The Association of Bermuda International Companies (ABIC) is the voice of International Business in Bermuda. We have supported significant changes to Immigration policies making it easier to manage your business. We worked diligently for 7 years to eliminate the Term Limits policy, more recently we chaired a stakeholder committee of business associations and unions to rewrite the work permit policy and last year we worked with the Government to finance the improved efficiency of work permit processing. Additionally, we worked closely with the Minister of Immigration to fast-track amendments to the “Incentives for Job Makers Act”, ensuring that the provisions applied to the full diversity of ABIC members, companies large and small. ABIC has made some progress addressing the cost of doing business in Bermuda limiting payroll tax increases and in 2018 we worked with the Ministry of Finance to implement a payroll tax incentive for new jobs. We convened industry sectors to assist the Government in the development of Economic Substance legislation and regulations and we prepared Bermuda’s submission for BEPS Pillar 2 Global Tax and we participate in Bermuda’s working group on BEPS Pillar 2 Digital Tax. We hold regular meetings with ministers and senior civil servants in the Cabinet Office, Ministries of Home Affairs, Finance, Business Development, Tourism, Education and Health to ensure that Bermuda remains a business-friendly jurisdiction. ABIC sponsors the Everybody’s Business campaign sharing information on the value of our sector to the Bermuda economy and meets and works with the Opposition, union leaders and key influencers of public opinion on the Island.
The Association of Bermuda International Companies was formed in 1971 as the International Companies Division of the Bermuda Chamber of Commerce with the mission, “Through partnerships with regulatory, Government and Professional organizations, we promote and preserve a sound business environment for the International business and the Bermuda community to ensure that Bermuda continues as the business domicile of choice”. In 2001 given the dramatic growth of the International business sector in Bermuda ABIC was incorporated as an independent organization to better address the needs of the members.
Our membership of more than 114 international companies contains virtually all the companies with a staff presence in Bermuda; they represent the diversity of the industry, including insurance, reinsurance, financial services, trading, shipping, and investment companies. ABIC is managed by a Board elected at the AGM, their responsibilities include,
- Representing the interests of members
- Collecting and disseminating information and data regarding member companies
- Providing advice and assistance to Government in matters affecting International Business in Bermuda
- Promoting the betterment of the social and business life of the Islands of Bermuda
ABIC takes social responsibility seriously and is a substantive contributor to the Bermuda community through the ABIC Education Awards. Our members contribute funds to enable local students to pursue higher education abroad in international business-related fields. The award scheme has been in operation since 1977 and supported more than 700 students. ABIC is a founding member and assists with management of Bermudascholarships.com, this website simplifies the scholarship process for students and donors. ABIC also developed and supports a curriculum for the Middle Schools on the Bermuda economy and the importance of international business, we support the Virtual Enterprise curriculum at Berkeley and Cedarbridge and regularly share career information with the students at both schools.
In 2018 we formed a Diversity, Equity and Inclusion Committee to support and encourage our members to advance DEI culture by providing data-informed education and resources relevant to Bermuda’s context.
A list of ABIC members and our Board members is available to view on www.abic.bm. The membership form and fee matrix can be found under the membership section of the website.