Hamilton, Bermuda 19 January 2024 – The Bermuda Economic Development Corporation (BEDC) announces the expansion of the Economic Empowerment Zones (EEZ) with the newly established South East Hamilton Economic Empowerment Zone (SEHEEZ), with the aim of aiding business growth and economic development in Bermuda. This expansion opens up a realm of opportunities, not only for new businesses and developers seeking to establish themselves within the EEZ, but also for existing businesses and property owners currently within the zone.
In the South East Hamilton EEZ, businesses and property owners will be able to benefit from a range of incentives designed to stimulate growth and innovation, currently offered within the other 3 EEZs, Somerset, St. George’s, and North East Hamilton. One of the key incentives is the EEZ Payroll Tax Relief, which provides up to 2 1⁄2 years of payroll tax concessions for new startups or existing businesses relocating to the EEZ. This significant reduction in operational costs is a major advantage for businesses at any stage of their development.
Additionally, the BEDC offers an EEZ Customs Duty Deferment for up to five years on capital projects, improvements, or redevelopment schemes within the EEZ. This incentive is open to both business owners and property owners, fostering an environment conducive to modernization and enhancement of facilities.
EEZ commercial properties automatically gain reduced Land Tax rates compared to commercial properties outside the EEZs. The EEZ also supports local and foreign direct investment in residential and mixed-use development projects through the Approved Residential Schemes programme which removes restrictions on foreign ownership of residential units, allowing a pathway for redevelopment and regeneration. This boosts the local economy and contributes directly to economic development within the EEZ.
Further assisting businesses, the BEDC offers lowered application fees for its products within the EEZ, making it more accessible and affordable for businesses to tap into the resources and support they need. Additionally, businesses within the EEZ are eligible for preferential interest rates on BEDC microloans, easing the financial burden and facilitating smoother business operations.
These incentives, among others, are part of BEDC’s commitment to fostering a supportive environment for businesses growth, regeneration, and economic development throughout Bermuda and specifically within the EEZs. Said Erica Smith, BEDC Executive Director, “The South East Hamilton EEZ is not just about financial incentives; it’s about working with stakeholders in the zone to build a community where both businesses and property owners can thrive through access to expert advice and a network of support aimed at driving economic success.”
For more information on these and other South East Hamilton EEZ incentives, businesses and property owners are encouraged to contact BEDC at 292-5570, email info@bedc.bm, or visit the BEDC website at www.bedc.bm.
About BEDC
Bermuda Economic Development Corporation (BEDC) is Bermuda’s premier source of free confidential business advice for entrepreneurs. The mission is to serve Bermuda’s local business community with the highest degree of professionalism by providing, authoritative business advice, counsel and loan guarantee support. Bermuda Business Starts Here! For more information, visitwww.bedc.bm.
