E-Commerce Solutions in Bermuda

Bermuda is one of the world’s leading business-friendly jurisdictions that has been able to strike a balance between government regulation and business innovation. This approach to economic development has led to significant success in the insurance and reinsurance industry and Bermuda is now positioning itself to become a leading E-Commerce Centre. Bermuda’s technological infra-structure is sufficiently advanced to support the speed, security and stability necessary for the long-term growth and success of the electronic commerce field.

Preventing B2B electronic commerce from reaching its full potential is the lack of a safe, secure and predictable environment within the legal infra-structure to enable electronic transactions to take place.

Bermuda has addressed these issues by passing the Electronic Transaction Act, 1999 and providing for the creation of the first Electronic Contracts Exchange called the World E-Commerce Exchange. This internet enabled contracts exchange provides its members (who may or may not be located in Bermuda) with all of the jurisdictional advantages of Bermuda by virtue of its Charter. For further information, please visit the WECX website (–> link to www.wecx.com).

The private and public sectors of Bermuda’s economy recognize that e-business is complimentary to the existing international business sector that has developed and also that any initiatives in this area that do not place undue pressure on the physical and social infra-structure are a welcome addition to the economy.

WECX – An Internet Contracts Exchange

The World E-Commerce Exchange (“WECX”), incorporated in August 1999 by a Private Act of the Bermuda Legislature, is the first institution of its kind in the Internet world. It provides an electronic base with servers located in Bermuda. Member companies located worldwide are able to trade goods and services through the Exchange with complete confidentiality, security and legal validity of an electronic contract.