The resilience of the tiny island in the middle of the Atlantic was reflected in its reaction to hurricane damage last year. Ms Webb said it withstood a pummelling from winds of 200km per hour when Hurricane Fabian hit. Although substantial damage was sustained, the advanced information and telecommunications infrastructure of the island remained intact, said Ms Webb.

Business transactions were still being carried out while the hurricane hit, she said. And the weather conditions allowed the country to ‘live test’ business continuity and disaster recovery facilities.

“We want companies to move their disaster recovery and procurement functions to the island,” she said.

Since Ms Webb’s appointment in 1998, the country has been promoted as a location for secure back office and business transaction operations. “In 1999, we created the Electronics Transactions Act and in 2000 the Code of Conduct, to facilitate legally binding electronic transactions. We did this to create a trustworthy environment for businesses conducting electronic transactions over the web,” she said.

These e-business capabilities have been built on the well-established business environment, which includes the island’s insurance industry, which is worth $173bn, and the $11bn of capital that has gone into the reinsurance industry since 9/11.

Bermuda-based businesses are exempt from corporation, capital gains, capital transfer and sales taxes. “In the States, a deal can take six months to a year to close; in Bermuda from signing to operating it was about a month,” said Jonathan Kosher, general manager at AT&T in Bermuda, which set up there last year.