Bahamas News
The Bahamas Ranks High as a Well-Regulated Jurisdiction
#Bahamas, March 05, 2018 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said that in respect to regulations and compliance, The Bahamas continues to be a very well regulated jurisdiction and continues to be highly ranked in this regard.
In its efforts to keep up with international best practices, the country has signed onto the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Framework on Base Erosion Profit Shifting (BEPS), DPM Turnquest said at the International Business Finance Summit presented by the Bahamas Financial Services Board and held at Baha Mar, March 1, 2018.
“We have received significant positive feedback from these moves. We look to further leveraging that and expanding our opportunities and attracting additional business to the destination.”
He did note however, that The Bahamas has to do even better with the ease of doing business and it is a significant focus for the government from both a domestic and international perspective.
“We are simplifying the ease of getting into business and into the jurisdiction; we are making the work permitting process easy and we are making the investment process easy.”
The DPM said, “We are keying in on the ease of doing business. We have a committee of independent private sector individuals who are tasked with identifying the bottlenecks in our system and coming up with the required administrative and legislative changes that are necessary to ensure that we are living up to our desire to be first world in terms of the services that we provide and responsive to our customers going forward.”
He also told business leaders during the summit that the government is “deliberately intent” on utilising available technology to improve the services the government offers and the efficiency in which it serves its clients.
“One of the things we are looking at is block chain technology and seeing how we can leverage that in the financial services industry in particular to make the whole process of on-boarding clients easy.
“For instance, we are looking at the possibility of setting up a digital record block chain such that persons can do their Know Your Customers (KYC) documentation in their own countries; get it authenticated digitally and when they come to The Bahamas, it is just a matter of giving somebody a key in which they can log in and receive authenticated verification of all of the KYC and all of the due diligence requirements in seconds. A process that can take six to eight months can be done in 15 minutes.”
DPM Turnquest explained that the government has put together a task force to determine what is needed to make that idea a reality. “We have had discussions with several providers of this kind of technology and we continue to make this a priority so we can get this kind of technology in place in the shortest period of time possible.”
“The more efficient and responsive we are, the better our chances in this very competitive global world we are now faced with all of its complexities and challenges. We want to be market leaders; we do not want to be followers.”
The DPM said feedback and input from financial services leaders and providers on the potential applications of the technology is necessary so that the government can make adjustments or amendments to make it easier for them to complete their transactions with clients or make their work easier in general.
By: Llonella Gilbert (BIS)
Photo Caption: Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brings remarks at the International Business Finance Summit presented by the Bahamas Financial Services Board and held at Baha Mar, March 1, 2018.
(BIS Photo/Patrick Hanna)
Rashaed Esson
Staff Writer
#TheBahamas#RoyalCaribbean, April 23, 2024- After being delayed following its announcement in 2020, Royal Caribbean’s new 17 acre Royal Beach Club on Paradise Island in Nassau, Bahamas, is now in the works and is scheduled to be ready for 2025, according to reports. A groundbreaking ceremony was held on Monday April 22, signifying the start of construction in the next few months. This project is huge for The Bahamas as it’s a first of kind for the nation, with a unique public private partnership allowing Bahamians to hold up to 49 percent in equity.
Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country
recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.
The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.
Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.
Ms. Rickell Curry
“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”
Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.
“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.
Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.
Dr. Elizabeth Darville
“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”
Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.
“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.
Mr. Wellington Hepburn
“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”
With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.
“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.
Ms. Samantha Rolle
“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”
The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.
PHOTO CAPTIONS
- Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
- Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
- Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
- Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
- Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
- Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.
Office of University Relations
University of The Bahamas
2nd Floor, Michael H. Eldon Complex
Oakes Field Campus
P.O. Box N-4912
Nassau, The Bahamas
Tel: (242) 302-4355/4354/4365
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