Government aims to boost international business
HAMILTON, CMC: The government plans to overhaul work permit regulations to enable the reduction of red tape to demonstrate that Bermuda is "open for business".
Home Affairs Minister Michael Fahy said the revisions, compiled by government after extensive consultation, have been drawn up to attract foreign businesses to Bermuda and include the creation of new categories of work permit for exempt companies.
The changes could come into effect by the end of the year.
A new Bermuda Employ-ment Visa (BEV) will allow exempt companies to employ some foreigners without needing to advertise or to apply for a standard work permit, although companies applying for a BEV will have to be accredited.
A new Global Entrepre-neur Work Permit will allow entrepreneurs looking to start up a business in Bermuda to obtain a work permit and the right of residency on the island, while they are setting up their business.
A new Business Permit will allow brand-new companies to Bermuda to obtain work permits without advertising during the first six months of setting up.