Ministry: ‘Work Permits In Bermuda’ Document
The Ministry of Economy and Labour has created a document entitled “Supporting Business Development and Expansion – Work Permits in Bermuda,” which they said “aims to simplify, promote, and explain the work permit types available for businesses looking to domicile in Bermuda or expand their operations.”
A Government spokesperson said, “The Ministry of Economy and Labour is confident that Bermuda’s economy will maintain its resilience and continue to expand. During the first quarter of 2023, the economy grew by an estimated 3.6 per cent year-over-year after adjusting for inflation.
“The largest industrial sector, international business, has continued its expansion and represents 28% of all economic activity in Bermuda. Our island continues to welcome new companies into its ecosystem.
“In 2022, 812 new companies entered Bermuda in the international business space, and the sector added 230 new jobs. In continued support of this growth, the Government must work to ensure we maintain a business ecosystem that allows businesses to thrive.
“The Economic Development Strategy Strategic Priority 1: Local and International Business Retention and Expansion states, ‘A thriving business environment is critical to the success of our economy as it supports our quality of life and our community. The Government’s focus will be on ensuring the right conditions for businesses to set up, grow and operate successfully.’
“To that end, the Ministry of Economy and Labour has created a document entitled ‘Supporting Business Development and Expansion – Work Permits in Bermuda,’ which aims to simplify, promote, and explain the work permit types available for businesses looking to domicile in Bermuda or expand their operations.
“The document provides a convenient reference for organisations seeking to obtain:
- New Business Work Permits
- Global Entrepreneur Work Permits
- Fintech Business Work Permit
- Global Work Permit
Minister of Economy and Labour Jason Hayward stated: “The document outlines the various work permit options available to businesses, enabling them to hire subject matter experts and fuel their expansion plans.
“While it remains a primary aim of the Government to ensure that international firms provide opportunities for Bermudians in their acquisition of talent, businesses must also have access to the global human capital they require to compete and succeed.
“The document, titled “Supporting Business Development and Expansion – Work Permits in Bermuda,” can be found online at www.gov.bm/ministry/economy-and-labour and will be distributed to industry associations.”
Extracts from the document are below:
New Business Work Permit
A New Business Work Permit allows an exempted company new to Bermuda to receive automatic approval of work permits for the first six [6] months of obtaining the first new business permit, and there is no need to advertise the position.
New Business Work Permits can be issued from one [1] to five [5] year terms. At the end of the New Business Work Permit term, the employer must apply for a Standard Work Permit should they wish for the incumbent to remain in Bermuda.
Global Work Permit
A Global Work Permit allows a person already employed by a global company in another jurisdiction to transfer to the Bermuda office without the requirement to advertise the position.
The company must demonstrate that the Global Work Permit holder is not transferring to fill a preexisting position in Bermuda.
The Global Work Permits can be issued from one [1] to five [5] year terms. A Global Work Permit does not apply to positions listed in the closed or restricted categories. If the Global Work Permit holder falls within a job category requiring consultation with a statutory council, the applicant must ensure that consultation is complete.
At the end of the Global Work Permit term, the employer must apply for a Standard Work Permit should they wish for the incumbent to remain in Bermuda.
Fintech Business Work Permit
A Fintech Business Work Permit allows a fintech company new to Bermuda to receive automatic approval of work permits for the first six [6] months of obtaining the first new Fintech Business Permit, and there is no need to advertise the positions.
Fintech companies new to Bermuda will be granted a maximum of five [5] Fintech Business Work Permits within six [6] months of obtaining the first Fintech Business Work Permit.
Fintech Business Work Permits can be issued from one [1] to five [5] year terms. At the end of the Fintech Business Work Permit term, should an employer wish for the incumbent to remain in Bermuda, they must:
1. Advertise the position locally; and,
2. The employer may apply for a Standard Work Permit if no successful candidate is identified.
Global Entrepreneur Work Permit
Once issued, a Global Entrepreneur Work Permit allows the permit holder to work for an exempted company or section 114B start-up and reside in Bermuda for one [1] year.
The work activities may include:
• Business planning
• Seeking appropriate Government or regulatory approval[s]
• Meeting compliance or financial requirements or
• Raising capitalApplicants must submit the following information to the Department of Immigration to obtain a Global Entrepreneur Work Permit:
1. A letter of application
2. A letter from a Bermudian or Bermuda business services company verifying the intent of the applicant
3. A completed Global Entrepreneur Work Permit Application Form The Minister will grant a permit provided he is satisfied that the applicant is a bona fide investor or business person likely to domicile a company in Bermuda
The ‘Supporting Business Development and Expansion – Work Permits in Bermuda’ [PDF here]:
