19 April 2024

Looking out for business

Foreign Direct Investment
| The European |

Bermuda is not just about beautiful landscapes and deep blue skies – its government and regulators understand the progressive, entrepreneurial mindset that helps organisations flourish, making it the ideal business destination

One of Bermuda’s favourite folk songs speaks of the wonderful way of life and the history of this picturesque Atlantic island. “Bermuda is another world” as the lyrics go, also aptly describes how Bermuda has responded to the Covid-19 pandemic and used it to drive economic growth. It is now common knowledge that Covid-19 has completely changed how we live, work and play. It has caused companies to rethink their business models and often to pivot. Due to nationwide restrictions and various quarantines, staff everywhere have taken to working remotely where possible. Many have reordered their priorities, changed their goals, spent more time with their loved ones and looked at their habits and health with a renewed focus. But the pandemic has not changed the need for countries to continue to function, generate revenue and provide services.

Bermuda combines a laid-back lifestyle with a business-centric working environment

Bermuda has been a leader in the fight against Covid-19, providing an example to the world of what is possible when a government is proactive and strikes a balance between being firm and fair. As a result, it has maintained a low R rate and controlled the spread of the virus. Bermuda has therefore become an ideal place for digital nomads, many of whom have seized the opportunity to work from the near-idyllic location, moving to Bermuda in significant numbers.

Teamwork makes the dream work
As a leading offshore centre for insurance, reinsurance, corporate and financial services, Bermuda is a reputable, blue chip jurisdiction with a progressive regulatory framework that works with industry to stay ahead of the curve. Bermuda is a world leader in transparency standards and strives to be the center of legitimate global commerce.

Building on the success of its forays into fintech, the Bermuda government has expanded its strategy, actively targeting economic development in various sectors. In 2020, it created the Economic Development Department (EDD) and gave it the ambitious directive to lead the jurisdiction’s post-pandemic economic recovery. The EDD has the mandate of growing the local economy, attracting more business to Bermuda, generating incremental revenue, boosting foreign direct investment, increasing the size of the workforce, creating jobs, and building an economy that would compel not just digital nomads of all nationalities, but also Bermudians living and working overseas, to come home.

In addition to its legislative and business services divisions, the EDD’s concierge arm has enhanced the time-efficiency of government processes. As a result, services that are key to foreign investors – such as applications for work permits, company incorporations and tax accounts – are often expedited.

Bermuda has also adopted a team approach to marketing itself as a business and visitor-friendly jurisdiction. If you’re looking for an innovative, well-respected, transparent jurisdiction with a cooperative government and regulators who “get it” and can react quickly to your needs and to changes in the global landscape, Bermuda is the destination for you and your business.

Several entities cooperate to attract companies and leisure travellers to the island. In addition to the EDD, the Bermuda Tourism Authority (BTA), the Bermuda Business Development Agency (BDA), the Bermuda Monetary Authority (BMA) and the Bermuda Economic Development Corporation (BEDC) all play key roles in the effort.

The BTA promotes the country to the world while the BDA attracts businesses that are looking for a sophisticated, progressive, safe and well-regulated country in which to base their operations.

The BMA is one of the most highly regarded regulators in the world but also one of the most progressive, as it often meets with clients to provide feedback during the license application process.

The BEDC supports local entrepreneurs, teaching homegrown innovators how to successfully build and launch their businesses and creating conditions for them to be sustainable in the long run. Recognising that small businesses, new businesses and entrepreneurs are significant job creators, the BEDC has the full support of the government in creating opportunities for them.

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