A Registered Success: 10 Great Reasons to Move Your Business to Bermuda
Bermuda is a dynamic global business hub for a number of industries including (re)insurance, asset management, private equity funds and high-net-worth services; a centre for international trade; and a hotbed of innovative technology.
With an enviable position in the mid-Atlantic, Bermuda is easily accessible from Europe and the Americas. It’s less than two hours from New York by air, and approximately seven hours from London.
Here are 10 reasons why relocating your organisation to Bermuda makes great business sense:
1. Safety and stability
You can be confident knowing that Bermuda is not only the best base for business, it is one of the safest places to be. Bermuda’s economy is built on its thriving international business sector and it is recognised as a global leader in the fight against financial crime. Bermuda’s currency is on par with the US dollar. It also has a secure UK-style democracy that celebrates its 400th anniversary this year and uses English common law. These factors combine to drive investor confidence in the island.
2. Convenient location
Bermuda lies between the economic powerhouses of North America and Western Europe. Conveniently close with direct flights to New York, Miami and the rest of the US eastern seaboard in addition to Toronto and London, the island has strong British influences and an inclusive, multicultural society. With the added advantage of a timezone that suits the global market, your business and clients will be able to connect with Tokyo at breakfast and San Francisco before dinner.
3. Local talent
Bermuda has long been established as a world-class financial centre – particularly in the reinsurance, risk and asset-management sectors – and is able to draw on its exceptional intellectual capital with internationally recognised professionals including auditors, advisers, lawyers, underwriters and IT specialists calling Bermuda home. These highly qualified professionals often collaborate with partners across several industries and are ready to support your business.
4. Industry strength and robust infrastructure
Bermuda’s infrastructure is modern, well developed and technologically advanced supporting a highly diversified business ecosystem across existing and emerging industries. Make the transition to remote working seamlessly and connect with global markets easily with a reliable 4G network. Bermuda was recently ranked as 17th in the world for broadband speed. Bermuda is resilient and innovative, ever ready to support business operations.
5. International connections
Bermuda works with key bodies and organisations around the world to meet and exceed global standards. Put Bermuda’s global connectivity, international appeal and connections to good use for your business. The UK, the US and Canada have always been important strategic partners, given the long-standing, successful economic relationships that exist and close proximity with direct daily flights but Bermuda also has strong connections with Europe, Asia and Latin America.
6. A robust and relevant legal framework
Bermuda proactively ensures its policies and legislative framework remain relevant and fit for purpose. Bermuda’s courts were founded in 1616 and adhere to English common law. The island has a robust regulatory system and solid asset-protection legislation, and it leads the way in combatting global financial crime.
7. The standard of living and lifestyle
Bermuda provides a safe and secure environment for the whole family. Famous for its pink-sand beaches, excellent healthcare system, outstanding education options, vibrant culture and high-quality sports facilities, the island’s residents hail from all over the world, giving you access to a diverse audience. Forge new relationships and expand your global reach by joining one (or two) of the many private members beach, golf and tennis clubs.
8. Technological innovation
Bermuda was one of the first countries in the world to enact digital assets legislation and continues to build its ecosystem for quality companies to test their ideas, develop their products and grow internationally. The Bermuda Monetary Authority operates two innovation tracks, the Regulatory Sandbox and the Innovation Hub, targeted at insurtech companies and the Bermuda Government continues to develop online programmes and paperless governmental services, including a Work From Bermuda One-Year Residential Certificate, to attract digital nomads and remote working professionals to the island.
9. Global financial hub
The island has provided fiduciary services for private clients and large organisations for more than a century. It also supports strong insurance, fintech, life sciences, trusts, shipping, aviation and cryptocurrency sectors. Thirteen of the world’s 40 largest reinsurers hold licences in Bermuda, it is the most important property and catastrophe market globally, and it holds $800bn in assets for 1,200 insurers writing gross premiums of approximately $150 billion. The world’s first captive insurance model was developed here, and Bermuda has a class-leading insurance-linked securities market that represents 80% of global issuances.
10. Transparency leader
Bermuda is on the EU’s white list of fully cooperative tax jurisdictions. Bermuda has more than 40 bilateral Tax Information Exchange Agreements (TIEAs) with OECD countries and has established a tax information exchange relationship with more than 110 countries.. It also adheres to common reporting standards with every country belonging to the OECD Convention.
An added bonus: Life in this intimate community brings wider access and deep connections to other companies and industry giants. Operate efficiently and effectively as you gain entry to groups located within the same square mile, including The Big Four – EY, Deloitte, KPMG and PwC.