BTA Holding Seminar On Tourism Investment Act
The Bermuda Tourism Authority is working to get the word out regarding the recently passed Tourism Investment Act, specifically the benefits it provides for Bermudian small business owners.
Earlier this month at the Caribbean Hotel Investment Conference and Operations Summit [CHICOS] the new legislation was touted to attract hotel investors to the island. The same law also extends incentives to other tourism infrastructure projects like restaurants and attractions.
“Since the National Tourism Plan in 2012 the need to improve our tourism product has been a priority. Now, by way of the Tourism Investment Act, we have a mechanism to coordinate the improvements the island needs and our visitors want,” said Bermuda Tourism Authority Chief Investment Officer Andy Burrows.
“The timing is right to engage entrepreneurs beyond the hotel sector because they see the impressive growth in tourism. With these new incentives, they are in a strong position to consider joining the tourism economy or perhaps even expand their current tourism businesses.”
The Bermuda Tourism Authority will host a public presentation on the benefits of the Tourism Investment Act, Wednesday, November 29, 2017 at the Bermuda Underwater Exploration Institute, beginning at 5:30pm. The information session is titled: Tourism Investment Act: A Hand Up for Small Businesses. The event is free to attend, but advance online registration is required.
Restaurateurs can receive Customs duty and payroll tax relief if they meet the minimum capital investment requirements. Incentives for tourism attractions are limited to Customs duty relief. In both cases the Government incentives are available to new restaurants and attractions or the refurbishment of existing ones.
