Bermuda’s new e-commerce minister in London to target legal community 

Wednesday, October 27, 2004

LONDON, England: The recently appointed Minister of Telecommunications and E-Commerce of Bermuda, Michael Scott, will be in London on 18th November 2004 addressing a group of UK solicitors on the Bermuda’s e-business benefits. 

The Minister will discuss the supporting regulations, tax structure, telecommunications infrastructure, professional services and sophisticated business environment that make the island an ideal location for e-business. 

The Bermudian Government has been key in creating a trustworthy environment for conducting electronic transactions over the web. The Electronic Transactions Act of 1999 and the Code of Conduct introduced in 2000, facilitate legally-binding electronic transfers. 

The island also sustains a highly developed telecommunications infrastructure with fibre optic and satellite networks operated by a host of companies. Bermuda is already home to a $173 billion insurance industry and a number of technology companies, Internet Service Providers and web designers. 

Bermuda based businesses are exempt from corporation, capital gains, capital transfer and sales taxes, a key reason lawyers noted for recommending an offshore presence to clients. 

Scott, appointed to his current ministerial position in July, is also a lawyer with 22 years practice to support him. Minister Scott will discuss for the first time new data protection legislation which he and his Ministry are currently drafting as well as the adoption of the T-Scheme on the island, the first third country to achieve such recognition under the EU Directive. 

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