The PLP Government has boosted support for entrepreneurs by reducing red tape, eliminating taxes for new startups, and providing $12 million of support for small and medium-sized businesses to assist in surviving the financial challenges caused by the Pandemic.
To continue to boost entrepreneurs and support small business, the next PLP government will:
- Increase investment in the Bermuda Economic Development Corporation with the goal of starting dozens of new Bermudian-owned businesses every year.
- Introduce technology to allow Bermudians to quickly incorporate businesses online, and eliminate even more red tape and regulations than we have since first elected.
- Expand on a programme that has already seen small businesses receive government contracts worth a total of $38 million over the past three years.
- Introduce a policy to ensure that the Government pays all bills to BEDC registered small or medium sized businesses within 15business days, with compounding interest for delayed payments.
- Use BEDC Resources to create an online market that will allow entrepreneurs easy access to sell their goods and services online without having to deal with costly individual setups, large monthly fees and merchant account complexities.