Business Profile
Economy
Bermuda’s economy is dominated by two industries – tourism and international business, financial, insurance and re-insurance services – which together account for approximately 90 per cent of GDP. Offshore banking and related services have been the mainstay of the financial sector, although in recent years, insurance has grown to the point where Bermuda is now the world’s third-largest insurance market. Tax receipts from several thousand offshore companies registered in Bermuda, plus customs duties, go some way to offsetting the island’s large annual visible trade deficit of around US$500 million. The small light-manufacturing base in Bermuda is engaged in boat building, ship repair and perfume and pharmaceutical production. There is some agriculture, concentrated in the growing of fruit and vegetables, although most of Bermuda’s food is imported along with all its oil, machinery and most manufactured goods. Bermuda has recently established an important diamond market. The USA is the largest trading partner followed by Japan, Germany and the UK.
Business
Lightweight suits or shirt and tie are acceptable, as are Bermuda shorts, when worn in the appropriate manner. Visiting cards and, occasionally, letters of introduction are used. Codes of practice are similar to those in the UK. Office hours: Mon-Fri 0900-1700.
Commercial Information
The following organisations can offer advice: Bermuda Chamber of Commerce, PO Box HM 655, Hamilton HMCX (tel: 295 4201; fax: 292 5779; e-mail: info@bermudacommerce.com; website: www.bermudacommerce.com) or Bermuda International Business Association (BIBA) Century House, 16 Par-La-Ville Road, Hamilton HM 08 (tel: 292 0632; fax: 292 1797; e-mail: info@biba.org; website: www.biba.org).
Conferences/Conventions
The Bermuda Department of Tourism (see Contact Addresses section) can give information, including advice on customs arrangements for the speedy handling of materials. The Chamber of Commerce can also offer assistance; Special Groups and Incentive Services (published by the Department of Tourism) is a list of members’ services available to organisers.
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