News Release: HAMILTON, Bermuda, February 10, 2021 —The Bermuda Business Development Agency (BDA) has released its 2020 End-of-Year report, providing an overview of its key achievements during a challenging yet transformative calendar year.
Despite a complex and fast-changing environment, the BDA delivered on its mandate and, as the review highlights, assisted in the incorporation of 20 new entrants to the market through its designated business concierge service – including three class 3A commercial insurers, a high-net-worth family office, an investment fund, a digital asset business and a technology incubator.
Roland Andy Burrows, CEO of the Bermuda Business Development Agency, said: “2020 has been an incredibly challenging year and I am immensely proud of our achievements, all of which were possible thanks to the hard-work and dedication of the entire team. I also want to thank our partners and stakeholders for their continued support and collaboration.”
With the onset of the global pandemic in March, the BDA seamlessly adapted to a remote working model and focused on driving digital initiatives to continue to communicate with clients and markets worldwide. In addition to promoting Bermuda’s business continuity and operational resilience, the BDA produced 15 webinars with globally recognised partners, including RIMS, the risk management society, and customised an online platform to host the first virtual Bermuda Tech Summit.
These online events attracted more than 3200 registrants from 59 countries.
Throughout the year the BDA worked closely with public and private sector stakeholders on critical legislative reform. 11 pieces of policy and legislation were progressed to underpin and advance growth of existing and new sectors in the economy. This included modernising certain provisions to support growth opportunities in Asia with the Bermuda Bar Amendment Act 2020.
The purpose of this legislation is to provide a clear legal framework for law firms in Bermuda to use registered associates working overseas as resources to attract and service overseas clients on matters governed by Bermuda law. Bermuda-based law firms have taken up the opportunity to expand their teams accordingly.
Notably, 2020 also saw the introduction of the new Work from Bermuda One-Year Residential Certificate on 1 August, offering non-residents the opportunity to reside in Bermuda to work or study remotely for a full year. The BDA continues to work with the Government and the Bermuda Tourism Authority to promote the Work From Bermuda initiative. With its social media campaign, the BDA has generated 2.7 million social media impressions to date, more than 5,800 clicks to the website and has assisted more than 160 direct application enquiries.
To ensure Bermuda remained front of mind for global decision makers during this time, the BDA launched a new creative campaign for the jurisdiction, “Bermuda Central”. The campaign highlights how Bermuda sets the standard for many global industries under a clear, unifying theme. It has generated 1.2 million social media impressions to date and international visitors to the BDA’s website, which was also updated and revised this year with new content, have increased by 27%.
Roland Andy Burrows added: “In light of COVID-19, our focus on supporting the Bermuda-based businesses and investors who are already contributing to our economy was heightened, all the while continuing to advocate for the jurisdiction internationally. Although it was a year like no other, Bermuda’s international business sector has once again proven its resilience and there is reason for optimism in 2021. While it is inevitable there will be challenges this year, and external factors will need to be navigated, we look forward to driving a post-COVID economic recovery.”