The Bermuda Business Development Agency: A Helping Hand for Businesses
If you are looking to start a business, expand your business, or relocate your business to a new location, the Bermuda Business Development Agency (BDA) is the right choice for you. The BDA is a government-funded agency that works closely with businesses to promote their success and growth. In this article, we will explore how the BDA is helping businesses succeed.
BDA’s Mission and Objectives
The BDA was launched in 2013 as an independent agency to promote the economic development of Bermuda. Its primary mission is to attract international businesses to establish their presence in Bermuda and help local businesses expand into new markets. The BDA works towards these objectives through a range of initiatives and programs.
How the BDA is Helping Businesses Thrive
The BDA offers a range of services to businesses looking to expand or relocate to Bermuda. From providing information on business licensing and permits to connecting businesses with local service providers, the BDA works towards making the process of setting up a business in Bermuda as hassle-free as possible.
One of the key ways that the BDA is helping businesses thrive is through strategic partnerships. The agency partners with businesses in key sectors such as fintech, insurance, and healthcare to promote the growth of these industries in Bermuda. For instance, the BDA plays an active role in attracting and retaining fintech businesses in Bermuda through its “Fintech Bermuda” initiative.
The BDA also takes a proactive approach to marketing Bermuda as a business destination. The agency participates in a range of international events and conferences to promote Bermuda to an international audience. This helps to raise awareness of the business opportunities that exist in Bermuda and attract potential investors.
Success Stories: How Businesses Have Benefitted from the BDA’s Support
Several businesses in Bermuda have benefitted from the BDA’s support. For example, global insurance giant, AIG, established a new office in Bermuda with the help of the BDA. The BDA’s support and guidance were critical in enabling AIG to navigate the legal and regulatory landscape of Bermuda and set up its operations in the country.
Similarly, fintech company Arbitrade relocated its headquarters from Canada to Bermuda with the support of the BDA. The BDA provided Arbitrade with the necessary information and assistance to establish its business in Bermuda. As a result, Arbitrade has been able to take advantage of Bermuda’s tax-neutral environment and regulatory framework to grow its business.
Final Thoughts
The BDA is playing a pivotal role in promoting the growth and success of businesses in Bermuda. By offering a range of services to businesses and partnering with them to promote key sectors, the agency is helping to attract businesses to Bermuda and create new job opportunities. Businesses looking to expand or relocate to Bermuda should consider working with the BDA to tap into the opportunities that the island has to offer.
