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Gov to waive business license fees for new SMEs

The government will this year waive the business license fees for new businesses in order to encourage business development and small business enterprise, Prime Minister Dr Hubert Minnis has said. 

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Date:
Updated:
TheBahamasInvestor.com
Wednesday, January 31, 2018
Wednesday, January 31, 2018

The government will this year waive the business license fees for new businesses in order to encourage business development and small business enterprise, Prime Minister Dr Hubert Minnis has said.

The government will also waive business license fees for businesses with earnings of under $100,000 “to help with economic relief for small businesses.”

The Prime Minister’s announcements came during his National Address January 29, 2018.


“These businesses will still have to go through the licensing process, but will be exempt from the business license fee for 2018,” Prime Minister Minnis said.

Prime Minister Minnis also announced that the Cabinet of The Bahamas has approved the launch of the Small Business Development Centre of The Bahamas, scheduled for this year.

The initiative will be spearheaded by the government, in conjunction with the University of The Bahamas and The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) with support from the Organization of American States (OAS).

“This Centre will provide a resource for all Bahamians to receive advisory and technical support when seeking to open a business or expand their operations,” Prime Minister Minnis said.

“The Centre will steer entrepreneurs to available funding opportunities through government or private means. It will also assist business owners in navigating the regulatory and tax registration requirements for a new business,” Prime Minister Minnis added.

Delivering his first National Address of 2018, Prime Minister Dr Hubert Minnis announced that the government, in conjunction with the Ministry of Tourism, has negotiated additional airlift to Grand Bahama with Sunwing, which should commence this year.

The Central Bank of The Bahamas has announced a further series of measures relaxing Exchange Control (EC) arrangements, taking effect 1 February, 2018.

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