BAHAMAS: Cabinet approves launch of Small Business Development Centre

#Bahamas, February 2, 2018 – Nassau – The Cabinet of The Bahamas has approved the launch of the Small Business Development Centre of The Bahamas, Prime Minister, Dr. the Hon. Hubert A. Minnis said Thursday. The launch will take place this year.

The initiative, which is one of several initiatives the Minnis Administration will undertake or has undertaken to help stimulate business ownership and Bahamian enterprise, will be spearheaded by the Government, in conjunction with the University of The Bahamas and The Bahamas Chamber of Commerce and Employers’ Confederation with support from the Organization of American States (OAS).

“This Centre will provide a resource for all Bahamians to receive advisory and technical support when seeking to open a business or expand their operations,” Prime Minister Minnis said.

“The Centre will steer entrepreneurs to available funding opportunities through government or private means. It will also assist business owners in navigating the regulatory and tax registration requirements for a new business,” Prime Minister Minnis added.

Addressing the Bahamas Chamber of Commerce and Employers’ Confederation’s Power Breakfast, Prime Minister Minnis told attendees that his government’s agenda is one of reform, modernization, and transformation, animated by a programme for growth, investment and opportunity.

“Our emphasis is on a dynamic blend of domestic and foreign investment. We are determined in our vision to enhance economic opportunities for Bahamian businesses and entrepreneurs, including Bahamians in the Diaspora.

“I thank the Chamber and the Confederation for partnering with the Government to help boost growth, economic development, employment and opportunity,” Prime Minister Minnis added.

The announcement of Cabinet’s approval of the launch of the Small Business Development Centre of The Bahamas, comes on the heels of the Prime Minister’s announcement that the Minnis Administration has committed to investing $25 million over the next five years to help develop micro-small-medium-sized enterprises (MSMEs) in The Bahamas.

Funding for the project will amount to $5 million per year for the next five years and will be funded through the sale of Government-owned shares in Aliv and the Bahamas Telecommunications Company (BTC).

Prime Minister said the “ambitious initiative” – which has several objectives – will help to stimulate the economy while boosting growth and employment and will also provide specific support for entrepreneurship and MSMEs development within marginalized groups, especially poorer communities and youth organizations. This will include organizations that participate in the Over-the-Hill Community Development Partnership Initiative.

The Prime Minister also announced that the Government of The Bahamas will, this year, waive the business license fees for new businesses in order to encourage business development and small business enterprise.   The Government will also, this year, waive business license fees for businesses with earnings of under $100,000 “to help with economic relief for small businesses.”

The Prime Minister’s announcements came during his National Address Monday night (January 29, 2018).  The Government also proposes to establish an SME (small and medium-sized enterprises) Tax Help Desk to provide assistance to SMEs on tax matters including the preparation and filing of Value Added Tax (VAT) Returns and invoice formatting, etcetera.

“While large businesses have in-house accounting departments and the resources to engage external accounting and legal services, many small and medium-sized enterprises simply do not have the resources to do so,” Prime Minister Minnis said.

By: Matt Maura (BIS)