Bahamas' MoF Announces Recovery Initiatives

by Phillip Morton, Investors Offshore.com

20 January 2010

The Bahamas’ Minister of Finance, Zhivargo Laing, on January 14 announced a number of initiatives geared towards the recovery of the Bahamian economy in an address at the 19th Annual Bahamas Business Outlook forum.

Laing announced to participants that the government is proposing a National Investment Act, which would give greater certainty to investors by:

• establishing clear rules and procedures for all investors;
• consolidating and rationalizing investment incentive programs;
• bringing greater equity to the investment process for both domestic and foreign investors; and
• making the process of investing in the Bahamas more efficient.

“We will also be revamping our business license regime so that it becomes simpler and much more efficient to go into business,” Laing announced. In this vein, he said, the government is proposing to pass a new Business Licence Act this year that will create a “one-stop” service for licensing a business by getting rid of the need to apply separately for a liquor license, shop license, and music and dance license.

The Minister announced that plans are also underway to implement new intellectual property rights legislation to provide a more creative and innovative legal framework for both domestic and international intellectual property.

Lastly, Laing disclosed to attendees that on January 25, the government will initial the Economic Partnership Agreement with the European Union, which will, upon entry into force, open up the European market to the Bahamas by reducing tariffs on trade.

“While the difficulties of the immediate moment demand a great deal of our attention and have caused us to re-order our priorities, we continue to take steps to advance the medium- and long-term strategic goals of the Bahamas,” said Laing.

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