The survey of 220 lawyers, accountants, financial services and insurance/reinsurance executives in North America, the United Kingdom, Europe, Latin America and Asia that shows that 70% of respondents were very familiar or familiar with Bermuda and its international business offerings, according to BIBA, a business organisation works with the private sector and Government to develop and promote the island as an international business centre.

The survey, which was conducted between 15th May, 2008 and 15th June, 2008, was designed to assess the progress Bermuda is making in reaching its core clients in international business and to determine their perceptions of Bermuda’s strengths and weaknesses as well as the jurisdiction's competitors in key markets.

Commenting on the results of the survey, Deputy Premier and Minister of Finance, Paula Cox, said:

“I am very pleased with the findings in the recent BIBA survey that show the solid awareness of the Bermuda brand in our traditional markets of North America and Europe.

“It is even more gratifying to see the increased penetration, especially in markets where a few years ago Bermuda's name was not then as clearly on the radar. We have cachet as a jurisdiction that is recognized for probity, endurance, innovation and market-driven solutions and this is now becoming known increasingly in Asia and Latin America.”

Ms. Cox concluded: “When the Ministry of Finance conducted a survey a few years ago, as we were assessing future opportunities for growth, it was clear from the responses and the survey data that we did not have the level of name recognition that we would have liked in the Far East. Since then there has been a concerted effort on many fronts, namely, Government (tax information exchange negotiations, a top-level delegation visited China), private sector business connections and the BIBA outreach. These efforts have borne fruit in the form of the increased awareness. This bodes well for future business prospects for the jurisdiction.”

Cheryl Packwood, CEO of BIBA added: “This is a strong showing for Bermuda and its international business community, which underscores the progress our jurisdiction is making in building awareness among its clients. More heartening are the perceived strengths among this group of people, which strengths are our ability to handle sophisticated business issues, the experience of our service providers and our reputation.”

“We have made tremendous strides in our traditional markets for business in N. America, the United Kingdom and Europe with awareness of well over 85% of those surveyed. In markets that we are just entering like Asia and Latin America, awareness levels are over 50%. This suggests strongly that the aggressive and bold international business marketing efforts we are undertaking are working.

Ms. Packwood concluded: “We appreciate the solid financial support of Bermuda’s government and our members. In addition, their efforts to engage in one-to-one, personal marketing efforts around the globe are making a meaningful difference. We look forward to building on these numbers and transitioning awareness, familiarity and our strengths among these survey respondents and others into even more business for Bermuda."

The survey showed that awareness of Bermuda in international business is relatively high overall in key markets around the world, but is particularly high in North America, and the United Kingdom and Europe, where 85% and 87% of respondents respectively were very familiar or familiar with Bermuda. In new markets in Asia and Latin America, 51% and 54% of respondents respectively were very familiar or familiar with Bermuda.

In the insurance/reinsurance sector, 100% of executives surveyed know Bermuda "which is remarkable in the context of any survey," BIBA said.

Of lawyers surveyed, 85% in N. America, 90% in the United Kingdom and Europe, 65% in Asia and 55% in Latin America were very familiar/familiar with Bermuda. Of accountants surveyed, 60% in N. America, 75% in the United Kingdom and Europe, 15% in Asia and 10% in Latin America were very familiar/familiar with Bermuda, suggesting, according to BIBA, "that there is an opportunity to expand relationship build awareness in both traditional and new markets."

Among the 70% of all respondents surveyed who were very familiar/familiar with Bermuda, the jurisdictions strengths remain fairly consistent in major markets including 45% highlighting its sophistication and ability to do complicated business, 35% highlighting the credibility of service providers and 20% highlighting reputation of the jurisdiction.

Bermuda’s reputation and the experience of its service providers are strengths with those that are very familiar/familiar with Bermuda in Asia (18%) and Latin America (19%), suggesting that building on those features will be helpful in enhancing Bermuda’s reputation, the survey showed.

In Asia, 55% highlighted Bermuda’s reputation and 40% highlighted experience of Bermuda’s service providers were strengths. In Latin America, 45% highlighted Bermuda’s reputation and 38% highlighted experience of Bermuda’s service providers were strengths.

BIBA concluded that, while the survey was overwhelmingly positive, Bermuda has an opportunity to address some of its perceived weaknesses among those who are very familiar/familiar with the jurisdiction. Among the features that were highlighted as weaknesses by the 70 % who were very familiar/familiar were the perception by 45% that Bermuda is costly and 25% that is slow and inefficient.

"Despite those perceptions, the good news is that among that same group only 18% had concerns or perceived the 'Tax haven' label as a weakness, suggesting that this is a declining issue of concern. Similarly only 17% had concerns or perceived a weakness in Bermuda’s proximity (too far away from their home jurisdiction)," BIBA stated.