“There were 22 new captives registered in 2019 compared with 19 in 2018.
“The Bermuda Monetary Authority (BMA) also registered a total of 69 new insurance entities in 2019, including 58 new (re)insurers and 11 intermediaries,” he added.
“The international insurance sector continues to show sound ﬁnancial strength and a ﬁrm market position.”
Meanwhile, small and medium-sized businesses are an important part of the Bermuda economy and they employ just over 6,300 persons, the majority of which are Bermudian.
“Based on statistics from the Ofﬁce of the Tax Commissioner, the remuneration paid, and head count of small businesses has grown in 2019. This growth can largely be attributed to the payroll tax concessions provided by the Government in 2018 for new small business entrepreneurs,” said the Minister.
“The Bermuda Economic Development Corporation (BEDC) has advised that between April 1 and 31 December 2019, 18 new businesses have been approved, creating 27 new jobs.
“This is a good example of how tax policy can be used to create jobs,” he said.
“In the medium-sized business sector, job growth and compensation have remained relatively unchanged year over year.
“The Government will again use tax policy to promote job creation in this sector of the economy by creating new payroll tax bands between the annual payroll tax thresholds of $200,000 and $500,000.
“As the new rates will be below the current rate of 7 percent for this sector, it is anticipated that this relief should allow them to expand their employee base.”
Bermuda’s struggling retail sales decreased during the first 11 months of 2019 by 2.4 percent to register at $1.02 billion.
“Many of the difﬁculties being faced by local retail stores are not unique to Bermuda as many brick-and-mortar stores have found it difﬁcult to compete with mostly web-based businesses like Amazon,” said Mr Dickinson.
“Retailers that are adapting best to this environment are those providing an enhanced customer experience, often utilising technology in their service delivery.
“The Government is very much aware of this pressure on certain segments of the retail sector and over the years has provided the following relief: