Sealing the Deal

INVEST BERMUDA Sealing a smooth deal

Making the effort to understand Bermuda’s distinctly different ways could open some important doors for you

It may be sitting down at a formal meeting and finding yourself facing a senior businessman in shorts and long socks. It may be that everyone says good morning to total strangers as they pass in the street. Or it may be going into one of Hamilton’s restaurants and finding out that the waiters know as much about international business as you do. One way or another, it won’t take you long to realise that, from a business perspective, Bermuda is truly in a world of its own.

The contrast between the large international business done in Bermuda and the club-like atmosphere can be startling. There is the story of a gentleman who arrived with $250,000 in his briefcase. He visited one bank, who politely turned down his request to open an account and deposit the cash, only to find that by the time he made it to the other banks, they already knew he was coming. Money launderers, try the next town.

Don’t be seduced by this village atmosphere. Hamilton is full of international movers and shakers, who rank among the world’s finest in their respective fields. They may work in flip flops with an office overlooking the boats in Hamilton Harbour, but make no mistake, they are all connected 24 hours a day to the international marketplace. Underestimate them at your peril. They have chosen Bermuda as a business base for a variety of reasons — an efficient tax and regulatory environment, a highly developed infrastructure and legal system, and a unique sensitivity in the manner of doing business. So, proceed with respect and thoughtfulness. A few specific suggestions: • No one is impressed by visitors who come over as unfriendly or selfimportant. • Make an effort to introduce yourself and your business to local regulators, industry groups and associations – such a courtesy will go a long way to forming solid working partnerships. • Avoid making the mistake of thinking people won’t compare notes after you’ve gone. Assume that they will talk, so get your story straight at the outset and avoid at all costs bad-mouthing anyone here to another resident: it’s far too small an island for that. • Don’t shop business all over town. It is fine to discuss service and fees with a few different people but this is not a bidders market — and loyalty is still a key factor in deciding who is doing what business and with whom. • The key to a fruitful experience in

Bermuda is pretty much the key to all successful interaction: step quietly, keep your ears and eyes open and, at least in the beginning, your mouth shut other than to say “Good morning” to absolutely everyone. And whatever you do and however you feel, put on a happy face!