Purpose and Specifications
A Fintech Business Work Permit allows a Fintech company that is new to Bermuda to receive immediate approval of five (5) work permits within the first six (6) months of obtaining the first Fintech Business Work Permit. Work permits which are applied for within the first 6 months do not need to be advertised. Employers cannot apply for Fintech Business Work Permits for jobs which are deemed to be closed or restricted positions (see section 3.12), such as a front office receptionist, or which are entry level, graduate or trainee positions. A Fintech Business Work Permit may be issued for one (1), two (2), three (3), four (4) or five (5) years..
Once the initial term of the Fintech Business Work Permit expires, and if an employer wishes for the employee to remain in Bermuda, the position must first be advertised and if no suitably qualified Bermudians, Spouses of Bermudians, Belongers, Spouses of Belongers or PRC holders apply for the position, an application for a Standard Work Permit must be completed and submitted to the Department of Immigration. A decision on the application will be rendered in accordance with the normal processing timelines published by the Department of Immigration.
Eligibility
To qualify for a Fintech Business Work Permit, employers must provide a certificate of incorporation for the new Fintech company. Where the first day of operation is not the same as the date of incorporation, employers must state the date the company expects to commence operating in Bermuda.
Application Process
To apply for a Fintech Business Work Permit employers must complete the Fintech Business Work Permit Application Form. It is for the Minister to determine what constitutes a Fintech company.