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.