Bermuda government unveils entrepreneurship strategy and plans one-stop business hub
Updated
Updated · Royal Gazette · May 6
Bermuda government unveils entrepreneurship strategy and plans one-stop business hub
4 articles · Updated · Royal Gazette · May 6
Economy Minister Jason Hayward said the hub would launch within 18 months, cutting incorporation waits of up to 12 weeks and costs above $6,000.
Officials said 82% of Bermudian entrepreneurs remain unincorporated, limiting access to support and exposing them to personal liability, while the plan also explores crowdfunding and other financing options.
The five-year strategy, developed by PwC with $2.2m for the Bermuda Economic Development Corporation, aims to remove red tape first; BEDC currently has 2,700 entrepreneurs registered.
Bermuda is cutting startup costs by 98%. Could this bold move unintentionally flood the market with businesses destined to fail?
With its new plan, can Bermuda truly pivot from an insurance hub to a global magnet for technology startups?