BERMUDA AS AN E-COMMERCE JURISDICTION
Already well known for its insurance and financial industries, Bermuda has huge strength as an offshore location for e-business. Noted below are a few of the reasons why Bermuda is an ideal location for conducting e-business:
The regulatory framework: The regulation of international business in Bermuda is both fair and reasonable. Bermuda has a flexible regulatory framework, while still conforming to international standards.
The legal and fiscal framework: Bermuda benefits from sophisticated financial and legal services. The current legal and fiscal system is based on English law. There is a streamlined and speedy application process when new companies are being formed.
Infrastructure: An excellent telecommunications network and transportation facilities link Bermuda directly with countries around the world. The network comprises four diverse bandwidth routes through fibre optic and satellite networks, the highest quality hosting facilities with maximum security and full redundancy as well as sophisticated telephone, facsimile, satellites services.
Location: Being one hour ahead of the North American Eastern Seaboard, four hours behind the United Kingdom, and seven to twelve hours behind the Middle East and Far East countries enables Bermuda to offer itself as an excellent location for operating international businesses. With its easy access by air to most international centres, and its appeal as a sub-tropical paradise where its people are well-used to catering to overseas visitors, Bermuda is the place to hold business meetings.
Support Services: The banking, trust, accounting, custodial and legal services necessary to support international business are of a high international standard. These are supplemented by local management, financial and corporate service companies. Bermudians are among the most literate in the world. Bermuda has an intelligent, well-educated and talented labour pool to assist in the day-to-day operation of Bermuda business. There is a strong technology support network in place with web-designers, software and hardware vendors and ISPs.
Political Stability: Bermuda is politically, economically and socially stable, ensuring a favourable environment in which to conduct business. Bermuda is committed to maintaining its integrity as an international offshore financial centre, and to maintaining its reputation of providing exceptionally high standards.
Taxes: There are no income taxes, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance taxes payable in Bermuda. A Bermuda exempted company may, under current policy, apply to the Bermuda Government for an exemption from paying any taxes until 2016, should taxes be imposed on corporate activities after the company is incorporated.
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