Are you searching for profitable business ideas in Bermuda? So, you have decided to establish a business in Bermuda but you do not know how to go about the whole process?
This delightful country that is associated with the feared Bermuda Triangle offers a lot of opportunities and incentives for your entrepreneurial forage.
5 Profitable Business Ideas To Start In Bermuda
Due to the small size of its population, it currently has the highest per capita income in the world, pegged at 91,447 USD. With no known natural resources, Bermuda is an import-dependent nation. You can pursue the following business ideas and opportunities in Bermuda:
Booming Small Scale Businesses and Opportunities in Bermuda
The demand for housing by both citizens of Bermuda and foreigners has pushed the cost of individual housing units to record highs. As of 2015, the cost of providing standard accommodation was averagely put at 1 million USD. This is as a result of the high income that Bermudians earn and other factors such as the influx of tourists and expatriates.
With such a premium placed on housing, for both private and commercial use, you can set up a real estate agency to cater to this need. You can either resort to building housing units to sell or lease, according to the purchasing powers of your clients or you can serve as a broker between sellers and buyers.
In the event of a sale or lease, your agency can then be paid a commission from the transaction. You will have to register your business with relevant housing authorities as well as obtain relevant building and construction permits.
It is also important that you engage competent staff and marketers, who will help search for clients.
Financial Services Consulting
Bermuda has achieved the reputation of being a friendly financial haven for top banking and investment organizations. This is as a result of the country’s lenient laws that are low on personal/company income tax and returns.
In light of this policy stance, you can set up a Financial Advisory firm to help assist entities that seek to invest in the country. You will facilitate business and networking meetings, help to obtain business permits/registration as well as give counsel on what business portfolios will provide good returns for one’s investment.
You will have to possess demonstrable knowledge of financial regulations and methodologies and provide proof of successful investments made in the local economy. Your expertise will also prove useful to locals, who may require your services in making informed business decisions, as regards which areas of the economy they could invest their funds in.
The tourism sector is the second largest industry in Bermuda; it accounted for over 45 percent of the revenue earnings of the Government in 2015. It is estimated that over 500,000 people visit Bermuda every year. This large influx of people means that there is an increasing demand for a gourmet of services.
You can set up a Tourism agency to take advantage of this business opportunity. You will provide a plethora of services that will include the provision of visa procurement and registration services, hotel accommodation and booking, foreign currency transactions, tour trips and guides, History and Geography lessons, boat rides, and hiking expeditions as well as other customer demands.
You will need to partner with the regulatory tourism board in the country, as well as obtain operational licenses for some of the activities you will be organizing. The engagement of competent hands will be an important task for your business at the initial stages.
Acquiring necessary gear and equipment can be carried out in phases and will depend on the demand for the related service.
Provision of Good Drinking Water
Bermuda suffers from a shortage of clean drinking water. The only source of freshwater in Bermuda is rainwater and a stipulation from the Government mandates that residents collect this form of water whenever it rains.
This challenge provides an excellent opportunity for you to set up a water purification company. You can provide the financial contribution, while you partner with technology companies who will provide the expertise for water purification.
You can look at sources for water treatment such as sewage and wastewater. With a good feasibility study, you can attract investment for the setting up of the water treatment plant. You will need to engage the services of skilled manpower and ensure that your business has access to an affordable and stable power supply.
Bermuda is a country that comprises a mix of many nationalities. Not only does the country receive hundreds of thousands of tourists per year, but many foreigners also reside and work in the country.
This presents an opportunity for you to set up a restaurant, to cater to the needs of these individuals and even the locals.
Your business will seek to provide meals that capture the essence of the culture and way of life of Bermuda. You will need to obtain approvals for the venture, from relevant health and safety boards in the country. You could also incorporate providing intercontinental dishes as well, to cater to the needs of those that want a feel of their home countries.
Your business will have to hire competent cooks and have a good understanding of local suppliers of your foodstuffs and other ingredients.
Try as much as possible to make your dining area as amiable and as relaxing as possible as you manage this business idea in Bermuda to success.