A 5,000-strong listing of local businesses is to made available to the public, Home Affairs Minister Michael Fahy said yesterday.

Senator Fahy said the move to open up the Bermuda Economic Development Development Corporation (BEDC) register would make it easier for small- and medium-size Island firms to drum up business and help Government keep accurate records of business activity in a variety of sectors.

But he added businesses would now have to pay $100 a year to be listed.

Sen Fahy said: “The business register will not only provide a benefit to businesses with regards to access to timely information and data to assist them in making the best decisions for their businesses, hence having a positive knock-on impact to the economy, but it will also allow the BEDC to meet one of its goals of generating revenue — a modest $100 per year will be charged.

“Since the BEDC has historically mainly from a grant from the Government, the launch of the register will allow the Government to realise a cost saving over time and will allow the BEDC to maintain its necessary cash flow in order to continue to deliver its premium programmes and services to the public.”

The change means the public will get access to the list, including contact information and business details, on all small and medium enterprises and Economic Empowerment Zone (EEZ) firms.

Traders will also get a unique ID trader number, while Government will use the register as a research tool to help develop new business.

Businesses will also get a quarterly newsletter and advance notice of BEDC seminars and events, invitations to special workshops and networking opportunities, as well as deposit insurance for coverage up to $25,000.

A range of discounts on business services and reduced interest rates and terms on loans from the BEDC will also be introduced.

Businesses who want to register can do so at www.bedc.bm.

Sen. Fahy said that there will be a seven-month period, ending on September 30, for businesses to register free, with a $50 charge for firms who sign up between October 1 and March 31 next year.

After that, annual registration will cost the full $100.