Many in the financial sector in the Middle East and Europe are now better clued up on the benefits of doing offshore business in Bermuda - including the important plus the Island has in that there is no requirement for 'local auditor' sign-offs.

That important distinction was underlined to potential clients for the Island by a delegation from Bermuda who have had little chance to draw breath as they travelled from Dubai to Paris and then to Geneva promoting Bermuda amongst financial leaders.

Judging by reports from the Middle East and now Europe the twin continental tour has been creating positive signs for the Island and greater awareness of what Bermuda stands for as an offshore financial centre.

Heading up the overseas mission was Cheryl Packwood, chief executive officer of the Bermuda International Business Association.

As the team wrapped up the European leg of its travels, Ms Packwood gave an upbeat assessment of opportunities that had been taken to promote Bermuda at the GAIM Invest conference in Geneva and French professionals involved in society trusts and estates.

"The Bermuda delegation found a number of opportunities to draw distinctions between our jurisdiction and others," said Ms Packwood.

"One of the real key opportunities for growth is driving home the message that Bermuda does not require local auditor sign-off.

"Infact, many fund managers and administrators are finding that other jurisdictions charge significant fees, but that there is more than six month delay in getting local auditor sign-off.

"Bermuda's market is far more efficient and affordable, and perhaps even more importantly our service providers are highly respected and experienced."

The Bermuda team moved on from the GAIM Middle East Conference in Dubai, which has previously been reported, and held a number of high-level meetings in Paris with organisations including the Society Trust and Estate Professionals, the French branch of the International Association of Financial Lawyers and other law and insurance and investment firms.

"This was our second trip to Paris. The interest in Bermuda is significant and growing with organisations and law firms turning out their most senior members and partners for our meetings," said Ms Packwood.

"We have begun to build significant relationships, which we believe will be a source of greater business and opportunity for Bermuda in the French market."

The Paris stop was followed by the GAIM Invest conference in Switzerland, which was attended by more than 150 delegates from a range of leading financial services firms across Europe.

Ms Packwood said: "Europe remains a very important market for Bermuda and with recent legal changes in Spain, which allows for investment of up to 20 percent of assets offshore, there is even greater opportunity for Bermuda to seize market share."

With that in mind, BIBA will attend the GAIM Fund Forum International Conference in Barcelona, Spain next June.

During the mission to Dubai, Paris and Geneva, Ms Packwood has been accompanied by BIBA's marketing director Susan Attride-Stirling.

Also involved in some of the meetings was Greg Wojciehowski, the chief officer of the Bermuda Stock Exchange, and attorneys Edward Stone of Conyers Dill & Pearman's London office and Warren Cabral from Appleby's London office.