How To Register a Charity in Bermuda?
Organization : Department of Registry General
Facility : Register a Charity
Country : Bermuda
Website : http://economicrecovery.gov.bm/online-services/register-charity
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How To Register a Charity in Bermuda?
To register a charity, you must complete an Application to Register a Charity and submit it to the Registry General along with:
Related / Similar Facility : Register a Design in Bermuda
** a copy of the charity’s constitution, which must have a dissolution clause stating that if the charity is wound up, its assets will be transferred to another registered charity having similar aims and purposes;
** a copy of the charity’s bank mandate, which must require that financial transactions be approved by at least two independent trustees;
** a signed Charity Trustee Declaration Form for each trustee.
If the application is approved, the details provided on the application form will be entered in the Register of Charities and a certificate of registration will be issued.
Renewal of Charitable Status
Charities that are required to renew their charitable status can do so by:
** submitting an Application to Register a Charity to the Registrar;
** meeting the below annual reporting requirements.
Annual Reporting Requirements For All Charities
All charities must submit the following to the Registrar General within six months of their financial year end:
** completed Annual Report for Charities 2022
** annual financial statements signed by the Treasurer and one other officer of the charity. The type of financial reports that must be prepared depend on the charity’s annual income and assets.
** the relevant annual fee
Financial Reports Required by Charities
The types of financial reports required to be prepared and submitted by charities are as follows:
** Charities with an annual income of $50,000 or less must submit annual financial reports consisting of an income statement and a balance sheet
** Charities with an annual income between $50,000 and $450,000 must submit annual unaudited management accounts consisting of an income statement, balance sheet, cash flow statement and explanatory notes
** Charities with an annual income of $450,000 or more must submit annual audited financial statements consisting of an income statement, balance sheet, cash flow statement and explanatory notes
** Charities with assets in excess of $1 million (before liabilities), irrespective of income, must submit annual audited financial statements consisting of an income statement, balance sheet, cash flow statement and explanatory notes
Fees For Registered Charities
Registered charities are required to pay an annual fee to the Registrar General, which is calculated based on their gross annual income:
** where the annual income of the charity is $50,000 or less: $110
** where the annual income of the charity exceeds $50,000 but is less than $450,000: $275
** where the annual income of the charity exceeds $450,000: $445
The following fees also apply:
** for inspecting the Register of Charities, or other material kept by the Registrar: $25 per hour
** for a copy of an extract from the Register of Charities, or other material kept by the Registrar: $5 per sheet