Bermuda's Political Stability
And Speed to Market
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Since 1610, Bermuda has completed four centuries of continuous stable settlement and now has entered the fifth century. It is a British overseas territory although it has its own independent laws and legal system.
Bermuda's constitution to a large extent has been adapted from the Westminster Parliamentary system of the UK. Since the beginning of its constitution in 1968, there have been two major political parties in Bermuda. The two parties were the United Bermuda Party (UBP) and the Progressive Labor Party (PLP). UBP won the first seven elections in a row starting from 1968. And from 1998, PLP had won three in a row. However in June 2011, UBP ceased to exists as the party members left to form another party OBA (One Bermuda Alliance) which came into power in December 2012.
Bermuda's biggest trades are with the US, UK and Canada. Being a British Oversees Territory and having close proximity with US (only two hours of flying distance from US East Coast), Bermuda has always been stable both politically and economically. Check out
Bermuda's Economy to know about the main factors influencing economy in Bermuda and the current trends.
Full independence from Great Britain has been debated from time to time in the cabinet and has always been rejected. A poll report has shown that Bermuda’s younger people are even less attracted to the idea of independence than the seniors.
International businesses in Bermuda also get a great advantage being able to setup their operations quickly and start delivery of services and products. Bermuda's process of evaluation of a proposal for setting up business is fast but robust. It considers the nature of the business while dealing with the case.
For example in case of the re-insurance companies, Bermuda acknowledges that fact that these are anyway sophisticated businesses and are regulated in their own home countries.
By assessing such regulation and looking into other factors like quality of capital and the background and track record of its management, the decisions are taken quickly. A suitable company can obtain a license and be up and running in just a few weeks in Bermuda.
The same process could take around nine months in the UK, and more than a year in the US. Once set up, the tax benefits along with competitive brokerage costs make Bermuda very attractive place for doing international business.
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2) Check out
Bermuda Economy to know all about economic factors and trends in Bermuda.
