BERMUDA
| Top Business Jurisdiction in the Mid-Atlantic |
| Bermuda illustrates the saying “small is beautiful”. This island with its balmy climate, beautiful scenery, friendly population and strategic location with easy access to the US now enjoys one of the highest per capita incomes in the world. Through providing world-class financial services for international firms and luxury tourist facilities for 360,000 visitors annually, Bermuda has developed a healthy GDP of which 60% is derived from international business activities and 28% from tourism. |
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Jennifer Smith
Prime Minister
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Given the island’s limited agricultural potential and small industrial sector, the government has prioritized further strengthening of the international financial services and tourism sectors. As Premier Jennifer Smith puts it, “As a jurisdiction, Bermuda is constantly developing and adapting to the challenges that face business and communities globally. It does so by building solid relationships between government and the business community.” She adds that the island has passed the most stringent tests conducted by external reviewing organizations and has earned its long-standing reputation as a well-regulated jurisdiction.
Smith points out that Bermuda has positioned itself as a “vibrant hub for the convergence of multiple disciplines.” She adds, “Blending the skills and mindset of public and private sectors allows us to ensure that the business community operates with a sound regulatory framework of the highest standard and in an environment that fosters innovation, growth and prosperity.”
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A spirit of innovation coupled with high standards and the excellent working relationship the government has fostered between the public and private sectors has made Bermuda an insurance powerhouse and is now spurring on the rapid development of e-business, a current priority. “Early on, Bermuda recognized the importance of the emerging e-commerce business and moved quickly to create the Ministry of Telecommunications and Electronic Commerce. And, in so doing, Bermuda became the first country in the world to explicitly include e-commerce in the portfolio of a government cabinet minister,” Smith explains.
The Smith government is one of the world’s first to pass e-commerce legislation that, as Premier Smith puts it, “gives legal substance to the concepts of electronic data and transactions negotiated over the Internet.” As for Bermuda’s long-term goals, she concludes, “As we look to the future, it is clear that the jurisdiction that adapts and conforms to the highest international standards will be most highly regarded and stand out as the most favorable base for legitimate business.” Bermuda has clearly positioned itself as one of the world’s top business jurisdictions. |
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