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Newsletter Vol.12, No 1.

TBI monthly news in review - February 24, 2018

Prime Minister Dr Hubert Minnis gave his National Address towards the end of last month, his first since taking office in May last year.

The Prime Minister laid out a wide ranging and ambitious plan for the jurisdiction, taking the opportunity to announce several major investment projects.

Addressing the nation in the speech aired January 29, the PM said that Grand Palm Beach Acquisitions Ltd had entered into a Purchase and Sale Agreement to buy the large-scale Ginn Sur Mer resort in the West End of Grand Bahama.

Once the deal is completed, Grand Palm Beach Acquisitions will construct, repair, revitalize, develop, and operate 246 rooms in three hotels, as well as a banquet facility, 116 branded hotel residences, 1,000 other residences, a hotel/casino site and approximately 150,000 sq ft of shops and restaurants.

The impending agreement will also result in the construction of a spa and wellness retreat, two marinas, an 18-hole golf course, including driving range, an IFR-rated airport, a resort hospitality-training academy, and an organic farm.

Prime Minister Minnis said: “Grand Palm Beach Acquisitions intends to develop the property, to be known as Bahama Bay, in nine phases over a 10-year period, with a projected expenditure of $2.5 billion.”

In 2008, the previous developer went into foreclosure.

Prime Minister also announced that the private acquisition and management of the Grand Lucayan assets, including hotels, the golf courses and the casino are “well underway.”

“Although this transaction is far from completed, it would not be an exaggeration to say that we will have accomplished in a few months, what was not done in a decade. This year, we intend to complete the sale of the Grand Lucayan and Memories properties.”

In regards to the domestic business environment, Minnis announced that the government will this year waive the business license fees for new businesses in order to encourage business development and small business enterprise.

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

A PDF of the Prime MInister’s address can be found here.

Also impacting businesses in the country, The Central Bank of The Bahamas announced last month a further series of measures relaxing Exchange Control (EC) arrangements, to take effect on February 1, 2018. These cover both current account transactions and certain capital controls on private sector investment and financial flows.

The reforms follow consultation with the government and take into account feedback that the bank has received from financial institutions and various private sector stakeholders.

 

For these stories and more visit thebahamasinvestor.com or click on the links below. Subscribe to the RSS service to feed posts directly to your RSS reader or mail application. Also, now find us on facebook or follow us on twitter.

The Bahamas Investor - January News & Press

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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.

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.

OMNI Financial Group Ltd, powered by a $1 million loan from the Inter-American Development Bank (IDB), is set to deliver an innovative financial solution to un-banked and under-banked businesses specifically those in agriculture and fisheries, manufacturing, processing and other cottage industries in The Bahamas.

Prime Minister Dr Hubert Minnis spoke to the nation 29 January 2018 in his annual address. Read the Prime Minister’s address here.

Grand Palm Beach Acquisitions Ltd has entered into a Purchase and Sale Agreement to buy the large-scale Ginn Sur Mer resort in the West End of Grand Bahama.

The Bahamas Financial Services Board (BFSB) and ALIV partnered to host a financial technology seminar at The British Colonial Hilton. Topics discussed at the seminar included Blockchain, Fintech, artificial intelligence, and opportunities for The Bahamas in these fields.

Public financial management reform coordinator Cedric Collie, led an information gathering session with senior financial officers this week in preparation for the overhaul of national financial systems.

Prime Minister Dr Hubert Minnis and a high-level delegation are currently in the US where Minnis was the guest speaker at the Austin Technology Council/Texas Association of Business forum, Austin, Texas, January 22, 2018.

Prime Minister Dr Hubert Minnis and a high-level delegation are currently in the US where Minnis was the guest speaker at the Austin Technology Council/Texas Association of Business forum, Austin, Texas, January 22, 2018.

The government of The Bahamas has said it will “respond aggressively” to recommendations made by the Ease of Doing Business Committee in an effort to address the global outlook on ease of doing business in The Bahamas.

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.

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.

Earlier this week, Minister of State for Grand Bahama Kwasi Thompson hosted investors Philip Ward and Mike Hayhurst, developers of a series of village-styled homes on marina-front lots in Deadman’s Reef.

The Office of the Prime Minister, Grand Bahama, has released a press statement about developments on the island and the impact they will have on the local economy. Read the statement here.

The Bahamas has signed the Agreement Establishing the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE).

Prime Minister Dr Hubert Minnis welcomed Commodore Davy Rolle of the Bahamas Maritime Authority in a courtesy call, January 12, 2018 at the Office of the Prime Minister, accompanied by Minister of Transport Frankie Campbell.

Members of the Legal Profession led by the Attorney General and Minister of Legal Affairs Carl Bethel and Acting Chief Justice Stephen Isaacs, assembled at Christ Church Cathedral, George Street, January 11, 2018 to celebrate the opening of the legal year.

Minister of Youth, Sports and Culture Michael Pintard affirmed that in spite of small scope of the economy, Grand Bahama is a good place to start a new business. He made the comment last week at a press conference to award business development assistance grants to GB Micro & Small Business Economic Empowerment Programme winners.

A national holiday in The Bahamas marks Majority Rule Day. On January 10, 1967, The Bahamas achieved self governance through democracy. Pictured: The late Sir Lynden Pindling, sworn in as Prime Minister January 14, 1967. Sir Lynden's democratic election brought majority rule to The Bahamas.

Outstanding participants of Grand Bahama’s Micro & Small Business Economic Empowerment Programme have been awarded government grant assistance.

Prime Minister Dr Hubert Minnis has said his administration will relax Exchange Control on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises.

The government has released a statement regarding the signing of a Letter of Intent between the owners of the Our Lucayan hotel strip in Grand Bahama, Hutchison Whampoa, and CEO of the Wynn Group (Canada) Paul Wynn.

The Financial Secretary in the Ministry of Finance released December 29 Guidance Notes on the Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters. Read or download the notes here.

Related links

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