economic & investment policy: the national investment policy of the bahamas is designed to...
TRANSCRIPT
Economic & Investment Policy:
The National Investment Policy of the Bahamas is designed to support an investment friendly climate. It enables private enterprise to operate
and flourish.
It guarantees the complementarity of Bahamian and overseas investments and fosters appropriate linkages with all sectors of the
economy.
It provides for the maximum level of employment and guarantees an acceptable level of economic security.
It also fosters the economic growth and development of The Bahamas.
Administration of the Investment Policy:
The Executive Management of the Investment Policy is resident in the National Economic Council (NEC) which is headed by
the Prime Minister of The Bahamas.
The Bahamas Investment Authority (BIA) or the investor’s “one-stop-shop” serves as the secretariat of the NEC and the Investments
Board.
INVESTMENT INCENTIVES
To promote economic diversification and growth, several laws have been enacted to encourage foreign Investment
• The Hotel Encouragement Act• The Industries Encouragement Act• The Export Manufacturing Industries
Encouragement Act• The agriculture manufacturer Act• The Hawksbill Creek Agreement• The Spirits and Beer Manufacture Act• The Bahamas Vacation Plan and Time-sharing Act• The Family Island Development Act• City of Nassau Revitalization Act
Establishing a Business in The Bahamas:
International investors seeking to establish a business on The Bahamas MUST submit a proposal to The Bahamas Investment Authority. The proposal should
include the following guidelines and supporting documents:
• Contacts ( name, address, contact information)• Executive summary• Project Description
• Information about the venture principals (nationality, place, date of birth, passport data etc.)
• Proposed location• Land and building requirements
• Proposed start- up date(and if possible project completion)
• Management & personnel requirements, including the need for work permits• Employment projections
(for both operations and construction, if applicable)• Capital Investment
• Financial arrangements, including Letter of Credit, net worth statement, or deposit of funds in the Bahamian bank
• Environmental impact• Economic impact
Areas Targeted for Overseas Investors
• Touristic Resorts • Condominium, Time-share and Second Home Development• International Business Centre• Marinas• Information and Data Processing Services• Assembly Industries• High Tech Services• Ship Repair and other services• Light Manufacturing for export
Agro-Industries Food Processing
• Mari-culture• Banking and other Financial Services • Captive Insurance• E-Commerce• Maritime Services
Renewable Energy• Aircraft Services• Pharmaceutical manufacture• Off-shore Medical Centres
N.B. This list is not exhaustive and investors and investors interested in areas not included above are encouraged to bring
their interest to the attention of BIA.
Areas Reserved for Bahamians
• Wholesale and Retail operations• Commission agencies engaged in the import/export/trade• Real estate and domestic property management agencies• Domestic newspaper and magazine publication• Domestic advertising and public relations firms• Security services• Domestic distribution of building supplies• Constructions companies, except for special structures for
which international expertise is required• Personal cosmetic/beauty establishment• Commercial fishing• Auto and appliance service operations• Public transportation
International Person Landholding Act:
Any non Bahamian wishing to purchase property in The Bahamas must obtain approval from the Investments Board for either a
certificate of registration, or permit.