The Bermudian government utilised the RIMS 2013 conference to announce a continuing overhaul of their work permit system, following on from the elimination of term limits already announced by the new OBA government.
Effective from April 1st, the new permit system is, according to the Bermuda Business Development Corporation (BBDC), designed to simplify and enhance the ability of companies to attract and retain non-Bermudian employees while preserving employment opportunities for Bermudians.
The new system created special category work permits, including the global work permit and the new business work permit, in addition to the other work permit policy.
The global work permit allows companies to move their staff around the globe more easily while the new business work permit is intended to encourage new company formation on the Island by allowing new companies up to five work permits for overseas workers filling senior executive positions.
The other work permit policy eliminates the business visitor letter for anyone arriving to do business on the Island for periods of up to 10 days, including broker’s meetings, conferences, directors meetings and shareholder meetings.
Bermuda, RIMS, work permits, OBA, reinsurance