BEDC expands Economic Empowerment Zone
• Reduced Land Tax rates
• Lower application fees for BEDC products
• Preferential interest rates on BEDC microloans
• Payroll Tax Relief for up to 30 months for start-ups or businesses relocating to the EEZ
• Approved Residential Schemes programme which removes restrictions on foreign ownership of residential units
• Customs Duty Deferment for up to five years on capital projects, improvements, or redevelopment schemes within the EEZ for business and property owners
The Government is opening another portion of the City of Hamilton to fresh development, with the expansion of the Economic Empowerment Zones to include the southeast portion of the municipality.
The Bermuda Economic Development Corporation said the plan opens 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 within the zone.
They will be able to benefit from a range of incentives designed to stimulate growth and innovation, offered within the other three EEZs that include Somerset, St George’s and North East Hamilton.
The additional area is bounded by the Hamilton docks eastward to as far as the bottom of Spurling Hill, an irregular line north to Victoria Street, West to Court Street and south back to the docks.
The BEDC said there are other incentives as part of its commitment to fostering a supportive environment for businesses growth, regeneration, and economic development throughout Bermuda and specifically within the EEZs.
Erica Smith, BEDC executive director said: “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.”
Jason Hayward, the Minister of Economy and Labour, told the House of Assembly last September that the area was ripe for investment.
He said: “Pedestrian linkages to the North East Hamilton EEZ and vehicular access in and out of the City characterise the potential for the proposed South Hamilton EEZ to be a well-connected district in which to live, work and play.”
He said the full economic and development potential of eastern Hamilton, both north and south, was not fully realised compared to the central and western areas of the City. The EEZ designation provides the economic development tools to change that.
The BEDC surveyed the area for existing land use and business needs, and assessed the present infrastructure.
Area survey respondents welcomed economic investment to support small businesses and encourage other business start-ups.
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