Pat, an excellent article about EOCnet.com from ZDNET is shown below. I look forward to getting further details regarding TSIG's role as exclusive U.S. and Canada Sales Representative for eBusiness Solutions Provider EOCnet.com as provided in the recent PR.
Regards,
Phil
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fast.quote.com
"To offer its clients a turnkey solution for transacting their
eBusiness transactions, EOCnet.com has formed strategic partnerships
with five well-known companies: Sterling Commerce (NYSE:SE); Bank of
Bermuda; Cable & Wireless (NYSE:CWZ); VISA International; and
PricewaterhouseCoopers.
TSIG will be working with EOCnet.com's partners in a joint sales
and marketing effort in the United States and Canada. Under the
agreement, TSIG.com will receive a commission equal to fifteen percent
of the transactional revenue received by EOCnet.com from U. S. and
Canada clients."
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ZDNET Article: zdnet.com
An E-Commerce Eden
By Mel Duvall
When you think about the kinds of companies that tend to set
up Internet operations in tax-free tropical havens, those of a
generally, well, less savory nature come to mind.
It may be unfair to generalize, but there are obvious reasons
why tax dodgers, money-laundering scams, porn shops and
online casinos set up operations offshore.
That's why a venture that has the backing of such industry stalwarts as Cable &
Wireless, PricewaterhouseCoopers, Sterling Commerce and Visa International
stands out so clearly. There's something big going on in Bermuda, and it's causing
major corporations to take notice as well.
The British dependency - a hop, skip and a jump off North Carolina - has
launched an ambitious plan to become an Internet free-trade zone. The plan
includes deregulating everything from telecommunications to online insurance
sales, as well as the passing of legislation to legalize and enforce many of the
facets of electronic commerce.
An example of the latter is the EBS Ltd. Act 1999, passed at the end of March,
which encompasses issues relating to contract formation and European Union
data protection. It essentially allows companies to set up legal corporate entities
on the island under which they can conduct business from Bermuda without the
expense of incorporating or maintaining a brick-and-mortar presence on the
island.
A group headed up by New York investment banker Granger Whitelaw has
launched a venture, EOCnet.com, to capitalize on the legislation. EBS is its parent
company. Through partnerships with the Bank of Bermuda, Cable & Wireless,
Sterling Commerce and Visa, EOCnet.com hopes to establish thousands of
"e-suites" - essentially virtual corporations existing only inside computer servers -
for companies looking to take advantage of the island's more liberal regulations
and lack of corporate taxes.
Whitelaw plays down the tax break, realizing countries will target the island if too
many corporations begin setting up e-suites to avoid paying taxes where they
conduct most of their business.
Instead, he plays up the benefits of having legislation in place that allows
companies to create and seal contracts with digital signatures - to make those
contracts legally binding.
"We truly believe we have the most powerful piece of e-commerce legislation
anywhere in the world," Whitelaw says. "Obviously, there are tax benefits to be
gained, but it's much more about leveling the playing field so companies can
compete globally."
EOCnet.com charges corporations a one-time fee of $2,000 to set up an e-suite; it
then charges another $2,000 in yearly rent. Most of the company's revenue will
come from value-added offerings, such as banking services through the Bank of
Bermuda or processing transactions with Visa.
Whitelaw is right in deciding not to focus on tax breaks and instead to concentrate
on providing companies with a regulatory infrastructure to do business on the
Web. It's only a matter of time before the world's economic powers figure out
how to match or plug the loopholes.
In the meantime, Bermuda can establish itself as global hub for e-commerce by
providing the digital infrastructure to do business on the Web. "We're probably a
year and a half ahead of anyone else in the world," Whitelaw says. "That's a big
advantage in Internet time."
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