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Bermuda profile

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Current business situation



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Visiting this country

Security & health, Visas, Travel tips & facts

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Country overview

Country facts, Economic climate, Political climate

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Useful websites and resources 

Government, business & trade, News & media, Travel & tourism

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Doing business

Business opportunities, Business etiquette, Tariffs & regulations, Documentation

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Contact details

Austrade offices, Australian Embassy


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Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Bermuda. This is regularly updated, and should be checked before planning travel.

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Country overview

Country facts

Capital city: Hamilton
Surface area: 53.3 sq km
Population: 65,773
Official language(s): English, Portuguese
Government: Parlimentary, self-governing territory
Head of State: Queen Elizabeth II, represented by Governor Sir John Vereker
Head of Government: Premier Ewart Brown
Bermuda's principal export destinations: France, Spain, USA
Bermuda's principal import sources: Kazakhstan, France, South Korea
(Source: CIA - The World Fact Book)

Economic climate

Key economic indicators and statistics for 2004*:

GDP - N/A
GDP per capita (PPP) - US$69,900
Real GDP growth - 4.6 per cent
Inflation - 2.8 per cent (2005)

(*latest available statistics)

Political climate

Bermuda is a parliamentary, self-governing territory. The Cabinet is nominated by the premier and appointed by the governor.

The last general election was held on 24 July 2003, with the next election to be held before July 2008.

(Source: CIA - The World Fact Book)

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Doing business

Business opportunities

The Opportunities Online website may be a useful addition to your information sources. The database established by Austrade aims to deliver international sales leads ('export opportunities'), including tenders, generated by our overseas network to Australian businesses.
 

Registering is simple and once this is done you will have the option of accessing a weekly newsletter featuring the most recent opportunities uploaded onto the system in industry sectors of interest to you. Another feature is the ability to view, and also print, the complete page of opportunity details.
 

For general inquiries concerning Austrade’s services, please contact Austrade Direct on 13 28 78.

Business etiquette

Please note: Bribery of foreign public officials is a crime. Australian individuals and companies can be prosecuted in Australia for bribing foreign officials when overseas. For more information, go to the Attorney General's Department on foreign bribery.

Tariffs and regulations

Import restrictions

Import permits, specifying the annual permitted quantity, are issued to individual importers.

No individual licenses are required. Importers registered in Bermuda obtain general permits which authorise them to import an unlimited value of goods each year. These permits are routinely granted for imports covered by a general or specific import license.

Importers of foodstuffs and general merchandise must be registered.

There is a list of prohibited and restricted imports (see also 'Public health requirements').

Foreign exchange valued in excess of BD$100 requires a permit issued by the Foreign Exchange Control Department.

Tariff

Single-column tariff based on the Harmonised System. Duties may be either ad valorem, assessed on the FOB value, or specific. The majority of duties range from 5 per cent to 35 per cent, and valorem.


A number of items enter duty free, including agricultural products and implements imported with the approval of the Treasurer of Bermuda, aircraft and parts, desalination equipment, books, magazines, packaging materials, fertilisers, insecticides, marine radio equipment, educational equipment and scientific apparatus.

Customs authority contact details:

Collector of Customs
Customs House
Hamilton Hall
40 Front Street
Hamilton HM11
Tel: +809 295 4816
Fax: +809 295 5392

Packing, marking and labelling

Outer containers should carry the consignee's mark and port mark, and should also be numbered (to accord with packing list) unless the shipment is such that their contents can be otherwise readily identified.

Merchandise must bear a mark of origin (eg. 'Made in Australia') whenever English wording appears that could possibly be considered misleading as to the true origin of the goods.

Australian exporters should be guided by the advice of their customers in Bermuda on any relevant packing requirements.

Weights and measures

The metric system. US and imperial systems are still in use.

Insurance

Normal commercial practice.

Methods of quoting and payment

Quotations should be Pound Sterling, CIF. Payment is usually 90 days.

Public health requirements

Fruit, vegetables and all foods are subject to inspection on arrival.

Drugs require prior import approval by the Food and Drug Board.

Exporters should be guided by importers as quarantine, health and similar regulations are subject to frequent change.

Sanitary certificates are required for specified plants and their products (see 'Special certificates').

Seasonal embargoes are placed on imports of fresh cabbage, cauliflower, grapefruit, onions, potatoes and tomatoes.

Documentation

Fax signatures are not permitted.

Commercial invoice

No prescribed form, minimum of four copies required. The following details must be included:

  • Name of the exporter and name and address of the consignee
  • Detailed description of the goods including marks and numbers
  • Country of origin
  • Gross and net weights
  • Unit and total values, showing shipping and insurance charges separately

Discounts or commission may not be deducted unless shown on the invoice.

Bill of lading

No special requirements. To Order bills acceptable. A minimum of two copies is required.

Certificate of insurance

A minimum of two copies is required.

Packing list

Must be presented to customs with the commercial invoice if there is more than one invoice for one package or shipment must show totals of the invoices and number of packages.

Special certificates

A certificate of age may be required for spirits.

Livestock and meat require sanitary certificates issued by the approved authority in the country of origin; in Australia this is usually the Australian Quarantine and Inspection Service, Commonwealth Department of Agriculture, Fisheries and Forestry-Australia or the relevant state department of agriculture.

All entries and shipping bills must be made on the forms and documents prescribed by the Customs Department.

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Visiting this country

Security and health

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Bermuda. This is regularly updated, and should be checked before planning travel.

Visas

No visas are required for Australian citizens.

Travel tips and facts

For further travel information please visit Lonely Planet.

Time

Bermuda is 14 hours behind Australian Eastern Standard Time.

To find out the current time in Hamilton, view the World Clock.

Dialling codes

Bermuda's country code is 441

For calls to Bermuda from Australia dial: 0011 + 1 + 441 + telephone number

For calls from Bermuda to Australia dial: 011 + 61 + area code + telephone number

For further information please visit the White Pages - international dialling codes

Electricity

Bermuda's power supply is AC, 60 cycles, 120/240 or 120/208 volts, 1, 3 phase, 2, 3, 4 wires.

Currency

Oanda currency converter

The official currency is the Bermudian dollar (BMD)

Public holidays

January 1 - New Year's Day 
24 May - Bermuda Day 
10 June - Queen's Birthday 
26 July - Cup Match Day 
27 July - Somers Day (2nd Day of Cup Match) 
3 September - Labour Day 
11 November - Remembrance Day 
26 December - Boxing Day

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Useful websites and resources

Government, business and trade

Bermuda Government Portal -  www.gov.bm
Bermuda Small Business Development Corporation - www.bsbdc.bm 

News and media

Bermuda Sun - www.bermudasun.bm
The Royal Gazette - www.theroyalgazette.com/apps/pbcs.dll/frontpage

Travel and tourism

Bermuda Tourism - www.bermudatourism.com/index.aspx

Please note: this list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only.

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Contact details

Austrade offices

The Australian Trade Commission (Austrade) is the Federal Government agency that helps Australian companies win overseas business for their products and services by reducing the time, cost and risk involved in selecting, entering and developing international markets.

Austrade offers practical advice, market intelligence and ongoing support (including financial) to Australian businesses looking to develop international markets. Austrade also provides advice and guidance on overseas investment and joint venture opportunities, and helps put Australian businesses in contact with potential overseas investors.

A list of Austrade offices (in alphabetical order of country) is available.

For further information please contact Austrade on 13 28 78 or email info@austrade.gov.au

Australian Embassy

Australia does not have an Embassy in Bermuda, but Australia's Embassy in Canada, is accredited to Bermuda.

Australian High Commission
Suite 710, 50 O'Connor Street East
Ottawa Ontario K1P 6L2
Tel: +1 613 236 0841
Fax: +1 613 236 4376
Web: www.ahc-ottawa.org

Business hours:
8.30am-5.00pm, Monday to Thursday
8.30am-4.30pm, Friday


(Last updated: 06 Jul 2007)

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OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the ANCP website.

     

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Austrade makes no warranty, express or implied as to the fitness for a particular purpose, or assumes any legal liability for the accuracy or usefulness of any information contained in this document. Any consequential loss or damage suffered as a result of reliance on this information is the sole responsibility of the user.