BDA proud of achievements in 'challenging year'
The Bermuda Business Development Agency assisted in the incorporation of 20 new entrants to the market in 2020 through its designated business concierge service, the organisation said in its end-of-year report.
They included three class 3A commercial insurers, a high-net-worth family office, an investment fund, a digital asset business and a technology incubator, the BDA said.
The report provides an overview of the organisation’s key achievements during what it described as “a challenging yet transformative calendar year”.
Other highlights included supporting 166 residential certificate enquiries for “Work from Bermuda” programme applicants, and generating 23 new opportunities and 60 new leads for potential incorporations in Bermuda, the report said.
The BDA said it delivered on its mandate “despite a complex and fast-changing environment”.
Roland Andy Burrows, chief executive officer of the BDA, said: “2020 has been an incredibly challenging year and I am immensely proud of our achievements, all of which were possible thanks to the hard-work and dedication of the entire team. I also want to thank our partners and stakeholders for their continued support and collaboration.”
With the onset of the global pandemic in March, the BDA said it seamlessly adapted to a remote working model and focused on driving digital initiatives to continue to communicate with clients and markets worldwide.
In addition to promoting Bermuda’s business continuity and operational resilience, the BDA said it produced 15 webinars with globally recognised partners, including RIMS, the risk management society, and customised an online platform to host the first virtual Bermuda Tech Summit. These online events attracted more than 3200 registrants from 59 countries, the BDA said.
Throughout the year the BDA said it worked closely with public and private sector stakeholders on critical legislative reform. Eleven pieces of policy and legislation were progressed to underpin and advance growth of existing and new sectors in the economy.
This included modernising certain provisions to support growth opportunities in Asia with the Bermuda Bar Amendment Act 2020, the organisation said.
The BDA said the purpose of this legislation is to provide a clear legal framework for law firms in Bermuda to use registered associates working overseas as resources to attract and service overseas clients on matters governed by Bermuda law. Bermuda-based law firms have taken up the opportunity to expand their teams accordingly, the BDA said.
The organisation noted the introduction of the Work from Bermuda one-year residential certificate on August 1 of last year, which offers non-residents the opportunity to reside in Bermuda to work or study remotely for a full year, and said it continues to work with the Government and the Bermuda Tourism Authority to promote the initiative.
With its social media campaign, the BDA said it has generated 2.7 million social media impressions to date, and more than 5,800 clicks to the website in addition to assisting with more than 160 direct application enquiries.
The BDA said it launched a new creative campaign for the jurisdiction, “Bermuda Central”, to ensure that the island remained front of mind for global decision makers during this time.
The organisation said the campaign highlights how Bermuda sets the standard for many global industries under a clear, unifying theme. It has generated 1.2 million social media impressions to date and international visitors to the BDA’s website, which was also updated and revised with new content, have increased by 27 per cent.
Mr Burrows added: “In light of Covid-19, our focus on supporting the Bermuda-based businesses and investors who are already contributing to our economy was heightened, all the while continuing to advocate for the jurisdiction internationally. Although it was a year like no other, Bermuda’s international business sector has once again proven its resilience and there is reason for optimism in 2021. While it is inevitable there will be challenges this year, and external factors will need to be navigated, we look forward to driving a post-Covid economic recovery.”
The 2020 End-of-Year Review can be found at https://www.bda.bm/annual-report-2020/.