ABIC Chairman Commends Premier
Chairman of the Association of Bermuda International Companies [ABIC] George Hutchings today [Jan. 12] confirmed the business group supports the Premier’s announcement of the Guidelines the Incentives for Job Makers Act.
Bermudian insurance executive Mr. Hutchings commended the Premier on the recent “important steps that have been taken to retain job producers in Bermuda.”
The ABIC chairman said more certainty has been given to job creators by way of the offer of residency, encouraging them to remain here and others to domicile their companies in Bermuda.
The result should provide the jobs necessary to drive our economy, and maintain our standard of living.
Mr. Hutchings said, “These are important and timely changes to maintain and create jobs in the International Business [IB] sector by keeping job creators here in Bermuda and attracting them to the island from overseas.
“We are particularly pleased that the guidelines allow executives from smaller companies and start-ups to participate. These policy changes send a clear and important message that Bermuda wants to grow IB.”
Mr. Hutchings stressed the urgency of doing what it takes to attract new international companies to the island.
Premier Paula Cox announces the Job Makers Act Guidelines:
He said: “This must be the national priority. International business and support services provide the majority of external revenue and jobs in Bermuda.
“More than 85 percent of our foreign earnings come from IB. Almost one in three people work in jobs that support this sector. No matter where we work on the island more than 85 cents of each dollar we earn comes from IB and support services.
“Those benefiting either directly or indirectly from IB include people working in restaurants, hotels, retail shops, real estate, building construction, home and grounds maintenance, taxis and transport and Government.
Surveys of ABIC members have identified immigration policies, and the ease and cost of doing business in Bermuda as key issues which must be addressed to make Bermuda a more competitive choice.
Mr. Hutchings pointed to the recent creation of a Government unit to work with industry to attract new international business to the island.
He said, “The Department of Immigration is reviewing procedures and policies in an effort to make the process user friendly, and there has been good progress on reform and updates to business legislation.
“These and many other Government initiatives provide certainty and enhance the Bermuda business environment.
“We are pleased that the Premier and Ministers are working closely with business to make the Island more welcoming to international business, to maintain the jobs and companies that are domiciled here, and to attract new business and jobs in 2012.”
ABIC, the voice of international business, represents more than 130 international companies incorporated in Bermuda.
Good news and a welcomed change! Why could this have not been done years ago! It is only when the sh#t hits the fan that any sort of positive change is prompted by the government. In reality this is an attempt to correct some of the damage done by previous PLP immigration policies and also the PLP constituent Col.Burch. There is still so much to be done to correct the damage done to the economy by the PLP. Alien licenses needs to be next on the agenda.
Premier! YOUR A FAKE.
Whats funny is that on the previous post about this, there are loads of negative comments. Now that someone of substance has actually said something sound about it, I am wondering when those commentors will begin to post on here trying to discredit the chairman.
With all due respect they are simply congratulating Premier Cox for reversing the policies and red tape which the PLP implemented in the first place…
But it is refreshing to see a PLP politician thinking with their heads rather than their hearts…
Took the words out of my mouth smokes. Hutchings……hmmnnnnnnnnnnnnnnnnnnnnAny relation to Chevy?
Could someone please explain to me how this is a big deal? It is my understanding that a company must employ 25 Bermudians to qualify. Can anyone name me 10 companies where this is even relevant? I may be wrong but I think the number of firms with 25+ Bermudians and non-Bermudian executives would be small.
If you read the Act in it’s entirety first, you might have learned something. 25 Bermudians is not a strict guideline; if, for example, a couple employees less than 25 employees overall, that quota, obviously, will be reduced.
There is flexibility. In requesting 25 Bermudians, I think the Premier is generalizing that number to larger on-island firms, like XL or Ace.
Er… a company employees*
Either way, I don’t think this is big news. For example, Mike McGavick is American so what does he gain from residency? He’ll still have tax obligations to the U.S. Do you think he can’t come and go as he pleases already? Just an example but I honestly don’t think this is very relevant. Even if there are tax advantages, most big wheels have tax advisors who help them minimize tax and, like my example with Mr McGavick, they can come and go as they please already.
Cog continues to do nothing of any consequence. this “tinkering around the edges” is the political equivalent of going to church and preying. It looks like you’re doing something, but in reality you’re doing nothing.
Sounds like the Govt finally got the message and have at least made an effort to stop the rot. I haven’t read the whole plan yet so can’t comment in depth but at least it’s a start.
Pity the PLP Govt spent the last thirteen years making these same persons and companies feel unwelcome. So much so that many have left and continue to leave.
Again the OBA would like to spread untruths all the time. We had an entry record of companies under the PLP years than the UBP. That is fact! Stop the puppy cock!
I know once the Act has been debated in the House and passed it will be good for the country and those who want to set up or maintain business here.
and ACE and XL may just pay the $100k just to not have to deal with immigration….that fact that George is talking about it means nothing…he is Bermudian and has that vested interest…..
not a single negative comment? amazing.
Guys, the PLP doesn’t get it. It’s not their forte. Jobs for the boys is what they do and their boys tend to be the BIU workers. Few really give a damn about international business because they don’t get it. Now, it is about the election and winning at all costs. They are not fighting for us, they are fighting for themselves because if they lose, look what they give up. Their jobs, and with little prospect of future employment. These jobs are worth 100s of 1000s to them, including all the travel, the cars, free insurance, no taxes…..of course there are the lavish pensions! But they need to win for themselves. Why do you think Burch is back? The money!
Burch is back because Ewart Brown wants him back. Same with Commissong.