For one, governance in Bermuda is nimble, highly consultative, efficient, yet not overly restrictive. What we do is consult the stakeholders. They all get in a room and basically say what it is they want. Industry is given a strong voice in policy considerations, according to Webb. We create a regulatory environment on the assumption that business is best able to regulate itself.
Information technology is a fast-moving target.
You don't want to restrict yourself by putting laws and regulations that will restrict the industry rather enhance growth. Our regulations are such that you can set up a company very easily in Bermuda, and we care, of course, about who owns such companies. They are scrutinized very carefully. But once a company is set up, it can operate from Bermuda, globally, without any interference from government. For a lot of companies that are involved in electronic commerce, this is a very significant variable that there is not sales tax on transactions, we don't have withholding taxes to worry about, we don't have capital gains taxes or income taxes.