ABIC Executive Spearheads Business Continuity Solution to Hurricane-Hit Cayman Companies

The Association of Bermuda International Companies (ABIC) has successfully taken the lead to offer business continuity to Cayman Island-based companies whose businesses were affected by Hurricane Ivan on September 11 and 12.

Within two days of the hurricane devastating the Cayman Islands, news regarding the extent of the damage to its business infrastructure had reached Bermuda. Of particular concern was Cayman’s ability to recover quickly and allow companies to minimize their business interruption exposure.

ABIC’s Government Affairs Committee took the initiative to secure a temporary relaxation of Bermuda company regulations, and negotiate with the Department of Immigration to allow Cayman companies to relocate staff and operations to Bermuda.

“This was a clear illustration of the strong partnership which exists between Bermuda’s international business community, the Bermuda Monetary Authority and the Bermuda Government,” said ABIC chairman David Ezekiel. “Thanks to the efforts of ABIC’s Government Affairs committee, less than one week after Hurricane Ivan hit their island, the groundwork was laid to allow Cayman businesses to operate out of Bermuda.”

The ABIC Executive met on 14 September, and by the end of that day, ABIC members had met with the Bermuda Monetary Authority (BMA), the Ministry of Finance, the Ministry of Labour, Home Affairs and Public Safety and with the Department of Immigration to discuss the matter. It was agreed that a paper would be prepared seeking the approval of the Minister of Finance to allow those Cayman companies with an affiliate in Bermuda to have a 90-day window to conduct their business in Bermuda without an Overseas Company Permit. Cayman companies with no affiliate in Bermuda would be required to obtain permits, but the BMA agreed to make every effort to expedite applications.

During the same meeting, the Department of Immigration also confirmed it would give Emergency Work Permits for Cayman residents relocating to Bermuda during this temporary period.

ABIC, the voice of international business, ABIC, the voice of international business, represents more than 130 international companies incorporated in Bermuda.