HAMILTON, Bermuda--(BUSINESS WIRE)--
The Government of Bermuda released today at the RIMS Conference in Los Angeles, CA changes in the Country’s work permit policies that became effective on April 1, 2013 and are designed to simplify and enhance the ability of companies to attract and retain non-Bermudian employees , while preserving employment opportunities for Bermudians.
Bermuda, which is one of the world’s leading centers for insurance and reinsurance, is taking these steps as part of a number of planned government initiatives that will support international business, create jobs and grow the Bermuda economy.
The new work permit policies follow the Government’s elimination of term limits, which took place earlier this year. The Bermuda Government said at the time that the elimination of the term limit policy was aimed at stimulating the economy, attracting new business and conveying that Bermuda was actively encouraging insurance, reinsurance and other businesses to set-up their operations in the jurisdiction.
Additional work permit policy reform followed this effort with the creation of Special Category Work Permits which include the Global Work Permit and the New Business Work Permit.
The Global Work Permit is designed to assist global companies move employees throughout their organization, including to Bermuda with ease. Meanwhile, the New Business Work Permit allows international companies that are new to Bermuda to receive up to five work permits for overseas recruits for senior executive positions in a streamlined fashion to facilitate the formation of new businesses in Bermuda.
Other Work Permit Policy enhancements designed to streamline business activity include the elimination of the Business Visitor Letter for persons arriving to do business in Bermuda for periods of up to 10 business days. This serves to enhance the Bermuda arrival experience for business persons and allows a business visitor to enter Bermuda and undertake any activities as part of their employment including attending brokers’ meetings; conferences; directors’ meetings; internal audit functions; and shareholders’ meetings among other activities.
Commenting on the developments and the new work permit policies, Mr. David Cash, Deputy Chairman of the Board of Directors of the newly created Bermuda Business Development Corporation and CEO of Endurance Specialty, Ltd., said, “The Government of Bermuda has moved quickly to eliminate and change the work permit policies in Bermuda, providing greater clarity and certainty for businesses operating in the country. As an insurance executive, this is a critical development that puts to rest any long-term human resource planning concerns and reinforces the clear message that Bermuda will stay ahead of the pack by enhancing our business friendly environment. As a Bermudian, these changes reinforce that international business is critical to our economy and that our collective success is more important than narrow parochial interests based on concerns rather than a broad view about overall success.”
About the BBDC
Officially formed in April 2013 through the merger of Business Bermuda and the Insurance Development Council, the Bermuda Business Development Corporation is a public-private sector partnership that is focused on growing Bermuda’s economy, supporting international business and creating jobs.