ABOUT ZOBEC SERVICES ABOUT BERMUDA Location & Population Economy Government Taxtes Electronic Communication Monetary System Judicial System		Location & Population Located in the Mid Atlantic, Bermuda provides convenience to both North American and European financial centres. Roughly due east of Washington, D.C., it is two hours by plane from New York and seven hours from London. This beautiful, semi-tropical, 20 square mile island with a population of approximately 60,000 has everything to offer. Economy International business and tourism are the foundation of Bermuda's extremely successful and stable economy. Initially, Tourism was the driving force of the Bermuda economy, however, by the end of 1997 9,550 international companies registered in Bermuda, including 75% of the Fortune 500 group and their European counterparts. Government Bermuda has enjoyed a long history of political stability as a British Overseas Territory. The government is based on the British system with Queen Elizabeth II as head of state. She in turn appoints a Governor.  There are two main political parties. The conservative United Bermuda Party who were in power from 1968 to 1998, and the current government, the Progressive Labour Party, who won the election on 9th November 1998. Taxes Bermuda has no income, capital gains or withholding tax and no foreign exchange controls on non-residents, until March 16, 2016. Electronic Communication Bermuda boasts an excellent, state of the art, worldwide telecommunications network with three fibre optic links and satellite capabilities to the US and Europe. Monetary System The Island's official currency is the Bermuda dollar. US dollars are accepted in Bermuda at par. Exempted companies may conduct business in any currency other than Bermuda dollars and are completely free to remit or compensate funds. Judicial System Our legal system is based upon English common law, modified and supplemented by local precedents and statues.
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