Starting a fintech company in Bermuda involves several key steps to ensure compliance with local regulations and leverage the benefits offered by Bermuda’s business environment. Here is a summarized guide based on the detailed document provided by the Bermuda Government:

Key Steps

Research and Planning:

• Understand Bermuda’s fintech ecosystem and regulatory environment.
• Develop a robust business plan.

Legal Structure:

• Choose a suitable legal structure for your business (e.g., limited liability company).
• Register your company with the Bermuda Monetary Authority (BMA).

Regulatory Requirements:

• Apply for the necessary licenses and permits from the BMA.
• Ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Funding and Banking:

• Secure funding through local or international investors.
• Establish banking relationships with local financial institutions.

Office and Operations:

• Set up a physical office in Bermuda.
• Hire local staff and adhere to employment regulations.

Technology and Infrastructure:

• Implement secure and compliant technology systems.
• Ensure robust cybersecurity measures.

Launch and Marketing:

• Develop a marketing strategy to promote your fintech services.
• Engage with local and international fintech communities.

Support and Resources

Government Incentives:

• Explore incentives and support programs offered by the Bermuda Government.

Networking:

• Join fintech associations and participate in local events to build your network.

For more detailed information and resources, refer to the Step-by-Step Guide to Starting a Fintech Company in Bermuda.