News that Bermuda is about to be brought under the umbrella of Britain?s Outer Space Act could pave the way to the Island picking up thousands of dollars in filing fees, Government said yesterday.

Telecommunications Minister Michael Scott said the Island now had the legal framework to attract the satellite industry ? although some major companies, including Intelsat, already have a nominal presence here.

When the Act is rubber stamped in the UK at the end of the month, Bermuda will be better able to attract fees for issuing launch licences.

And Bermuda is also introducing regulations which will allow it to pick up filing fees from satellite companies at the very start of satellite projects.

Mr. Scott said: ?We are poised to position Bermuda as a provider of globally recognised space services and as a country which is able to develop its space assets into useable assets by the international space industry.?

The new framework is unlikely to lead to a large influx of personnel but will allow the island to attract business away from other jurisdictions such as the US where companies are forced to put up bonds worth millions which can be forfeited if projects suffer setbacks.

Mr. Scott refused to put a dollar value on the potential goldmine Bermuda was sitting on.

He said he hoped Bermuda would soon be able to exploit its four satellite slots although it is still in talks with the Isle of Man which has claimed rights on one of them.

Mr. Scott said: ?The extension of the Outer Space Act may be applied to Bermudian businesses or Bermudian companies that wish to participate in space activities.?

Premier Alex Scott was also at yesterday?s press conference and said he hoped that the Outer Space Act would help Bermuda develop a strong third pillar to its economy which is now based on international business and tourism.

He said it had been a long hard fight getting Bermuda into the UK Act and he thanked Governor John Vereker for his support.