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Small business license fees in the Grand Bahama Port Area may soon change

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#Bahamas, January 30, 2018 – Grand Bahama – Small business license fees may soon fall in line with the rest of The Bahamas, said Minister of State for Grand Bahama in the Office of the Prime Minister, Senator the Hon. J. Kwasi Thompson on Friday.  Minister Thompson was addressing the Grand Bahama Chamber of Commerce Annual Installation of Officers and Directors 2017-2018.

Former GB Chamber President, Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, installed the new officers.  Minister Thompson apologized for the absence of the Prime Minister, who was in Andros for the National Memorial Service for the plane crash victims.  As the government believes in reform, modernization and transformation, soon after coming to office, an Ease of Doing Business Committee was appointed. They have made recommendations which are being reviewed and carried out.

“I commend the Deputy Prime Minister and his team for the improvements already made.  It should also be noted that we intend for the changes to also apply to Freeport.  As an example discussions have begun with the Grand Bahama Port Authority to express the Government’s desire to bring business license fees for very small businesses on the same level as the government’s fee, which is $100.   It doesn’t seem right that a person wanting to start this type of business in the Port area has to pay sometimes 10 times as much than everyone else in the rest of The Bahamas.   In addition we continue to work out arrangements for the One Stop Shop for Investment in Freeport.

“Small-and-medium sized Bahamian businesses are a critical part of our economy.  These businesses employ thousands of Bahamians.  They are critical for economic growth.

“To promote the ease of doing business for such enterprises, at the end of last year, after consultation with the Central Bank, the Government announced the relaxation of Exchange Controls on capital transactions, namely on capital (investment) and current account (trade) transactions.

“This was a reform long overdue.  These changes come into effect as of 1 February 2018.   Without prior reference to the Central Bank, Bahamian-owned businesses will be allowed to maintain operating deposit accounts with up to $100,000 in foreign currency at domestic commercial banks.

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“These accounts will have to be funded exclusively from revenues earned in foreign currency.   Central Bank approval will continue to be required for accounts with balances of more than $100,000 in foreign currency.”

Minister Thompson outlined another reform whereby upon application to the Central Bank, Bahamians and residents will be able to have foreign currency denominated deposits or investment assets outside of The Bahamas, or bring it back to the country and it remain in the same foreign currency.

“No penalties will be imposed on regularized accounts and investments.  The owners of deposit facilities will be allowed to use the resources to finance domestic transactions, without restriction.

“Prohibitions will exist against either funding or augmenting these facilities with proceeds converted from Bahamian dollars.”  He further stated, “Last year we passed the Commercial Enterprise Act, which promises enormous benefits to our economy.

“The intent of this Act is to offer incentives to Bahamian and international investors who establish businesses in the Bahamas, which will help to diversify the economy, and to create higher paying jobs and long-term job securit“Under this legislation, investors in captive insurance, reinsurance, arbitration, wealth management, computer programming, maritime trade, nanotechnology, biomedical industries, data storage, call centers, software design and writing will be given a number of concessions and incentives.

“Another reform that has already been announced is the creation of an independent board to review applications for work permits and citizenship.  This will allow for less interference and more openness in the process of obtaining citizenship.”

The Minister said revitalizing Grand Bahama has been a priority of the government since the General Election in May, 2017, and stating that there is a long way to go, he added that the road to recovery has begun.

“To boost growth and employment we must stimulate domestic and foreign investment, as well as opportunities for large-scale and small- and medium-sized businesses.”

Listing some of the things done in an attempt to boost the local economy, Minister Thompson said the government negotiated the completion of a Letter of Intent on the sale of the Grand Lucayan Hotel, and is currently working diligently to complete the sale of the Grand Lucayan and Memories property.

“After they are reopened, the economy of Grand Bahama will improve significantly, including with a tremendous increase in employment and related business and economic opportunities.

“We also successfully negotiated with Bahamas Paradise on the return of the Grand Celebration, and the introduction of a new vessel, the Grand Classica, which will bring additional stopover visitors and more opportunities to Grand Bahama in April.  We learned the painful effects of not having the Celebration vessel for a few months and therefore looking forward to the increased benefits of having both vessels.

“In conjunction with Ministry of Tourism, and our Minister of Finance DPM we also negotiated an airlift agreement with Sunwing, and now have the return of Vacation Express. It has been announced that a total of eight non-stop flights departing from various US cities, will begin their flight schedules in May 2018.”

Scheduled to begin in May are flights from Detroit, Chicago, Nashville, Pittsburgh, Newark, Baltimore, Cincinnati, and Dallas. These will be operated by Swift Air LLC., and the Ministry of Tourism projects a potential 16,800 passengers.  Additionally, negotiations ongoing with the “Ginn Property” in West End, along with a new investment in East End involving an oil refinery. This announcement, said the Minister, will be made at the appropriate time.

Going over the advancements made in the area of technology, Minister Thompson told Chamber members that a Grand Bahama Technology Hub Steering Committee has been formed to establish Grand Bahama as a technology hub.  Carnival Corporation is already assembling their Ocean Medallion Concierge System, and Grand Bahamians have been hired and are being trained.

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“The Bahamas is also currently developing programs for block chain-based solutions, fin-tech and crypto-currency companies, and we intend to promote block chain as a sub-industry within ICT.”

Touting joint efforts between the government and the Chamber, Minister Thompson acknowledged the government’s summer job program where some 500 young people were placed in local businesses.  There was also the Business to Business Initiative which began on September 28, 2017 designed to provide business opportunities to budding entrepreneurs.

“The initiative exposed existing entrepreneurs and small businesses to opportunities which exist already at the larger industrial companies. The first to participate were the Grand Bahama Shipyard and Buckeye. We intend to continue this initiative with other major companies.

“The Apiary Project began on 24 October which will help 30 young people to enter the honey production business here in Grand Bahama.  These young people began training on the 2nd January 2018.

Each participant will receive a stipend during a 14-week training program, and will have access to funding and mentorship from Bahamas Development Bank.

“We look forward to your partnership with the our office and Deputy Prime Minister, Port Authority and the University of the Bahamas for the launch of the Small Business Development Center, which would provide support and research resources for entrepreneurs.  We have also been most grateful for your support in our GB Micro and Small Business Economic Empowerment and Entrepreneurial Incentive Program launched last year.”

Minister Thompson said they will be calling on the business community once again on February 17th at the Ministry of Labour Job fair, where he hopes they will not only participate, but hire as many people as possible.

In closing, the Minister said, “The Chamber continues to be a great partner and [I] look forward to an even closer relationship.  We have a talented creative and vibrant private sector.  I believe you have what we need to reignite Grand Bahama’s economy.  Within you lies the talent, ability, resources, and capacity we need for success. We as a government must create the environment that will motivate you to expand, invest and progress.

“I encourage you to seriously look at reinvesting, renovating, expanding, reshaping, re-tooling, and rehiring. Fixing Grand Bahama will not be easy or quick but I believe we all have what it takes and I stress, we all.”

 

By: Robyn Adderley

Photo caption: Senator the Hon. Kwasi Thompson.

(BIS Photo/Lisa Davis)

 

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Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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Rosewood Exuma: A precedent-setting case for environmental law and future development in The Bahamas  

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By Eric Carey, ONE Consultants, former Executive Director of the Bahamas National Trust. 

We are facing an extraordinarily important moment in judicial history in The Bahamas as we await a decision on the trial of allegations in the Yntegra group’s Rosewood Exuma project.

As former Minister of the Environment, Romauld Ferreira, put it in the Supreme Court last week: “A lot is at stake…a  great deal of what will be considered in this case sets the stage for what’s to come for future development in the country.”

In the trial of the judicial review of government approvals given to Yntegra for their Rosewood Exuma resort this week, we’ve heard technical arguments about failure to make key environmental documents like Yntegra’s Environmental Impact Assessment and Environmental Management Plan available to the public, failure of key documents to assess some of the most controversial aspects of the project, an unlawful consultation process, and a failure to conduct further consultation following major changes to the development.

Lawyers for Turtlegrass described how there was a “salami slicing” of the project into chunks as a way to circumvent the approvals process and disguise its full impact from public scrutiny. Only certain portions came before the public and key stakeholders like Turtlegrass and Over Yonder Cay for scrutiny, while some of the most controversial aspects did not. This is particularly problematic given what is at stake – the dredging of a beautiful Exuma bay, the North Bay, to transform it into an industrial shipping channel, complete with an enormous seawall, dock, back-of-house facilities and other industrial infrastructure.

It is unfortunate that it has had to come to this – an expensive judicial review process that calls out the government for falling down on its duties to protect the environment and follow the law – but it is important and the broader implications should not be overlooked. When Justice Leif Farquharson rules on this case, he’ll set a precedent that could echo in The Bahamas for years to come, one that answers the question: are the 2019 environmental laws that Ferreira took to parliament after many years of advocacy by environmentalists toothless tigers that are just for decoration – or are they capable of protecting the environment that we all depend on and the rights of those affected by projects to have a genuine say in them?

What is curious is that at the same time as these points are being raised in court as part of the judicial review, we are seeing personal attacks about Bob Coughlin – the person spearheading this legal action and test of environmental laws – by online trolls. Coughlin, an Exuma resident for almost a decade, has long been established as an environmental advocate and a passionate philanthropist – one who has donated almost $4 million to causes in The Bahamas since 2018, including millions to the organisation I once led, the Bahamas National Trust.

For reasons one can only speculate about, these trolls have been trying to make out all sorts of absurd things: that his legal action in support of environmental protection is a petty dispute born out of fears of competition. That Coughlin no longer even wants to pursue his eco-tourism project, when the reality is that he was forced to put it on hold because of the destructive environmental plans that are in dispute. That he is the only one who has an issue with this Rosewood Exuma resort, when in fact, neighbouring resort, Over Yonder Cay – one of the top rated resorts in the Caribbean – as well as the Save Exuma Alliance – consisting of most of the local islands and businesses in the Exuma area, and thousands of petition signers have expressed their concern with the project – over 9,000 to date. Most ironically, they claim, wrongly, that Coughlin received crown land for personal use, when in fact it is Yntegra who received crown land while having no development track record, when Coughlin instead bought his lease on Sampson Cay from a private owner.

The timing of these claims, in the week of the trial, suggest a patronising and cynical attempt to distract from the gravity of the case being heard, what it represents, and how important this decision is. With their simplistic, jingoistic and factually-dubious references to crown land, white foreigners, and the like – it’s not hard to imagine that those involved are engaged in a ploy to push the buttons of Bahamians who they apparently believe can be too easily distracted into ignoring the real issue here: that the government, has – in the words of those in the Supreme Court this week – “run roughshod” over environmental laws with its approvals for Yntegra’s Rosewood Exuma project and that this is truly a landmark case and the decision will have a long-lasting impact on future development. This is at a time when foreign direct investment (FDI) inflows into the Bahamian economy are forecast to increase by as much as two thirds over the next two years, according to the Inter-American Development Bank (IDB).

So I call on my fellow Bahamians to stay focused. This is not a story about one man – it is a story about the future we want for our country and whether we are willing to sacrifice our ability to demand environmental accountability in all developments moving forward. There is too much at stake to be thrown off the track by trolls.

As Ferreira says of the judicial review that now awaits Justice Leif Farquharson’s judgement: “This is the first set of litigation, serious litigation, that takes a deep dive into the Environmental Planning and Protection Act and the environmental impact assessment regulations…There’s a lot at stake here.”

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Monument Supports Hands for Hunger With Paradise Plates Debut  

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ leading wine and spirits distributor, proudly supported Paradise Plates, Hands for Hunger annual fundraiser with a flavorful offering of its newest product, Monument Beverage Co.

Monument, which launched this July and is available across six major islands, made its Paradise Plates debut. Guests enjoyed three bold flavors: Peach Passion, Ginger-Lime and Melon Fizz as they socialized throughout the evening.

Monument brand ambassadors engaged guests with knowledge on the ready-to-drink beverage’s unique taste and look. Many attendees were delighted to learn that Monument is 100% Bahamian-made and owned and enjoyed seeing the various national landmarks on the packaging.

The booth was adorned with vibrant brand colors, striped arches, tropical florals and a photo worthy backdrop featuring Monument cans filled with florals cascading down the wall.

At the end of the event, the entire Monument inventory had finished, making Monument’s Paradise Plates debut a huge success.

For more details on Caribbean Wines & Spirits, new products and specials, visit www.cwsbahamas.com today.

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