Home Affairs Minister Michael Fahy announced that revisions, compiled by government 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 Employment 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 Entrepreneur 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.
At a news conference earlier in the week, Fahy said the changes also brought in tough compliant measures for companies, including satisfying government that they have informed all unsuccessful Bermudians, spouses of Bermudians, and permanent resident certificate holders of the outcome of their applications, prior to the submission of a work permit application.
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