Microsoft's multi-billionaire founder Bill Gates would have been even more wealthy, if that's possible, had he incorporated his company in Bermuda.

This according to the Bermuda Stock Exchange chief in an article in the latest edition of top-selling The Economist magazine.

The article entitled "Gimme shelter' quotes Bermuda Stock Exchange CEO William Woods on the distinct advantages of global companies registering in Bermuda.

"Bill Gates would be fabulously more wealthy if he had started Microsoft in Bermuda,'' the magazine quotes Mr. Woods as saying.

"He may have known a lot about computer programming when he started the company, but his ignorance about tax cost him a fortune.'' Mr. Woods also told the Economist that in not charging corporate tax and maintaining a `tax-neutral' stance on holding companies, Bermuda is an ideal country for any firm that expects to earn profits and have shareholders from more than one country.

Mr. Woods estimated that the tax savings could easily have been 10-15 percent for Microsoft, which earns around half of its profits outside of America.

Admitting that once a business is established in the US, the cost to uproot and move to Bermuda is `prohibitive', Mr. Woods explained that Bermuda incorporation is best suited to "truly global firms''.

He's quoted as saying, "If you are writing software over the Internet, with teams of workers spread across Seattle, Bangalore and Israel, it would be hard for any one country to claim the right to tax you as a holding company.'' The article also mentions that Bermuda is actively trying to attract e-commerce business and has passed "state-of-the-art'' e-commerce laws. It notes that Ireland is doing the same thing, marketing itself heavily in the EU as having the advantage of being able to do business in English, their entrepreneurial spirit and highly educated yet relatively low-cost workforce.

Even richer? Founder of Microsoft Crop. Bill Gates pictured in Davos, Switzerland this week.

BUSINESS BUC