Bermuda's e-commerce bid has brought clients flocking from around the globe, said First Atlantic Commerce senior vice president and co-founder Andrea Wilson.

However: "Everybody seems to be under the impression that Bermuda is favourable just for tax reasons,'' she said. "Actually, 90 percent of our e-commerce isn't coming from North America.'' With online buying on the rapid rise, the supremacy of the American dollar in cyberspace has been one of Bermuda's major selling points, she said.

Contrary to most expectations, electronic business hopefuls from Europe, Australia, South Africa, South America and the Pacific Rim comprise the great majority of First Atlantic's e-commerce clientele, Ms Wilson said, which is probably a general trend for the nascent industry in Bermuda.

"Today's Internet currency is the US dollar,'' explained Ms Wilson, "which tends to bring us business form Europe. South Africa is under currency exchange control. And in Latin America and the Caribbean most of our customers don't have banks that take e-commerce business. No bank, no business.'' North American e-commerciers, conversely, have primarily tax or regulatory reasons in mind when they position their business in Bermuda. Since July the company has offered suite-style segregated accounts for electronic merchants, many of whom simply want US dollar solutions without having to incorporate in the United States itself.

First Atlantic also runs an e-commerce training programme for Bermudians.

"It's a foundation ensuring that Bermudians are trained in this business,'' said Ms Wilson. "We hired someone from the Bank of Bermuda in April who after six months of training is now our operations manager.'' E-commerce, which in characteristic Internet style can involve disparate parties from around the globe, has been singled out by the Chamber of Commerce as the hottest business innovation likely to impact local merchants in the coming decade.