Bermuda Business Development Agency
Increased appeal
There has never been a better time to choose Bermuda as an offshore domicile. Notably, the past 18 months have seen moves by the Bermuda government and the Bermuda Monetary Authority (BMA) to increase the Island’s appeal after several years of declining GDP during the global recession. Regulatory and legislative amendments have reduced bureaucratic red tape, streamlined the process for fund setups and encouraged the influx and retention of intellectual capital through progressive changes such as work permit reform.
Recent initiatives aimed at cultivating the international business sector include the abolition of term limits on work permits for expatriate employees, as well as the introduction of new work permit categories. Under the amended system, an operation establishing on the Island automatically receives five work permits for senior employees, while a ‘global’ permit allows a Bermuda operation
to move key executives on to the Island without advertising their positions.
In addition, Bermuda’s Incentives for Job Makers Act enables firms to apply for work permit waivers for senior staff and permanent residency for certain longtime resident employees.
As a public-private partnership, the BDA works with all parties, including the Bermuda government, the BMA and the Bermuda Stock Exchange (BSX), as well as all sectors of the international business community including an impressive array of focus groups comprising locally-based experts from fields as varied as banking and e-commerce to cat bonds.
Business and lifestyle infrastructure is another bonus. Bermuda offers deep expertise via a long-established pool of service providers that includes the leading accountancy firms, as well as high-calibre legal, telecommunications, banking, insurance and e-commerce professionals.
73 Bermuda Finance | 2014
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