The Economic Development Department (EDD) offers a range of incentives for employers who are committed to job creation and economic growth in Bermuda. These guidelines provide detailed information on the available incentives and the application process for employers. Below is an overview of the key aspects:
Overview of Incentives
Tax Relief: Employers may be eligible for tax relief, including payroll tax exemptions and customs duty relief, to support job creation.
Work Permit Concessions: Special work permit arrangements for key employees to ensure businesses can attract and retain top talent.
Infrastructure Support: Assistance with infrastructure development to support new business ventures and expansion projects.
Eligibility Criteria
Job Creation: Employers must demonstrate a commitment to creating new jobs for Bermudians.
Economic Impact: Projects should have a significant positive impact on Bermuda’s economy.
Sustainability: Initiatives should promote sustainable economic development.
Application Process
Preparation: Review the detailed guidelines to ensure your project meets the eligibility criteria.
Documentation: Gather all required documentation, including business plans, financial projections, and employment forecasts.
Submission: Submit your application to the EDD by the specified deadline.
Review: Applications will be reviewed, and successful applicants will be notified of the incentives they are eligible to receive.
Compliance and Reporting
Regular Reporting: Employers receiving incentives must provide regular updates on job creation and project progress.
Adherence to Guidelines: Ensure compliance with all conditions outlined in the incentive agreement.
For more detailed information and to access the application form, please refer to the Incentives for Job Makers - Guidelines for Employers.