Scott sells Island as e-business centre
Minister of Telecommunications & E-Commerce Michael Scott yesterday met with a group of prominent barristers to build relationships with the London legal community and promote Bermuda as a premier e-business destination.
The diverse group of solicitors at the luncheon included tax and incorporation lawyers from firms such as Clifford Chance, Freshfields Bruckhaus Deringer, Linklater, and Norton Rose.
During his talk, Mr. Scott promoted the Island as an ideal location for the hosting of international e-business platforms because of its legislative framework, tax neutrality, "technically advanced" labour force and highly developed telecommunications infrastructure.
In a Press release, the Department of E-Commerce said it arranged the meeting following interviews it commissioned with American CEOs and Attorneys in July 2004.
That research showed that to compete effectively in the "offshore" industry, Bermuda needed to develop relationships, increase awareness on what it has to offer to prospective customers and demonstrate that it was flexible in its approach to incorporations.
The research also showed that businesses that operated exclusively online made a better target market than more physically established "bricks and mortar" type businesses.
Tax neutrality of any destination was also a major component of the decision making process for both lawyers and accountants.
In the same Press release, Mr. Scott said: "The lawyers I met today clearly have substantial influence on where companies decide to incorporate, and the lunch today is anticipated to be the start of a fruitful and mutually beneficial relationship between the Government of Bermuda and this group of key industry players."
Bermuda's Warren Cabral, managing partner of Appleby, Spurling Hunter also addressed the group of barristers.
He said: "There can be no doubt that Bermuda is one of the most attractive offshore international financial centres. "It has a fully web enabled environment, so that even the largest multi-nationals are able to function through their subsidiaries in Bermuda in a wholly seamless way.
Such companies enjoy a sophisticated legal and regulatory environment that balances appropriate controls with proper commercial considerations."
Minister Scott will join both Premier Alex Scott, and Finance Minister Paula Cox at The Bermuda Briefing hosted by the Bermuda International Business Association in London.
About 180 UK business representatives are expected to be in attendance.
