Guardian
Business can confirm : Foreign business professionals traveling to
The Bahamas solely for meetings for a less than two-week stay will no
longer require a short-term work permit.
As
The Bahamas looks to maintain its position as a world-class financial
services centre, Minister of Financial Services Ryan Pinder said this
newest policy is part of the government’s commitment to make doing
business in The Bahamas easier.
“Through
consultations with the Ministry of Financial Services, we became
aware of the need for clarification on certain matters relating to
immigration policies and especially for those who come to The Bahamas
for short-term business trips, who don’t come for any kind of
compensation or remuneration,” he told reporters last week.
He noted that the Ministry of Financial Services is partnering with the Department of Immigration to ensure that there is efficient entry into The Bahamas for business meetings.
Dr Nicola Virgil-Rolle, director of financial services, pointed out that the movement of foreigners throughout The Bahamas for international business, finance and trade is expected and encouraged. She also stressed that it is the Department of Immigration’s duty to facilitate this movement in accordance with the country’s immigration laws and policies.
“The Ministry of Financial Services and the Department of Immigration are pleased to advise the public of the Immigration and Entry Procedures for short-stay (less than two weeks) business and client meetings in The Bahamas where there is no financial gain involved. With respect to entry to The Bahamas for said purposes, be informed that short-term work permits are not required,” she explained.
He noted that the Ministry of Financial Services is partnering with the Department of Immigration to ensure that there is efficient entry into The Bahamas for business meetings.
Dr Nicola Virgil-Rolle, director of financial services, pointed out that the movement of foreigners throughout The Bahamas for international business, finance and trade is expected and encouraged. She also stressed that it is the Department of Immigration’s duty to facilitate this movement in accordance with the country’s immigration laws and policies.
“The Ministry of Financial Services and the Department of Immigration are pleased to advise the public of the Immigration and Entry Procedures for short-stay (less than two weeks) business and client meetings in The Bahamas where there is no financial gain involved. With respect to entry to The Bahamas for said purposes, be informed that short-term work permits are not required,” she explained.
“However,
to facilitate the ease of entry into The Bahamas, the Department of
Immigration recommends that the travel details of such visitors be
advised to the airport superintendent of immigration at least 72
hours prior to the expected date of entry.”
“The Ministry of Financial Services expresses its gratitude to the Department of Immigration for its continued cooperation in the development of The Bahamas’ financial services industry.”
Earlier this year, Pinder had confirmed plans for a modernized immigration policy designed specifically for the financial sector.
“Paramount in this proposal will be mechanisms to identify and confirm legitimate business needs for foreign talent. For example, is the need because of specific company knowledge, language requirements and promoting head office training programs? In this process we must keep in mind the approval process by the regulators, where applicable,” he told Guardian Business.
Pinder noted that a dynamic international business center requires a modern, development-focused immigration policy. The plan, he said, is to implement a policy that would meet the needs of businesses and protect the opportunities and mobility for Bahamians.
“My ministry understands that every international business center operates with foreign talent and that every center has a rigorous immigration process. However, our center demands a responsive immigration management system that considers domestic development goals,” Pinder explained.
“The Ministry of Financial Services expresses its gratitude to the Department of Immigration for its continued cooperation in the development of The Bahamas’ financial services industry.”
Earlier this year, Pinder had confirmed plans for a modernized immigration policy designed specifically for the financial sector.
“Paramount in this proposal will be mechanisms to identify and confirm legitimate business needs for foreign talent. For example, is the need because of specific company knowledge, language requirements and promoting head office training programs? In this process we must keep in mind the approval process by the regulators, where applicable,” he told Guardian Business.
Pinder noted that a dynamic international business center requires a modern, development-focused immigration policy. The plan, he said, is to implement a policy that would meet the needs of businesses and protect the opportunities and mobility for Bahamians.
“My ministry understands that every international business center operates with foreign talent and that every center has a rigorous immigration process. However, our center demands a responsive immigration management system that considers domestic development goals,” Pinder explained.
The
financial services minister revealed to Guardian Business that The
Bahamas must ensure there is “appropriate” succession planning
and knowledge transfer within a “reasonable” timeframe.
“We must ensure that there are clearer, more transparent requirements, faster processing time, an applications tracking process and flexibility to fairly deal with urgent cases,” he added.
“Finally, we must ensure that the immigration process reduces uncertainty through a more efficient process.”
Meantime, Minister of Immigration and Foreign Affairs Fred Mitchell revealed to Guardian Business that most companies stress that the foreign labor component is minor but comes in “critical and highly-specialized areas.”
“We must ensure that there are clearer, more transparent requirements, faster processing time, an applications tracking process and flexibility to fairly deal with urgent cases,” he added.
“Finally, we must ensure that the immigration process reduces uncertainty through a more efficient process.”
Meantime, Minister of Immigration and Foreign Affairs Fred Mitchell revealed to Guardian Business that most companies stress that the foreign labor component is minor but comes in “critical and highly-specialized areas.”
“They
are usually at the top of the management tree. Of course the other
issue is when you’re talking about private wealth management, one
of the important aspects of it is relationships. So people have to
move where their managers move and that’s something we have come to
understand in terms of what that means for the sector,” he
said.
“It’s a matter which we watch very carefully. We work very closely with the Department of Labour because we want to be sure that we are getting the maximum employment benefits for the Bahamian people. We are trying to introduce monthly meetings with the sector so they can tell me what the issues are and whether or not we are doing better or worse, so that we can try to get things done expeditiously.”
Mitchell stressed the importance of the financial services sector, which is the second pillar of the country’s economy and contributes 20 percent of the gross domestic product (GDP).
“We have to keep it productive and continue to promote it. That requires a degree of foreign labour, so we have to get that process done as quickly and efficiently as possible. We are working closely together with the Ministry of Financial Services,” said Mitchell.
“It’s a matter which we watch very carefully. We work very closely with the Department of Labour because we want to be sure that we are getting the maximum employment benefits for the Bahamian people. We are trying to introduce monthly meetings with the sector so they can tell me what the issues are and whether or not we are doing better or worse, so that we can try to get things done expeditiously.”
Mitchell stressed the importance of the financial services sector, which is the second pillar of the country’s economy and contributes 20 percent of the gross domestic product (GDP).
“We have to keep it productive and continue to promote it. That requires a degree of foreign labour, so we have to get that process done as quickly and efficiently as possible. We are working closely together with the Ministry of Financial Services,” said Mitchell.
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