Why Bermuda?
Bermuda, A Business Haven Secured By Strong Regulatory Environment
Horizon Communications is often asked, Why Bermuda as we’re building our telecommunications in Bermuda and not the United States, Canada etc.
Well my Father’s family hails from Bermuda. My Father grew up on the 21 square mile island before joining the US Navy during Vietnam and being deployed as an Aircraft Mechanic during the War.
He then moved to the USA to go to school, meeting my Mother who was an American (of Native American and European Ancestry) who funny enough was working as a computer chip manufacture (they used to build the circuit boards by hand!). She eventually moved into healthcare working in Nursing Homes and the local Hospital in New York.
When my Father then took a position with Data General (one of the largest I.T. firms in the United States for decades) I was born in Upstate New York in 1983.
When I moved to Bermuda a few years ago, I came to help take care of my aging Grandparents, who had always done so much for my family and I growing up that I wanted to give a hand and help out. From my Grandfather, his Father and generations before our family has very long history of business in Bermuda. From grocery and convenience stores, a livery business, grain storage and most recently resturatant equipment, I felt a particular pride in launching a Darrell Enterprise in Bermuda.
Having now been back in Bermuda but from living in the USA, I quickly realized how poor the internet was, a country by every other metric is 1st class in Business and Tourism. I realized that the technology we could use to fix it, Fixed Wireless, LTE and Blockchain, wasnt just a solution for the island but many places all around the world. Where I grew up in Upstate New York, there was never good internet unless you lived in the cities, and even then you had typically one provider and no options in service or pricing.
Bermuda also has a ton of benefits that makes the country a great place to start a business. Horizon has built a short list of “Why Bermuda”.
The island of Bermuda is situated just 2 hours by flight from New York and most of the East Coast USA. The island is a business haven that has morphed into one of the world’s centers for insurance, finance and banking. The country has a friendly business environment and a highly supportive government. This is the reason why it is a choice destination for investors.
One of the attractions of Bermuda for the business world is that the country has more than 100 tax treaties, making it a safe haven for investments. The transparency and regulation in the business environment supported by a government that provides the necessary infrastructure has made the country one of the thriving financial centers in the Caribbean.
The country has been rated a first-class domicile by the Organization for Economic Cooperation and Development (OECD). Its experienced workforce of internationally trained professionals makes sourcing of skilled labor easy.
Known for its leadership role in the insurance and re-insurance sector, it is a destination of choice for investors from different parts of the world, especially, the US and Central America. Some of the leading industries aside banking and finance is the emerging blockchain sector. The Prime Minister of Bermuda, Edward David Burt commissioned a blockchain initiative to enable the country take advantage of the innovative technology.
Bermuda has continued as one of the most attractive countries to register and set up a company due to its startup friendliness. This is why a good number of Fortune-500 countries have presence in the country. In fact, the records show that 73 percent of Fortune-500 companies are registered in Bermuda. With a 0% corporate tax rate, no capital gains or transfer tax, no withholding tax, no inheritance or estate tax, it has been a haven for investors.
The extensive accounting, legal, telecommunications and banking infrastructure in the country keeps attracting global businesses. This has resulted in the growth of the economy which the World Bank report says has a GDP of $5.2 billion. The country has a high living standard, boasting income per capita of $66,000.
Real Estate In Bermuda
Bermuda has a thriving real estate sector that is highly valued. An average home in Bermuda costs about one million Bermudan dollar, making it quite expensive, even for Bermudians. This is why the country has a thriving work force in which most people are engaged in more than a job to meet their aspirations of owning their own homes.
This pool of workers is readily available to fill in positions for new jobs as new companies are established in the country. This means that investors need not worry about skilled manpower setting up in Bermuda.
International Business
70 percent of the total foreign earning of Bermuda is generated from international businesses and tourism. The country is a focus for insurance and re-insurance businesses, captive insurance and fund and trust management. With more than 15,000 international businesses with presence in Bermuda, these are the main providers of jobs in the country aside its thriving tourism sector.
International businesses are estimated to add $2 billion to Bermuda’s GDP. The sector is overseen by the Bermudian Monitoring Authority (BMA). The agency cooperates with the United States government and the international community to ensure transparency in business as well as prevent money laundering activities and other financial crimes.
The country is rated AA+ by Fitch while KPMG recently rated the country’s legislative framework highly for compliance with international standards. These agencies are just among many that have adjudged Bermuda a good place for investment due to its high credit rating, business friendliness and benign legislative stance towards international investments.
Tourism in Bermuda
Bermuda is one of the top tourist destinations in Central America, most of the tourists arrive by cruise ships while a good fraction arrive by air. The Bermudian Tourism Board estimates that those that come by air are the main drivers of the sector since they generate revenue for the country through hotel bookings and stay. More than 400,000 tourists visit Bermuda during the peak of holiday seasons.
Bermuda’s Overall Economy
Bermuda’s economy is not surprisingly linked with that of the United States. This is evident because the two economies are closely associated in terms of the tourism industry and investments. Hundreds of thousands of Americans love to holiday and do business in the country. Bermuda has a low unemployment rate of 7 percent. It is said that there is no poverty in Bermuda, though this is not true. Folks who are unemployed or living off government aid find the high cost of living in Bermuda challenging.
Bermuda Imports
Bermuda virtually has no natural resources, so most things used in the country are imported, mainly from the United States. Other countries that have close international trade with Bermuda are UK, Canada and other Caribbean countries. Imports from US, its main trade partner amount to $800 million. Duties from these imports are a huge source of revenue for the government.
Horizon is fortunate to have a great country like Bermuda to launch our business in, but that doesnt mean we’ll rest on the sandy beaches and peer into the sunset. There are people all over the world who need better internet services. Combining the strengths of Fixed Wireless, Blockchain and a vision to see a better connected world, Horizon will be on the leading edge of the next generation of telecommunications.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally.
While utilizing 4th generation and soon 5th generation wireless technology, it will also heavily incorporate blockchain and cryptocurrency technology, one of the 1st ISP’s in the world to do so and the 1st to tokenize their services using an Initial Coin Offering (ICO).
More information can be found on their website — www.HorizonComm.co
