Bermuda has a global reputation as a top place to do business. It is the number one reinsurance jurisdiction in the world, and is well known for its for fund and asset managers. Business Bermuda is the membership organisation dedicated to facilitating companies’ entry to the country; Cheryl Packwood tells The New Economy how it can help business owners and investors form vital partnerships.

The New Economy – What are the advantages of investing in Bermuda?

Cheryl Packwood: Bermuda is a premier jurisdiction. We have some of the highest sovereign debt ratings for an offshore jurisdiction of our size. We are a transparent jurisdiction when folks try to lump us in the category of tax havens we always shout No and we are right to shout no because we are not a jurisdiction that you can come in and hide money. We are a jurisdiction that has real business. We are the number one reinsurance jurisdiction in the world. We are a well known funds jurisdiction asset management jurisdiction and that is because of our reputation globally as a top place to do business.

The New Economy: And what should investors be aware of? Are there any risks at all?

Cheryl Packwood: In terms of investments, the risk is associated with your strategy. Bermuda is not a risky jurisdiction. We have no had the bank failures or the failiures of any major companies. We did not have major exposure in the Madof scandal that took place a few years ago. And that is because Bermuda prides itself on who invests in Bermuda. We look very carefully at who comes in to our jurisdiction precisely because we do not want to be associated with major scandals. We want to ensure that the money is really behind the name that they claim is really there. And that has stood Bermuda in good stead and to that degree no, the risk is only associated with your own business strategy.

The New Economy: So exactly how does business Bermuda spread the word about investment in Bermuda?

Cheryl Packwood: Business Bermuda is a membership organisation. We are run out of the private sector with a grant from the government for promoting Bermuda globally. We go to conferences, we host our own events, both here in London and in New York and now we’ve branched out to the rest of the world. We’ve’ held events in Bahrain, Hong Kong, Singapore and we just came from Shanghai and Beijing where we also hosted events and we were a major sponsor in the CCPIT conference; the Chinese outward investment conference. That was so exciting to be there and to feel like we, I was opening China for Bermuda. So Bermuda is very much becoming recognised, known quantity in the world. Precisely because of what Business Bermuda does and the award that we’ve received today from you, The New Economy, is a tribute to all the hard work that we’ve done. Thank you.

The New Economy: Who is your typical client?

Cheryl Packwood: Bermuda’s typical clients are real investors who want to do real business trying to increase their value, increase their holdings, increase their assets. We did a study on Bermuda’s economic impact on the United States and then in future years we took that study and looked at Bermuda’s economic impact on the UK, on parts of Asia, parts of Europe, and we came to discover that for example in the United States, over 300 thousand jobs are created as a result of setting up companies in Bermuda. We help the rest, an economy or a jurisdiction increase their wealth, increase the jobs. Our two way trade with the UK has increased 250% just since we started doing that study. These are incredible figures and it shows that we’re partnered with the rest of the world. We’re not just a tiny little jurisdiction saying ‘we want your money, we want your money’ and that is what is so important about Bermuda.

The New Economy: And how can Business Bermuda help those looking to invest in Bermuda?

Cheryl Packwood: Business Bermuda provides a first hand experience to the business client. We are a first point of entry, if you will, to come in to Bermuda because we are a membership organisation of the private business community; that’s he lawyers, the bankers and the accountants. And we’ve grown now to include international businesses, all the different telecoms technology companies, the fund administrators, all of these different entities are part of our membership. Whatever your needs are we can set you up with the exact person that you need to speak to. And we will know which lawyer and which firm you should talk to and we can give you a variety of names of lawyers or accountants or whomever to speak to and decide for yourself who is it that you get along with best. We provide the government with legislative policy in terms of changing or mending business legislation, regulation, policies. To keep ahead of the game or to keep in line with global regulations and legislation requirements our membership on that on a daily basis with government and in committee, which is an amazing offering that we provide and we do it because we want to create a viable environment to do business, not just viable but a terrific environment in which your client can do business once they are in Bermuda.

The New Economy: Cheryl Packwood, thank you very much for your time.

Cheryl Packwood: Thank you very much. This is a true honor and to be recognised for all the hard work that we do, again, I am honoured that you have given us this award. Thank you very much.