Minister of Business Development and Tourism Wayne Furbert today said Bermuda can expect foreign investment to spur growth in Gross Domestic Product [GDP] and provide jobs following passage of the Companies Amendment Act 2012.
Passed in July, the Companies Amendment Act 2012 allows firms in a ‘prescribed industry’ and listed on the Bermuda Stock Exchange, or another designated exchange, to apply for a licence to access more capital overseas than the current 60 percent Bermudian ownership requirement allows. Prescribed industries include telecommunications, energy, insurance, hotel operations, banking and international transportation services [ship or aircraft].
Minister Furbert said: “This Government is committed to enabling foreign investment in Bermuda’s companies that will drive development and innovation in our infrastructure, technology and capital market as well as create new employment opportunities.
“Bermuda may be another world but we are part of the global economic community in which borders restricting capital investment have become all but irrelevant. We must allow our local companies access to foreign investment that will benefit everyone in Bermuda. And clearly, the amended legislation is working as several companies have applied for exemption during the past two months.”
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- Ascendant Group Exempted From 60/40 Rule | Bernews.com | November 28, 2012