First co-operative legislation to be introduced this year
The Government aims to introduce co-operative legislation this year, after seven years of planning and research.
The aim is to create a system of co-operatives on the island, with the assistance of the Bermuda Economic Development Corporation.
Co-operatives are for-profit enterprises owned by members, who can be employees, consumers, producers or any combination thereof.
Jason Hayward, the Minister of Economy and Labour, said the Government is committed to educating entrepreneurs about the benefits of co-operatives as a viable business model.
He said: “This includes financially supporting the development and redevelopment of co-operatives, providing in-depth co-operative business partnership opportunities, and encouraging the public to consider co-operative membership. Working directly with the BEDC, the Bermuda Government plans to introduce Bermuda's first co-operative legislation in 2025.”
Back in 2018, the Government appointed a director of economic and co-operative development in the BEDC, and began researching for co-operative legislation two years later.
The guiding principles of co-operatives are democratic member control, open membership and concern for the community.
Mr Hayward said co-operatives play a significant role in fostering economic and social development and contribute to the economy while promoting the full participation of all individuals in their economic and social progress.
This week, Bermuda marked the United Nations International Year of Co-operatives, with the theme “Co-operatives Build a Better World”.
There are approximately three million co-operatives worldwide, and about 12 per cent of the global population belong to one, which can be in the transportation, housing, grocery or finance sectors.
The second cohort of the BEDC’s Enterprise Bermuda Co-operative Incubator is set to begin on April 1, providing another opportunity for entrepreneurs and businesses in Bermuda to learn and implement the co-operative business model.
The BEDC will also celebrate International Day of Co-operatives on July 5, and International Credit Union Day with the Bermuda Credit Union on October 16.
In addition, progress is being made on the Walsingham Agriculture Co-operative to enable graduate entrepreneurs from the first and second cohorts of the Enterprise Bermuda Co-operative Incubator to establish and grow enterprises at the site.
• For the BEDC’s guide How To Start A Co-operative, see Related Media
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