Abacus Trust Limited ("Abacus") is operated by the Partners of PwC Bermuda and is a member of the worldwide PwC organisation. As a part of that organisation, Abacus adheres to the Firm’s professional and quality control standards.
Following the introduction of the Trust Companies Act 1991 in Bermuda, Abacus was incorporated in 1992 in order to provide the benefits of continuity and additional security, flexibility and efficiency to its clients. Trust companies in Bermuda are regulated by the Bermuda Monetary Authority and must be granted a trust licence by the Minister of Finance after meeting rigid criteria which include minimum capitalization requirements, adequate professional insurance coverage, suitably qualified and skilled personnel and an approved auditor.
Abacus provides a wide range of trust services including acting as trustee (of private, charitable and purpose trusts), executor, protector, administrator, nominee and escrow agent. Our professional staff work closely with each client and their professional advisors to ensure that all objectives are carefully defined and met.
Abacus is not in the investment advisory business and recognises that, in most cases, it is not qualified to provide specific investment advice, particularly in global equity and bond markets. Accordingly, this responsibility is invariably delegated to suitably qualified experts and Abacus Trust Limited performs the role of monitoring the results.
Abacus does not charge transaction, distribution or termination fees. Fees are not charged on a fee scale based solely on the value of assets under administration, as is often the case with large trust operations. Instead, we attempt to establish a reasonable minimum annual trustee fee having regard to the expected size of the trust fund, the complexity of the administration, the likely level of activity and degree of responsibility involved and our charges are based on the time we spend subject to that agreed minimum.
PwC Financial Services Limited provides a full range of services to companies incorporated in Bermuda and elsewhere. We can assist whether the company is registered in Bermuda as an Exempted company, local company or is incorporated in another jurisdiction but wishes to operate from Bermuda as a Permit company.
Our services include the provision of a registered office; provision of the Resident Representative and a Company Secretary, where necessary; and the filing of all statutory returns. In addition, we can incorporate companies in Bermuda and are able to coordinate the incorporation of companies in other jurisdictions. Our fees are based on the time that we spend and we charge an agreed minimum annual fee, usually $4,000, in advance.
Through our affiliated company, PwC Financial Services Limited, we provide a full range of accounting services to both trust and corporate clients. Fees are generally agreed with the client in advance but are based on time spent with an agreed minimum.
In addition to the maintenance of the books and records of the company and preparation of financial statements, our accounting staff undertakes administrative duties where clients do not require full corporate services. Usually this involves the management of banking arrangements including placing funds on deposit, making payments, funding accounts and preparing reports for clients.