Shareholders have given the go-ahead for a company to redomicile to Bermuda from Alberta, Canada.

Gold Reserve Inc, an exploration stage mining company, said the process was completed on September 30 and as part of the move its name would change to Gold Reserve Ltd.

Earlier this year, the company told shareholders that it had no significant business operations in Canada and would receive a more favourable tax treatment in Bermuda.

It said: “Bermuda was selected because it is a well-developed, and politically and economically stable, international business and financial centre with a large number of public companies incorporated within its jurisdiction, and its corporate laws are based in English law and well-regarded as being based in sound legal and business principles.

“From an investment perspective, Bermuda was deemed favourable because of its limited foreign ownership and investment restrictions.”