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PM: New Act to assist SMEs

The implementation of the Commercial Enterprises Act will assist Bahamians at home “and in the diaspora abroad” in the creation, and development, of small and medium-sized businesses, Prime Minister Dr Hubert Minnis said yesterday. 

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TheBahamasInvestor.com
Monday, January 22, 2018
Monday, January 22, 2018

The implementation of the Commercial Enterprises Act will assist Bahamians at home “and in the diaspora abroad” in the creation, and development, of small and medium-sized businesses, Prime Minister Dr Hubert Minnis said yesterday.

The Act was passed in the House of Assembly on November 22, 2017 and in the Senate on December 4, 2017.


Delivering the keynote address during the Opening Session of the 27th Annual Bahamas Business Outlook Seminar, Prime Minister Minnis said the Act will encourage both domestic and foreign investment in The Bahamas, while allowing for the creation of certain economic zones where deemed necessary throughout the country.

The Prime Minister said the Act will help to encourage investment in The Bahamas, and places a high level of prioritization on Bahamian labour and talent.

The Act targets specialized businesses in captive insurance, nanotechnology, computer technology, software design, data storage, maritime trade, aviation registration, wealth management and manufacturing enterprises.

“We must utilize our strategic assets and comparative advantages to create more Bahamian entrepreneurs even as we seek international investors and partners from North America, Asia, Europe, South America, Africa, the Middle East, Australia and the Pacific,” Prime Minister Minnis said.

“Small and medium-sized Bahamian businesses are a critical part of our economy. These businesses employ thousands of Bahamians. They are critical for economic growth.”

Prime Minister Minnis said to further promote the ease of doing business for such enterprises, the government of The Bahamas – after consultation with The Central Bank of The Bahamas – in the final quarter of 2017, announced the relaxation of exchange controls on capital transactions, namely on capital (investment) and current account (trade) transactions. The changes come into effect February 1, 2018.

“This reform was long overdue,” Prime Minister Minnis said.

Prime Minister Dr Hubert Minnis and a high-level delegation departed January 21 for Austin and Houston, Texas. While in the US, the delegation will meet with local officials and businesspeople to improve investment links. Read a government press statement here.

Speaking at the Bahamas Business Outlook Seminar held in Nassau last week, Central Bank of The Bahamas Governor John Rolle laid out the bank’s proposed path to control exchange liberalization. Read the governor’s address here.

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