Business Bermuda 0000-00-00 00:00:00
Bermuda continues to demonstrate its dedication to great business, as the Bermuda regulatory regime recently met new EU standards under the Alternative Investment Funds Managers Directive (AIFM Directive), as announced by the European Parliament on Nov. 11, 2010. “Bermuda is already recognised by international bodies as being amongst the best regulated and most compliant jurisdictions worldwide,” says Cheryl Packwood, Chief Executive Officer of Business Bermuda. “Therefore it can be said that Bermuda-based funds and fund managers... will benefit from lower costs and practical efficiencies associated with the use of private placement regimes — a system which will no longer be available to EU-based funds with EU-based fund managers.” Bermuda’s reputation as the premium offshore jurisdiction for fund domiciliation and fund administration is underpinned by a variety of key factors: • The financial and fund services industries are regulated by the Bermuda Monetary Authority (BMA) to ensure sensible rules in place which meet or exceed international standards. • Bermuda completed the first phase of the peer review process conducted by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, meeting all the criteria identified by the peer review methodology, with recommendations. • Bermuda offers less bureaucracy without compromising the standards necessary to manage and grow businesses. • Regulatory changes are only implemented after consultation between the BMA and the businesses it supervises. This approach has resulted in innovative regulations and a governing framework that is purposeful rather than objective. • The U.S. State Department has consistently placed Bermuda in the lowest-concern category of destinations used to launder money or finance terrorism. Bermuda Stock Exchange The Bermuda Stock Exchange (BSX) is the pre-eminent all-electronic offshore exchange for the listing of mutual and hedge funds, unit trusts and limited partnerships. Many companies that are listed on one of the larger U.S. or European exchanges maintain a secondary listing in Bermuda to facilitate ownership by international shareholders. Offshore Companies Those doing business internationally often find a Bermuda company useful in their corporate architecture. The islands’ tax neutrality, location, international air connections and familiarity with corporate affairs can make a Bermuda company the ideal business solution. Applications to form a company are handled by local attorneys, who subject applicants to close scrutiny before passing them on to the BMA, which vets them for Suitability to join Bermuda’s exclusive club of about 14,000 international companies and partnerships. Like any well-managed business centre, Bermuda has extensive company legislation and rules of operation, which make a Bermuda attorney both the best starting point and often a sensible continuing relationship. Staying In Touch Visitors can buy SIM cards and prepaid telephone minutes or rent mobile phones to keep in touch. Many overseas GSM phones work in Bermuda. Check with your service provider. Hamilton is in every sense a modern business venue. Wi-Fi hot spots abound here and at the airport. In Hamilton, stop at the TeleBermuda International (TBI) customer centre at 31 Victoria St., where you can purchase telephone cards and Internet access at lower rates than at most hotels. TOP 10 BERMUDA COMPANIES 1. Butterfield ($686 million) 2. Butterfield ($255 million) 3. Ascendant Group ($154 million) 4. Argus Group ($90 million) 5. KeyTech (68 million) 6. BF & M ($44 million) 7. Bermuda Commercial Bank ($42 million) 8. Bermuda Aviation Services ($21 million) 9. LOM Holdings ($20 million) 10. Bermuda Press Holdings ($16 million)
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