 million in the table above are withholding taxes paid on income into Bermuda from overseas, for example on interest income on lending.