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Last Updated: Nov 23, 2017 - 11:29:20 PM |
Freeport, Grand Bahama – The Commercial Enterprise and the Grand Bahama (Port Area) Extension of Tax Exemptions Bills are needed to strengthen the economy of Grand Bahama, noted Minister of State in the Office of the Prime Minister, Grand Bahama, Senator the Hon. Kwasi Thompson on Thursday during a press briefing
The Minister said, “The Commercial Enterprise Bill is exactly what Grand Bahama needs to boost our economy and create more opportunities for Grand Bahamians.”
He stated that the Bill is designed to attract businesses not already operating here, for example: international trade, captive insurance, nano technology and data warehousing. As tourism alone is not enough, the commercial environment must be made more attractive for such businesses to come to Grand Bahama.
“We in Grand Bahama have been talking about being the leader in technology, arbitration, maritime trade, and captive insurance, and this Bill, for the first time provides an attractive package for businesses that are not here to come and provide opportunities for Bahamians.”
Minister Thompson continued that the government intends to make Grand Bahama a technology hub, and what this Bill does is exactly what was recommended at the recent Technology Summit – make it easier for technology businesses to come and do business and bring their specially-skilled persons who can train Bahamians.
The government of The Bahamas was elected to effect change, he said, and in order for the economy to grow, there must be a shift in both policy and thinking. The results will not change, he added, if things continue to be done in the same manner.
“The Bill allows benefits to Bahamians and non-Bahamians. It will allow for special economic zones to be created all over The Bahamas including in Grand Bahama, where this model has worked in the past.
“The key points of the Bill are: Enterprises can apply for a certificate. Before the certificate is granted, the proposed enterprise must submit for approval the nature of the business and staffing needs, as well as training and capacity building for Bahamians.”
The certificate will be reviewed annually, and how Bahamians are being included, assessed.
Examples of such businesses where this has already occurred, he said, are the Grand Bahama Shipyard, BORCO and the Freeport Container Port. The Carnival Medallion Project is another business where several work permits were issued, but Bahamians are now being trained in technology that did not exist in The Bahamas.
Turning his attention to the Grand Bahama Extension of Tax Exemptions Bill, Minister Thompson said this replaces the Grand Bahama Incentives Bill.
“The Government will therefore provide the extension of tax incentives under the Hawksbill Creek Agreement for 20 years to all licensees along with the Grand Bahama Port Authority. This will create the needed certainty for business development.
“The Bill also, for the first time, provides legislative framework for the One Stop Shop which will tremendously increase the ease of doing business in Grand Bahama. The Port Area Investment Board is created to expeditiously process investment applications which will provide more employment on the island,” the Minister concluded.
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