Company bosses can now apply for permanent residence after Senators passed legislation aimed at encouraging international business.The Incentives for Job Makers Bill 2011 allows senior executives who satisfy certain criteria to apply for an exception to the normal requirements for permanent residence.To do so however, the company must employ Bermudians at all levels and have programmes in place to develop and train Bermudians.The executives who apply must be responsible for making decisions critical to the company remaining in Bermuda, and their presence on the Island must be critical for the presence of the company on the Island.PLP Senate Leader Kim Wilson described the act as “phase one” of efforts to provide incentives for international business.OBA Senate Leader Michael Dunkley called the legislation a step in the right direction, but questioned the $120,000 cost of a permanent residence certificate. He also expressed concern that businesses on the Island won’t be able to take advantage of the certificates until 2015.Sen Wilson said the high cost of the certificate was because its effects are permanent, affecting the applicant’s spouse and children. The start delay would encourage businesses to remain on the Island to take advantage of the new law, she added.“If their company pulls out, they would still have the permanent resident certificate,” she said. “We have to strike the correct balance.”