Singapore vs Bermuda: which jurisdiction wins?

Singapore vs Bermuda — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Singapore	Bermuda
Tax headline	17% headline, effective 0–8.5% with incentives	0% (15% CIT for in-scope MNEs from 2025)
Formation days	1	7
First-year cost	$3,500	$6,500
Treaties	90+	Limited
Substance	Real substance required for tax residency certificate	Economic Substance Act 2018
Banking	Tier-1 banking (DBS, UOB, OCBC) plus EMI ecosystem	Butterfield, HSBC Bermuda, Clarien

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.