Small business owners and entrepreneurs were given a lesson how Government benefits impact their companies at a Bermuda Small Business Development Corporation (BSBDC) seminar.

The BSBDC's Government Benefit Matters Seminar, which was held at the Fairmont Hamilton Princess hotel last week, covered everything from payroll taxes, duty on retail goods to company registration.

The two-hour meeting kicked-off with a welcome by BSBDC Board Member, George Scott, before attendees heard from Joelene Lindsay, senior tax auditor from the Office of the Tax Commissioner about the need to register for and pay payroll taxes as a small business owner.

Mr. Richard Amos, principal customs officer of the Customs Department, then spoke on the importance of duty and who should pay it, using the Sally Bassett statue as a real life example of what tariffs and duty may have been involved with the importation or creation of the statue.

Following the first two presentations, delegates took part in a 10-minute networking event with fellow business people and presenters.

In the second half of the seminar, participants heard from the Department of Social Insurance's (DOSI) compliance inspector Melody Bean and compliance manager Patree Watts.

Ms. Watts said that DOSI had records dating back to 1968 and told the audience that anyone over school leaving age who works more than four hours per week must pay into the Contributory Pension Fund.

The last presenter of the evening was Riche Robinson, supervisor of registration at the Registrar of Companies. Ms. Robinson explained the difference between the four types of companies that are registered with the Registrar of Companies: local companies; exempted companies; permit companies; and local, overseas and exempted partnerships. She also said it was up to the business owner to determine whether or not to incorporate their company and recommended using an attorney if they decided to do so.

The majority of the attendees surveyed said that the seminar was very informative, with one participant remarking that the seminar was so helpful that he will be attending all future BSBDC seminars, while others noted that they were going to take advantage of the free private business advisory advice available by appointment with the BSBDC's staff.

The Government Benefit Matters Seminar was the first of a series of evening seminars this year sponsored by the BSBDC.

For more information on the seminar and upcoming events, contact the BSBDC at Bdasmallbusiness@gov.bm or visit the website at www.bsbdc.bm