Bermuda is an ideal environment for business. It boasts excellent fiber optic connections, a talented service pool, a robust IT, legal and regulatory framework, and significant access to capital for investment and expansion. The Island also enjoys global branding as a secure, safe and friendly jurisdiction for business.
Bermuda’s Strengths in the Information and Communication Technologies (ICT) Industry
Bermuda was ranked in the top 22 countries in the world in the last four Economist Intelligence Unit’s Digital Economy studies. Bermuda was also ranked the Best Digital Jurisdiction by the World Commerce Review in 2013 and in 2014 and is home to the Caribbean regional office of the World Information Technology Services Alliance (WITSA).
Software development on the Island is thriving with key strengths in insurance and risk modelling. Other areas of proprietary development continue to grow to service local and global clients.
Recent changes to the telecommunications landscape have created a more competitive and agile industry that has resulted in reduced pricing and the ability to deliver new products and services to business customers and consumers.
Bermuda has additional key strengths including:
- a well-educated and talented labour pool;
- many global ICT projects and ties to major IT service organizations around the world;
- no duties or taxes on software products imported to the Island.
Bermuda provides services to the world leaders in insurance, reinsurance, international business and finance which include:
- a sophisticated ICT industry combined with a first-rate telecommunications; infrastructure that includes redundant fibre optic cables linking Bermuda directly to North America, the Caribbean and South America;
- a full complement of IT services and support;
- cloud, digital certificate and security services; and
- data centre hosting, business continuity, and disaster recovery providers.
Laws and Regulations Impacting the ICT Industry
Bermuda’s strategy has been to create the right legislative framework to facilitate electronic commerce and business and to provide a supportive environment where business can grow and flourish.
Bermuda was one of the first in the world to adopt an Electronic Transaction Act (ETA) in 1999. It is presently being reviewed to ensure that the legislation continues to enable the business opportunities created by the next generation of ICT evolution.
Privacy legislation is being developed that will facilitate transborder data flows and provide an additional level of comfort for international customers who have their data hosted in a Bermuda cloud.
Additional Benefits of Doing Business in Bermuda
The Island is ideally positioned at the crossroads of North and South America and Europe, with excellent air links to the east and west and just one hour ahead of EST and minus four GMT/UTC. Bermuda also has a developing satellite industry that will provide global business notable opportunities given the position of its orbital slot. Bermuda is in a prime geographic location for tracking stations (rocket or satellite).
Additional key benefits of doing business in Bermuda include:
- Access to intellectual and investment capital is facilitated by the tight-knit financial and ICT sectors;
- The availability of significant bandwidth and IP protection lends itself to content and other digital media services;
- Bermuda is the perfect test bed environment given the penetration rates and ICT adoption Islandwide;
- Plans are being developed to promote the use of analogue spectrum and for the testing of new products and concepts.