Bermuda Business Register To Offer Benefits
[Updated with video] Minister of Home Affairs Michael Fahy and the Bermuda Economic Development Corporation today [Feb 26] officially launched the Business Register, which contains over 5,000 business listings, and will be made available to the public.
Minister Fahy said, “The BEDC is mandated under the BEDC Act 1980 to maintain a Register of Small Businesses, Medium-Sized Businesses and Economic Empowerment Zone Business Entities. Over the last three years, this Register has been used primarily as an internal tool for BEDC staff.
“The Register currently contains over 5,000 listings inclusive of contact information for local businesses, their business type and economic activity, and the Business Register will be made available to the public.”
As a paid member of the BEDC Business Register business owners will receive a multitude of benefits including advanced notification of BEDC seminars and events, invitations to participate in industry-related workshops, business to business networking by industry profile, deposit insurance for coverage to up to $25,000, online access to a listing of local businesses, online access to BEDC Reports, reduced interest rates and terms on loans and financial products as negotiated by BEDC, special discounted rates on business services with BEDC Partners and more.
The Minister added, “As you can see the list of benefits is comprehensive. As new benefits for local businesses are negotiated and confirmed they will be automatically added and those that have registered will receive quarterly updates on these benefits.
“The BEDC has worked diligently to meet the Government mandate to reduce costs and to do more with less. The business register will not only provide a benefit to businesses with regards to access to timely information and data to assist them in making the best decisions for their businesses, hence having a positive knock-on impact to the economy, but it will also allow the BEDC to meet one of its goals of generating revenue; a nominal membership fee of $100 per year will be charged.
“Since the BEDC has historically operated mainly from a grant from the Government, the launch of the Register will allow the Government to realize a cost savings over time and will allow the BEDC to maintain its necessary cash flow in order to continue to deliver its premium programmes and services to the public.
“In order to register, business owners can log on to the BEDC website at www.bedc.bm and click on the registration link. There will be a seven month grace period until September 30th 2015 for businesses to register for free. Any registrations received between October 1st 2015 and March 31st 2016 will be entered with a prorated rate of $50. On April 1st 2016 the annual renewal process will start with the full $100 rate being charged.”
The Minister’s full statement follows below:
Good afternoon.
It is a pleasure as the Minister of Home Affairs to join the Bermuda Economic Development Corporation to announce the launch of their Business Register.
The BEDC is mandated under the BEDC Act 1980 to maintain a Register of Small Businesses, Medium-Sized Businesses and Economic Empowerment Zone Business Entities. Over the last three years, this Register has been used primarily as an internal tool for BEDC staff.
The Register currently contains over five thousand [5,000] listings inclusive of contact information for local businesses, their business type and economic activity using Government codes for Bermuda Classification of all Economic Activity [BCEA codes]. At this point in time there is no other government department or Quango that tracks this information for local companies that are not registered with the Registrar of Companies.
Today, the Business Register will be made available to the public.
Over the last two years BEDC has worked with local developer W & W Solutions to upgrade the Register to:
- Allow the public to have access to contact information and details on all Small Medium and EEZ entities in Bermuda.
- Provide local business owners with a unique ID trader number.
- Maintain a database of economic activity for each business sector in Bermuda.
- Be used by Government as a business tool to research business in order to assist with the development of new business.
- Help the business owners identify service providers that can assist with the development of their businesses.
As a paid member of the BEDC Business Register business owners will receive a multitude of benefits including:
- A unique Business ID Number
- Online access to your business details
- Quarterly Business Newsletter providing updates relevant to entrepreneurs and business owners
- Advanced notification of BEDC Seminars and Events
- Invitations to participate in industry-related workshops
- Business to Business Networking by industry profile
- Deposit insurance for coverage to up to $25,000
- Online access to a listing of local businesses
- Online access to BEDC seminar presentations, videos, and handouts
- Online access to BEDC Reports
- Reduced interest rates and terms on loans and financial products as negotiated by BEDC
- Special Discounted Rates on Business Services with BEDC Partners
- Special discounted rates to BEDC Seminars/Events
- Online access and notifications of Government Contracts for tender
- Industry sector specific reports
- Use of BEDC training and meeting rooms at a discounted rate
- The ability to promote business services and products to registered members
As you can see the list of benefits is comprehensive. As new benefits for local businesses are negotiated and confirmed they will be automatically added and those that have registered will receive quarterly updates on these benefits.
The BEDC has worked diligently to meet the Government mandate to reduce costs and to do more with less. The business register will not only provide a benefit to businesses with regards to access to timely information and data to assist them in making the best decisions for their businesses, hence having a positive knock-on impact to the economy, but it will also allow the BEDC to meet one of its goals of generating revenue; a nominal membership fee of $100 per year will be charged. Since the BEDC has historically operated mainly from a grant from the Government, the launch of the Register will allow the Government to realize a cost savings over time and will allow the BEDC to maintain its necessary cash flow in order to continue to deliver its premium programmes and services to the public.
In order to register, business owners can log on to the BEDC website at www.bedc.bm and click on the registration link. There will be a seven month grace period until September 30th 2015 for businesses to register for free. Any registrations received between October 1st 2015 and March 31st 2016 will be entered with a prorated rate of $50. On April 1st 2016 the annual renewal process will start with the full $100 rate being charged.
I would encourage all business owners to register in order to receive the continued support that the BEDC provides. The current state of our economy suggests that business owners must continue to seek out resources and organizations that can assist with the development of their businesses.
As the Minister of Home Affairs, I understand the importance of utilizing information to help make better and more informed decisions. The BEDC is committed to working with the Government and private service providers to provide access to this information and to support the local business sector in Bermuda. I am confident that the public launch of the BEDC Register is a further step in the right direction for local business in Bermuda.
I will at this time turn it over to the Executive Director of the Bermuda Economic Development Corporation for a few words.
Thank you.
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Is there not an entity already called the bermuda registrar of companies?
It seems (and please do respectfully correct me if I am wrong here) we have a Government – read public sector “official” giving free press and endorsement to a private entity whom would otherwise have to advertise their products/services on their own dime..,… Time will reveal all…- I do understand the potential benefit to what they offer I just don’t know why it has to be accomplished in this way. Could this be a warning sign that the Bermuda Registrar of Companies is to go the way of the Dodo in the near future? The “privatization” Mr. Fahy and his cohorts speak so in support of?
We have the BIU, BPSU, BTU. We also have the OBA, PLP. We have ZBM, ZFM, VSB. We have AG & Fish and Parks Department. We have KEMH and MAWI. There are many groups, associations, unions, charities and yes government offices that offer similar services that one might argue could be done by the other. Sometimes we need options and diversification to be competitive while other times we need mergers, acquisitions and restructuring to survive.
I’m sorry, but if you don’t understand the role of the BEDC. I’m sorry if you don’t know what they do and who they are. I would attempt to inform you, but I get the feeling that a little knowledge might be dangerous.
@SSwhite. BTW you are wrong. You have a government minister giving of his time to speak at a function. Bernews has chosen to publish and post the story. Free.