The UK is to play
host to some of Bermuda's leading financial experts in a bid to
attract investment and business to the island. The Bermuda Stock
Exchange (BSX), law firm Appleby Spurling & Kempe, investment
bankers Voyager Financial Services Ltd, and telecommunications
provider TeleBermuda International Ltd will present half-day seminars
on November 27 at the Hilton Hotel, Dublin, and November 29 at
the Knightsbridge Hilton London.
At the seminars particular
attention will be focused on e-commerce. William Woods, Chief
Executive Officer of securities market BSX, explained: 'We want
to reach the mind and management behind e-com, high-tech and bio-tech
start-ups. We want to attract those businesses with a solid business
plan that want to expand globally.'
Last year the BSX
began vigorously marketing a restricted Mezzanine Market for "qualified
investor" capital, which allows for start-up companies and
specialist securities to list without the need for a full Initial
Public Offering (IPO). This gives developing e-commerce and high-tech
companies the opportunity to list on an established and reputable
international stock exchange at a much earlier stage than is currently
possible in any other jurisdiction. Thus it's an ideal incubator
for when the IPO does take place.
Voyager Financial
Services, a member firm of the BSX, offers full listing sponsorship
services to issuers seeking a primary or secondary listing on
the BSX. Paul Lemmon, Managing Director of Voyager, said: 'The
Mezzanine Market is ideal for emerging companies wishing to either
establish a secondary exchange listing for their securities or
undertake private placement fund raising contemporaneous with
a listing on the BSX. This affords emerging companies initial
access to the public capital markets that is more efficient and
cost effective than if undertaken on shore.'
Appleby Spurling
& Kempe (AS&K) is not only Bermuda's largest law firm
but is also the jurisdiction's first legal outfit to provide an
Internet site for the online incorporation of offshore companies
which enables clients to enter the incorporation process from
anywhere in the world. Warren Cabral of AS&K commented: 'As
a firm, we not only provide legal services to "new technology"
firms, we have embraced the technology ourselves.'
He added: 'Providing
this new method of incorporating a Bermuda exempted company is
a perfect example of the important role that technology will play
in the development of business for Bermuda. AS&K has embraced
this new technology, and in so doing we have provided our clients
with a secure, efficient, convenient way of incorporating a Bermuda
exempted company.'
TeleBermuda International
Ltd (TBI) provides long-distance, voice and data telecommunications
and international private leased circuits via a high capacity
fibre optic cable system. The company's one billion dollar undersea
cable project, 360americas, will carry voice, video and data traffic
between the US eastern seaboard, Brazil and Venezuela via Bermuda.
TBI's General Manager James Fitzgerald stated: 'We are working
to make Bermuda the hub of international e-commerce and telecommunications
services.'
Summarising the "Bermuda
Advantage", Warren Cabral said: 'Bermuda offers the regulatory,
legal and business environments necessary for such companies to
thrive and prosper. The island has a full range of intellectual
property legislation, providing protection for patent, trademark
and copyright owners. Bermuda is at the forefront of the Internet
revolution, having introduced legislation last year - the Electronic
Transactions Act 1999 - that gives legal substance to electronic
data and transactions negotiated over the Internet. The island's
government also features the world's first Ministry of E-Commerce.
Bermuda does not levy taxes on income, profits or capital gains.'
Those interested
in the half-day seminars can visit the tours website at
www.b2bermuda.com.