THE EDD — WHO ARE THEY AND WHAT DO THEY DO?

FOR ITS SMALL SIZE, Bermuda has significant ambitions: sustainable economic growth built on a solid business foundation and infrastructure, historical resiliency and innovation, and legendary self-reliance. The sophisticated business centre is best placed to bring innovative risk and insurance, high-net-worth services, and technology — thanks to its emphasis on collaborative innovation, regulatory excellence, speed to market, and top talent across industry sectors.

The Economic Development Department (EDD) was created in 2020 to focus on advancing the sustainable growth, development, and diversification of Bermuda’s economy. In other words, it was tasked with facilitating the exploration of innovative trends and the development of appropriate policies in support of Bermuda’s economic development and diversification goals.

In addition to housing the Office of Fintech, the EDD provides a wide range of services, including concierge and engagement, as well as education and training. It is also responsible for the Alien Land Licensing and the Incentives for Job Makers processes.

EDD’s Services:

1. Business Services: Solidifies relationships with inbound interest as guided by the Economic Recovery Plan and handles incentives for job makers and the alien land licensing processes.

2. Communication, Education, and Compliance: Works to develop a sustained, informed, skilled, and connected talent pool to propel the jurisdiction as it consolidates its position as a global leader in fintech.

3. Concierge and Engagement Services: Provides concierge services to Bermuda’s inbound investors by streamlining and expediting government processes.

4. Legislative Affairs and Research: Assists with initiating public and private legislative initiatives to improve corporate product and service offerings.

5. Office of Fintech: Works to accelerate the growth of Bermuda’s fintech ecosystem.

There are service teams that work together to achieve the department’s objectives, which are to:

1. Facilitate, create, and implement policies to support the government’s Economic Recovery Plan.

2. In collaboration with industry stakeholders, position Bermuda as an ideal test market for innovative product and industry development.

3. Analyse innovative developments and trends through research and stakeholder engagement.

4. Identify the jurisdiction’s market fit, clearly communicate its message, and drive opportunities that lead to economic activity.

5. Process various Land Licenses and Incentives for Job Makers applications in a timely, efficient, and professional manner.

6. Facilitate opportunities for technology education, mentoring, and training, and support e-entrepreneurship.

7. Help create a more attractive regulatory environment for business and enhance communication between the Government of Bermuda and the private sector.

As often mentioned about Bermuda as a jurisdiction, it wants to be the home of innovation, the Silicon Valley of the Atlantic Ocean, and the Davos of the deep blue sea. It is also often said that doing business in Bermuda is like doing business in paradise. And the EDD facilitates that.