Finance Minister Paula Cox appeared to take a swipe at business in the Budget saying Government questioned whether their hiring policies and business practices treated people fairly.

Ms Cox made the remarks as she unveiled plans to spend millions of dollars beefing up Bermuda?s regulatory frameworks to ensure the Island does not earn a bad name internationally through unscrupulous or unprofessional practices of businesses who use the jurisdiction.

A five percent increase to a series of corporate fees takes effect this April and will raise $3 million to be used to bolster the administration and investigations needed to weed out any companies involving Bermuda in illegal or damaging business practices.

Explaining the rationale, Ms Cox said: ?Bermuda represents a ?gold standard? as a domicile for international business. Therefore, it behoves us as Government to take all reasonable steps to maintain, sustain and protect our jurisdiction?s precious reputation. In that regard, we must keep abreast of best practices in our regulatory regimes.

?The costs of maintaining the good name of Bermuda?s company registry has increased in recent years as it has been necessary to undertake investigations and associated actions under the Companies Act to address issues of non-compliance.

?We have reviewed what will be required to ensure that the Registrar of Companies is appropriately resourced to deal with enforcement matters related to non-regulated institutions.?

The reason is to catch companies whose actions, whether deliberate or reckless, harm Bermuda?s national interests.

?To assist in defraying the increased expenditures in these areas, Government proposes to increase an array of fees under the Companies Act by five per cent to have effect from April 1. These fees have been held at their present rates since 2001. The increase is both appropriate and modest,? said Ms Cox.

Referring to previous experience of the Government since 1998, the Deputy Premier said: ?We believed in the sincerity of those who said that they wanted to treat people fairly ? with equity, regardless of race, colour and creed. Some were not being truthful. Indeed, their business practices and hiring practices demonstrated their lack of good faith and good will.?

Additional resources have been added to the Ministry of Finance to provide for ?a dedicated treaty management and administration function and to strengthen the business development and policy advisory teams.?

The cost of exchanging currency in Bermuda is also to rise from 0.25 percent to 0.50 percent. As an example exchanging $100 of currency will attract a 50 cent fee from April 1, rather than 25 cents as now. It is estimated the change will raise an additional $7 million in revenue each year.

Improving the opportunities for Bermudians to start up and run their own businesses and enterprises is being addressed through the new Economic Empowerment Zone in North Hamilton. Government?s grant to the Bermuda Small Business Development Corporation has been doubled to $3 million.

Bermuda is also paying $1.5 million to be part of a new Caribbean Catastrophe Risk Insurance Facility that becomes operational in April and will make money available to fund disasters in Bermuda when they occur. Bermuda?s annual contribution of $500,000 will also help others in the Caribbean who are hit by hurricanes.

CARICOM heads of state invited the World Bank to establish the fund to assist countries that suffer substantial damage due to hurricanes.

Bermuda is paying $500,000 to join and then $500,000 per year, the first two years premiums to be made in advance to help the fund in its early years.