Bermuda

Employees

4

• Third-party revenues

  $6,797,925

• Related-party revenues

  $8,494,942

• Total revenues

  $15,292,867

• Profit before tax

  $3,791,169

• Corporate income tax paid

  $0

• Corporate income tax accrued

  $0

• Stated capital

  $2,606,078,785

• Accumulated earnings

  $215,185,732

• Tangible assets

  $28,687

• Other payments to governments

  –

Shell's footprint

Shell has been present in Bermuda for more than 70 years with reinsurance and pension fund companies currently incorporated there. These companies perform activities, such as filing company accounts, managing pension investments and administration. We also have companies in Bermuda which have branches in Malaysia, Oman, Qatar and the UAE. 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 revenues in 2022 is because the revenues of two companies were reallocated to the UAE, where their core activities take place.