Bermuda ranks as the third-quickest jurisdiction in the world for entity management, a new report reveals.

Only Gibraltar and Luxembourg rank ahead of the island.

The ranking is included in an annual report compiled by Mercator by Citco, an organisation that serves multinational corporations in more than 180 jurisdictions from its headquarters in Vilnius, Lithuania.

The data is drawn directly from Entica, the proprietary technology platform of Mercator by Citco, which individually records all corporate activities that clients undertake when managing their entity portfolios.

Each jurisdiction is scored on both the average time and the average cost to complete key corporate secretarial related activities, providing an indexed “league table” for entity management efficiency.

Mercator’s clients are the general counsel of multinational companies.

The report said the time required for entity management in any jurisdiction was influenced by three key factors: regulatory complexity and local nuances, organisational set-up and technology integration and data standardisation.

It said the leading three jurisdictions had a streamlined regulatory environment, with an efficient and tech-enabled process for submitting corporate changes.

The report said: “Bermuda is globally recognised for its pro-business regulatory framework, particularly attractive to multinational corporations.

“As a result, the country has optimised its compliance processes to ensure companies can quickly meet their entity management and reporting requirements.

“Bermuda’s Registrar of Companies offers efficient services and simplified documentation requirements, focusing on high responsiveness and minimal bureaucracy.

“Digital systems in Bermuda enable fast filing and document processing, allowing firms to access and submit necessary information with ease.”

It added: “Bermuda’s stable, well-regulated financial sector also provides dedicated resources and support for multinationals, helping to expedite entity management tasks.

“Company secretaries can single-handedly complete various corporate matters, issue documents, complete filings and represent company with authorities.

“As a result, Bermuda’s corporate environment is designed to be efficient and accessible, minimising the compliance burden for international companies operating there.”

Other findings covered in the report:

• Singapore, Britain, and Australia rank as the top jurisdictions for entity portfolio management

• Indonesia, Brazil, and United Arab Emirates rank as most complex and costly

• Average costs increased by 3 per cent this year, while disparity in tech adoption pushed time investment up 48 per cent

• Asia Pacific ranks top for time efficiency

• Rising global regulations, including environmental, social and governance standards and ultimate beneficial ownership requirements underscores the need for robust governance frameworks