Over the last 80 years, The Bahamas’ financial services sector has developed into a sophisticated industry offering a breadth and depth of services unrivaled in the region. Here are some of the key elements that make The Bahamas a truly competitive international financial services hub:

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The newly established Bahamas Chapter of the Chartered Institute of Arbitrators (CIArb) is setting its sights high–hoping to achieve branch status by the end of this year and transform The Bahamas into an international hub for dispute resolution within five years.

Chair of the CIArb Bahamas Chapter, Bertha Cooper-Rousseau, is optimistic about the organization’s future. “We have been building partnerships with the judiciary, policymakers and practitioners,” she says. “There is that partnership, that commitment. Now we have to see it implemented.”

The Chapter, which was launched in June 2010, offers training courses to all professionals wishing to become certified arbitrators. Cooper-Rousseau says all professionals can become arbitrators and is particularly keen to target engineers, accountants, quantity surveyors and contractors. Its first introductory course attracted 75 participants, and the organization is hoping more will get involved during a second round to be held before the end of the year.

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When Guy Harvey Outpost Resort & Marina greeted its first guests off the dock this summer, the occasion marked the return to glory of one of The Bahamas’ most iconic resorts.

The legendary Bimini Big Game Club in Alice Town on North Bimini’s southern tip was made famous by novelist and avid fisherman Ernest Hemingway. First established by Nassau entrepreneur Neville Stuart in 1936, the club enjoyed its heyday during the 1930s and ’40s, but fell into decline in the latter half of the century, eventually closing for business two years ago.

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The Bahamas financial services sector is continuing to work closely with the Organisation for Economic Cooperation and Development (OECD) on tax compliance measures, following the signing of 22 Tax Information Exchange Agreements (TIEAs) over the last year.

The next phase of the OECD’s monitoring of tax practices in offshore jurisdictions is now in full swing, with delegates from the Peer Review Group (PRG) of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes attending a meeting in Nassau last month to discuss transparency and the exchange of information relating to tax matters.

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Despite concerns about low occupancy rates due to the 2009/2010 economic downturn, New Providence hotels are reporting somewhat higher than expected figures for the spring/summer season on the back of industry-wide promotional campaigns.

Although the summer months are typically regarded as the low season for The Bahamas’ hotel industry, statistics show that the second quarter of 2010 surpassed performance for the same period last year and bettered results for the first quarter of this year, with 2.6 per cent more room nights sold.

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Norwegian Cruise Line’s newest and biggest cruise ship, which can carry up to 4,100 passengers, has made its first call into Nassau Harbour as part of its inaugural Caribbean tour.

At 155,873 tonnes, the Norwegian Epic is just 50,000 tonnes smaller than the world’s largest cruise liner the Oasis of the Seas, which is also a frequent visitor to Nassau. The new ship has 20 bars and restaurants, an aqua park with the only tube slide at sea, and a 33-foot high rock climbing wall, as well as the first rappelling wall on a cruise ship. It also boasts 60 suites and villas on two private decks.

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With numbers of marina stopovers on the increase in The Bahamas, a new organization is taking steps to ensure smooth sailing within the boating industry.

Since forming in 2009, the Marina Operators of The Bahamas (MOB), has been forging initiatives in the boating tourism sector and marina industry. So far, with support from the Bahamas Hotels Association (BHA) and a grant from the Inter-American Development Bank, the group has conducted forums and has been working to promote the industry’s potential as a big money earner for the island nation.

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With global tourism facing a challenging year, a leading banker in The Bahamas believes the jurisdiction should target emerging economies, such as China, to boost visitor arrivals.

“America is in trouble. Europe has its issues. So what’s next?” asked Gregory Bethel, president of Fidelity Bank (Bahamas) Ltd, during a recent address to an economic summit hosted by the Bahamas Christian Council. “The Chinese have all the money.”

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Amid a period of economic hardship and restricted access to credit, small businesses are facing unprecedented challenges. Now, more than ever, the nation’s store owners, service providers, restaurateurs, taxi firms and even straw market vendors need their voices to be heard. Heeding their pleas, the newly appointed members of the board at The Bahamas Chamber of Commerce have pledged their commitment to the development of such businesses, which make up around 72 per cent of the Chamber’s membership.

“We understand that small businesses are the engines of any economy,” says Chamber president Khaalis Rolle. “We are now focusing on putting oil in that engine.”

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The landmark Baha Mar deal is the first of its kind for the Caribbean construction sector, according to Head of the Bahamian Contractors Association (BCA) Stephen Wrinkle, who says the project will help improve skills in the Bahamian construction industry.

The $2.6 billion project, which will redevelop 1,000 acres of the Cable Beach strip on New Providence into a luxury resort, signals a new era for the industry says Wrinkle who has worked with the financial backers and contractors to thrash out the details and believes that the structure of the deal is a first for the Caribbean.

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