Bermuda

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

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 2019 taxes paid of $76.9 million in the table above refer to capital gains tax and withholding taxes paid on profits or income into Bermuda from overseas, for example on interest income on lending. The significant increase in third-party revenues in 2019 compared with 2018 is because of proceeds from the sale of shares.