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 decrease in 2021 revenues compared with 2020 is because Shell ended lending activities in Bermuda in 2021. Revenues were also lower because two entities that used to be based in Bermuda were liquidated in 2021, and a third was redomiciled to the UAE, where its core activities take place.