Presentation on theme: "Economic & Investment Policy: The National Investment Policy of the Bahamas is designed to support an investment friendly climate. It enables private."— Presentation 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.