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EOCnet Offers Virtual Bermuda Companies

Tax-news.com

27 September 1999


The Electronic Offshore Commerce Network launched its virtual Bermuda company service with the support of the Bermuda authorities. EOC's 'E-Suite' legal corporate vehicle allows a customer to set up a registered corporate presence in Bermuda without any need for a physical presence on the ground. Bermuda has been ahead of some other jurisdictions in understanding the need to leap-frog the often cumbersome apparatus of offshore company formation, but the others won't be far behind. There are some worrying possibilities for fraud; but most seriously of all, the ease with which companies can now escape high-tax jurisdictions should be causing extreme nervousness in the world's finance ministries. Have they woken up to it?

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