It is often said that the small business sector is the engine of economic growth. A strong entrepreneurial spirit is key to driving innovative businesses, which create jobs in the local community and spur overall growth. In a move to foster such efforts, the government has ramped up initiatives to enhance the local business environment for start-ups.

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Eighteen students, or 75 per cent of those who applied for admissions, were accepted into the first College of The Bahamas (COB) MBA.

“It’s not that we didn’t accept all 24 [applicants]. There were some people who, at the last minute, decided to withdraw their application,” says Dr. Sonya Wisdom, COB’s director of graduate programmes. “There was a person who was accepted and could not join the cohort at the last minute for personal reasons, but we have 18 really good people.”

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Three assistant professors in The College of The Bahamas’ School of Business have been trained in the Inter American Investment Corp (IIC) diagnostic methodology called FINPYME.

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As many fashion retailers downsize or close up shop due to sluggish sales over recent months, 242 People Clothing Co chose this time to launch a new clothing line, and it is paying dividends. The company, which bills itself as “the official clothing brand of The Bahamas,” is seeing a year-on-year increase in sales, remarkable considering it is operating from a country where the vast majority of garments purchased are US-based brands. Even more surprising, the two-year-old clothing company has been turning a profit.

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One of Nassau’s leading lawyers has called for renewed vigor in promoting The Bahamas as a place for investment.

Pamela Klonaris, a senior partner at legal firm Klonaris & Co, believes that more marketing of The Bahamas’ natural resources is key to enhancing the jurisdiction’s international reputation, and put it ahead of competitors in the region.

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The number of nominee trusts licensed in The Bahamas continues to climb, according to recent statistics released by The Central Bank of The Bahamas.

The number of such licensees has more than doubled over recent years, increasing from 56 in 2000 to 113 in 2009.

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When the Bimini Big Game Club reopened this summer under the Guy Harvey brand, many were left asking just “who exactly is Guy Harvey?”

A unique blend of artist, scientist, diver, angler, conservationist and explorer, the Germany-born Harvey is a 10th generation Jamaican of English descent.

Growing up, Harvey–who has a doctorate in fisheries management from the University of West Indies–spent many hours fishing and diving with his father along Jamaica’s south coast.

Fascinated by the marine life, he began drawing pictures of the many different fish he observed, and although he has never received any formal art training, he has become a successful commercial wildlife artist.

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Just over 20 professionals have applied to be among The College of The Bahamas’ (COB) first group of MBA students in a programme designed to meet the unique needs of the Bahamian economy in a globalized market place.

The return on investment for an MBA is well known, accelerating careers and boosting earning potential, whilst helping to ensure employment and marketability in an ever evolving job market.

“If one is serious about pursuing excellence in business, I believe a degree at the master’s level is critical; a first degree is not enough,” says Franklyn Wilson, chairman of Sunshine Holdings and former college council chairman.

The 24 candidates who have applied to be a part of the new programme come from a wide variety of backgrounds and work experience,?says Dr Sonya Wisdom, director of graduate programmes at the college.

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The Bahamas at a glance

Location: The 100,000-square-mile (258,998-square-kilometre) archipelago of The Bahamas begins just 50 miles (80km) off Florida’s east coast at the island of Bimini and stretches more than 500 miles (804km) southeast in a chain comprised of some 700 islands and cays in the North Atlantic Ocean. The capital, Nassau, is on New Providence. Freeport/Lucaya on Grand Bahama is the second largest city. Total land mass is estimated at 5,382 sq mi (13,939 sq km), approximately the size of Connecticut.

Time zone: Eastern Standard Time*, same as New York, Boston, Miami and Toronto. At 12 noon in Nassau, it is 5pm in London, 6pm in Geneva, 9:30pm in New Delhi, 1am in Beijing and 2am in Tokyo.

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Top 10 reasons to invest in The Bahamas

1. Close proximity to major North American and Latin American financial centres

2. Within 50 miles of the world’s largest economy

3. Same time zone as New York and Toronto (EST)

4. Peaceful and stable democracy since 1729

5. Independent nation with compliant legislation and consultative legislative approach

6. No local taxes on capital gains, inheritance, corporate and personal income, dividends and interest

7. Proactive incentives for investment

8. Highly trained industry professionals and an English-speaking workforce

9. Essential public services and modern infrastructure

10. Ideal climate and lifestyle with many islands and cays to explore