Profit before tax
Main Business Activities
- Other support activities
Shell has been present in Bermuda for more than 70 years with reinsurance, lending and pension fund companies incorporated there. These companies manage activities, such as the filing of company accounts, collecting interest from loans and other administration.
We also have companies in Bermuda which have branches in the UAE, Brunei, Qatar, Malaysia, and Oman. 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 which are resident there.
Shell companies in Bermuda that have international activities through branches in other countries are subject to the applicable tax laws in the countries where those activities take place.
The significant decrease in revenues in 2020 compared with 2019 is because proceeds from the sales of shares in Saudi Aramco Shell Refinery Company were included in 2019. Revenues were also lower because we liquidated four entities based in Bermuda in 2020, including Solen Insurance Limited, and we ended the financing activities of one entity, Shell Oman Trading Limited.