Bermuda attracts business interest in Canada
Two roadshow events in Canada to promote Bermuda as the jurisdiction of choice for captive insurance companies and e-commerce business have been hailed a success.
The Bermuda Business Development Agency (BDA) hosted the sessions in Toronto and Calgary this week.
It was standing-room only at the first event, in Toronto on Tuesday, as top level executives turned up at the Trump International Hotel.
There was a 20-strong delegation from the Island at the sessions to promote Bermuda and aiming to drive business to the Island.
“Our working relationship with Bermuda’s regulator and business community was once again reinforced by the depth and professionalism displayed by the Bermuda delegation in Toronto and Calgary,” said Economic Development Minister Grant Gibbons, who led the dual-city roadshow and gave opening remarks at each session.
“The Canadian retail and corporate market heard first-hand a very powerful Bermuda message. We are pleased to have worked with the BDA on this initiative, and look forward to seeing an increased flow of business from Canada.”
Bermuda has been of interest to Canadian corporations following the 2010 signing of the Canada-Bermuda Tax Information and Exchange Agreement (TIEA), which allows Bermuda subsidiaries of certain Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.
The forums featured an opening plenary session, moderated by BDA CEO Ross Webber with Dr Gibbons and Michael Horgan, a former deputy minister of finance for the Canadian government, as panellists. Separate sessions addressed the benefits of establishing both captive insurance companies and e-commerce entities in Bermuda.
The Island delegation has picked up promising leads as a result of the sessions, the BDA said in a statement.
“We deliberately showcased actual case study examples. This is highly persuasive for those who are on the fence,” said Mr Webber added. “We are following up on the interest we have generated here to help prospective companies set up physical operations that equate to real jobs for Bermudians.”
The e-commerce presentation detailed how Canadian retailers who sell goods and services online to an international market are able to leverage the Canada-Bermuda TIEA.
“The beneficial tax advantages of the TIEA allow Canadian retailers to turbo-charge their growth into lucrative international markets such as the US by creating a strategic e-commerce presence on the ground in Bermuda,” said BDA e-commerce consultant Stafford Lowe, who was part of the Toronto delegation.
The captive session in Calgary was held in The Bow building, hosted by Encana Corporation, where Mark Jewett, a former general director of tax policy and legislation for the Canadian Department of Finance, joined Dr Gibbons and Mr Webber for the opening plenary.
E-commerce consultant Mr Lowe said: “The benefit for us in doing this type of face-to-face business development is that it allows us to interact with both target customers and Canadian business development professionals who can amplify our innovative message.
“The e-commerce opportunity is definitely something which we will continue to promote aggressively in Canada. It’s great that Bermuda already has such a high-quality product to offer to a completely new customer segment.”
The BDA has organised a return to Toronto on May 27 and 28 when a business delegation will attend the 11th Annual Captives & Corporate Insurance Strategies Summit.
