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Fintech Business Work Permit

BermudaWork

Explore the five recorded questions, answers and sources for this pathway.

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What type of worker, employment situation, occupation or professional activity is this pathway actually designed for?

This is an employer-sponsored work permit for employees of a Fintech company new to Bermuda: the company gets immediate approval of five work permits within the first six months of obtaining its first Fintech Business Work Permit, and permits applied for in those first six months do not need to be advertised.

See recorded sources
  • chars 72317-72653
    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.

Does the applicant need a job offer, employer, sponsor, transfer relationship or other employer involvement? What is important about that employer relationship?

To qualify, the employer must provide a certificate of incorporation for the new Fintech company and, where the first day of operation is not the same as the date of incorporation, must state the date the company expects to commence operating in Bermuda.

See recorded sources
Limits of the record
  • It is for the Minister to determine what constitutes a Fintech company (section 3.6, Application Process).
  • The policy states no requirement about a job offer or transfer relationship.
  • chars 73670-73989
    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.

What are the few decisive professional characteristics of the pathway: occupation, qualifications, experience, salary, skill level, shortage status, labour-market condition or equivalent?

Employers cannot apply for Fintech Business Work Permits for jobs which are deemed to be closed or restricted positions, such as a front office receptionist, or which are entry level, graduate or trainee positions.

See recorded sources
Limits of the record
  • The policy sets no occupation list, qualification, experience, skill-level or salary requirement for this permit; the only professional condition stated is the exclusion of closed, restricted, entry-level, graduate and trainee positions.
  • chars 72654-72905
    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.

What work does the permission allow? Is the holder tied to an employer, occupation or sector? Can family accompany where clearly established?

The permit is tied to the sponsoring employer: the holder may seek alternative employment without the Minister's permission only after completing two years with the initial employer, job changes are not considered in the first six months of a new permit or the first three months of a renewed permit, and the holder cannot seek employment during those restricted periods. The official source does not state family accompaniment for this permit.

See recorded sources
Limits of the record
  • Section 5 of the same policy limits sponsored dependants (spouse, partner, children) to holders of a New Business Permit or a Standard Work Permit; the cited passage does not cover family or travel.
  • chars 30576-31242
    Any Short Term , Standard, Global, Intra-Company Transfer, New Business, Fintech, and Family Office Work Permit holder may seek alternative employment without obtaining permission from the Minister, provided they have completed two (2) years of employment with the initial employer. In addition, for new work permits, job changes will not be considered in the first six (6) months after issuance. For renewed work permits, job changes will not be considered within the first three (3) months after issuance. Work permit holders cannot seek employment during the restricted periods of six (6) or three (3) months.

How long is the permission normally granted for, how is it renewed, and what longer-term residence direction exists if officially stated?

A Fintech Business Work Permit may be issued for one, two, three, four or five years. Once the initial term expires, 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, an application for a Standard Work Permit must be completed and submitted to the Department of Immigration.

See recorded sources
  • chars 72906-73638
    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.

These are the answers currently recorded in the catalogue. A missing or partial answer is not an eligibility decision.

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