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Bahamas Looks To Diversify Financial Services Offering

by Amanda Banks, Tax-News.com, London

12 March 2013


The Bahamian Minister of Financial Services Ryan Pinder has said the Government is committed to launching new financial services products to enable the islands to aggressively compete for new business.

Discussing initiatives first raised at the Bahamas Financial Services Board's International Business and Finance Summit, Pinder confirmed plans to rebrand the Bahamas' financial services offering to highlight the breadth of its offerings, and discussed measures to strengthen the territory's competitiveness vis-a-vis its offshore competitors.

Pinder plans to continue to target key markets for financial services growth, in Latin America and North America, and will look to strengthen the Bahamas' involvement in the funds sector - building on its recent receipt of IOSCO A status - and will launch a new strategy to attract captive and international insurance entities.

Pinder also discussed plans under consideration to position the jurisdiction as a "pre-eminent International Commercial Arbitration Center," and said that this would include the formation of the International Arbitration Council of The Bahamas to advise the Government on developing the necessary infrastructure to support this agenda.

In addition, Pinder announced the launch of a Value Added Trade Strategy for The Bahamas, with a focus on actively utilizing existing and prospective trade agreements to foster regional integration and develop the islands' business networks.

Pinder stated: “Each component is an important element of our economic development, one building on the other. A robust industrial sector supports a trade agenda. A dynamic trade industry provides the foundation for the expansion and further development of the financial services industry.”

TAGS: court | Finance | tax | business | Bahamas | law | banking | financial services | insurance | international financial centres (IFC) | offshore | agreements | standards | regulation | trade | services

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