Premier Jennifer Smith yesterday pledged support for the international business sector, and said initiatives were under way to streamline "perceived bureaucratic obstacles'' to setting up and operating a company on the Island.

In a speech before members of the Chamber of Commerce's international companies' division Ms Smith addressed their concerns over the issuing of work permits as a major roadblock in getting a business underway.

She said her Minister of Labour was working to speed up the processing of work permit applications. Technical officers from the Labour Ministry and the Finance Ministry were also discussing ways to liaise in helping new businesses set up more quickly on the Island.

The process would be tied into recent amendments to the Companies' Act streamlining incorporations, she said.

"I want to assure you that we will be sensitive to your needs as we appreciate that new companies starting here will often wish to bring into the Island some of their senior people,'' she told about 140 attendees at the luncheon. "We also appreciate that for ongoing international business concerns, some key positions will have to be filled by work permit holders.

However, as Bermuda becomes more and more the leader in international business centres, we see a time in the future when there will be more and more qualified Bermudians vying for these key positions.'' The Ministry of Labour is also working to encourage international companies to submit details of their business plans, work permit needs, local staffing and training programmes every year.

The information will help Government map out strategy in catering to the needs of international business, she said.

"I hope that you will agree that such a process, if implemented, would be an excellent example of the new Government's determination to streamline the perceived bureaucratic obstacles involved in setting up and operating an international company with a physical presence in Bermuda,'' Ms Smith said.

Government will review and update the Companies' Act regularly to ensure Bermuda remains competitive as an offshore jurisdiction, she said.

Consultation with international business will be part of the process.

"We know that other jurisdictions have some complex and sometimes unnecessary regulatory bodies which make doing business in those locations difficult,'' she said. "We aim to keep ours business-friendly whilst maintaining the proper regulatory controls which will enhance our reputation as a first class jurisdiction for the conduct of international business.'' She pointed out that as a sign of commitment to the sector the PLP had promised in its election platform to extend the tax exemptions for exempted companies to the year 2020 from 2016.

As Minister of Education Ms Smith said she would consider the feasibility of introducing a mandatory full year course in the subjects of international business and tourism in the first year of the senior secondary programme.

The aim will be to heighten students' awareness of the value of international business and tourism and employment opportunities.

Plan for College insurance course Ms Smith called on international business to help in the development and instruction of the proposed course.

Discussions are also under way on introducing a four-year degree programme in insurance and accountancy at Bermuda College.

In a separate speech, international companies division chairman David Ezekiel said the organisation was committed to holding seminars about international business on the Island this year.

He said the purpose was to reach segments of the community not directly involved in the sector.

He announced a new $25,000 annual award for graduate studies established by the organisation.

Earlier this week, some 60 representatives of the new PLP Government, including six Cabinet Ministers, attended a presentation outlining the benefits of international business.

The presentation was put on by the International Companies Division (ICD) of the Chamber of Commerce.