Bermuda’s Canada Briefing Schedule Unveiled
Business Bermuda and the Bermuda Stock Exchange will host their 3rd Annual Bermuda Briefing in Toronto on Thursday, November 17th beginning at 2 p.m. and closing with a networking cocktail event.
The briefing will be held in the offices of co-sponsor, Bennett Jones LLP, 34th Floor, First Canadian Place, Toronto.
Canada and Bermuda are active trading partners with a long, mutually beneficial history of economic investment in each other’s economies.
Canadian investment in Bermuda has grown from $5.6 billion in 1998 to $13.8 billion in 2010.
According to the Bermuda Monetary Authority, there are just over 2000 companies registered in Bermuda that are owned by Canadians.
Bermuda investment in Canada averages about $2 billion a year and in 2004, this figure passed $3 billion. In addition, Canada is a major academic choice for Bermuda’s post-secondary population and there are approximately 50,000 visits between Bermuda and Canada’s population for tourism and business purposes.
At a time of continuing financial market chaos, it is in both country’s best interests to continue to build this alliance and Bermuda is confident that, indeed, this will be strengthened by the July 1, 2011 signing of the Bermuda/Canada Tax Information and Exchange Agreement.
This TIEA makes Bermuda subsidiaries of Canadian corporations eligible for certain tax benefits that were otherwise available only to foreign affiliates resident in countries with which Canada had a tax treaty.
Since Bermuda does not levy any corporate income tax, capital gains tax or withholding tax, Canadian corporations could realise substantial tax savings by using a Bermuda-based subsidiary as part of their global structure. Indeed, under this agreement, this makes Bermuda a more attractive jurisdiction than certain of Canada’s tax treaty structures such as Barbados, Ireland and Cyprus where tax rates, though favourable, are not as low as Bermuda.
Bermuda is committed to and excited to support this relationship. To enhance development, a number of exciting visits and informational events are planned by senior representatives of Bermuda’s business community.
“Canada/Bermuda Week” will be launched with two events spearheaded by the Bermuda Insurance Development Council. A Bermuda team, comprising Beverley Todd, JLT Insurance Management [Bermuda] Ltd, Susan Lane, Aon Insurance Managers ]][Bermuda] Ltd, Shelby Weldon, Director/Insurance, Bermuda Monetary Authority, Jason Carne, Partner, Insurance, KMG and Nicolas P. Warren, Marsh IAS Management Services [Bermuda] will represent the island at breakfasts on November 15, in Toronto and on the 16th, in Montreal.
Attendees are expected to be corporate risk managers, CFOs, brokers and others interested in exploring strategic applications of a captive insurance company. e of the risk management tool in Bermuda. Attendance at these breakfasts also affords participants free registration at the 2011 Bermuda Captive Conference.
These breakfasts will capped by the 3rd Annual Bermuda Briefing on Thursday, November 17 in Toronto beginning with registration at 2 p.m.
The programme will consist of two panel briefings; the first briefing provide attendees with detailed information on financial services cross-jurisdictional opportunities and the impact of the TIEA. The second panel will assess the mutual opportunities for Canada and Bermuda in the areas of asset management, captive insurance and Islamic Finance.
Participants include Gregory Wojciechowski, CEO of the Bermuda Stock Exchange, Pamela Burrows, Assistant Financial Secretary [International Business], Bermuda Government, Andy Jobst, Chief Economist of the Bermuda Monetary Authority, Brendan Caldwell, President and CEO of Caldwell Investment Management and Steve Woodward, Partner, Enterprise for KPMG as well as other participants from the professional community, both in Canada and Bermuda.
Commenting on the conference, Ms Cheryl Packwood, CEO of Business Bermuda said, “We are excited to return to Toronto and build on the strong business relationships and partnerships between Bermuda and Canada. We have a powerful line-up of panelists who will provide a wealth of information on the regulatory excellence, economic strength and intellectual capital in Bermuda. We are confident that it will show that Bermuda stands apart as a premiere international business jurisdiction of choice for Canadian investors.”
Mr. Wojciechowski added, “I am very pleased to be in Canada this year, in particular as the Bermuda Stock Exchange celebrates its 40th anniversary. It is most fitting to be sharing a milestone in the BSX’s history with our friends in the Canadian marketplace following the great news of the TIEA coming into force between our countries. The current climate in the global capital markets is without question challenging yet, despite this, one simple fact remains, stock exchanges are the places where the world’s savers and users of capital meet in a secure and regulated fashion to provide the fuel to drive entrepreneurial development and economic growth.
As Bermuda’s financial services and international business sectors have grown so, too, has the BSX. Since its inception in 1971, the BSX has grown to become the world’s largest offshore, fully electronic securities exchange, offering a wide range of listing and trading opportunities for both international and domestic customers.
Today, in keeping abreast of an ever changing market, the BSX supports a client list which includes sophisticated institutional investors many of whom are involved in investment activity in sophisticated investment vehicles, such as insurance linked securities, which the BSX has seen impressive growth.”
The conference has again been organised in Toronto by Sarah Barham, CEO and founder of ISI Publications.
Business Bermuda is a business organisation of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client.
The organisation works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.
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