#Nassau, May 24, 2019 – Bahamas – The Department of Inland Revenue (DIR) is continuing its efforts to improve ease of doing business by helping to speed up the process for entrepreneurs to start a new business. Provisional licences are now available for what the Department has termed “low-risk” businesses. It is granted as part of the business licence application process.
Low-risk businesses
include home-based businesses, sole proprietors and other small businesses in non-regulated sectors.
These types of businesses make up the bulk of small business start-ups. They
are eligible for a provisional licence when they complete a
first time application for a business licence.
“Our early ease of doing business
initiatives have systematically targeted small businesses; they represent the
majority of businesses and form the backbone of the economy. Earlier this year,
we removed the fee for starting a new business. Next, DIR implemented a system
to renew business licences in under 48-hours. Now, we have introduced a
provisional licence to help entrepreneurs get started faster and easier,” said K.
Peter Turnquest, Deputy Prime Minister and Minister of Finance.
After submitting a completed business licence application,
eligible businesses are able to get a Provisional Licence to operate for 90
days while they wait for approvals to be processed by other government
agencies. Ultimately, new businesses will still need agency approvals from the
National Insurance Board, Department of Environment Health, Department of
Physical Planning and other relevant entities. However, while these processes
are underway, the provisional licence will enable them to move forward with
critical tasks to get up and running immediately.
“I am a firm believe
that to the greatest extent possible, the general public should not be
inconvenienced by our own inefficiencies. As we digitize more of our processes
and integrate systems to streamline inter-agency communication we will be able
to deliver more efficient services across government. In the meantime, we are
implementing immediate measures to increase the ease of doing business now,” said Minister Turnquest.
Incorporated
companies, non-Bahamian companies, and businesses with storefronts or operating
in regulated industries are not eligible.
While provisional
licences are not available to every business, they do cover a large majority of
small businesses in
the country.
Businesses that fall
under one of the following categories, you are probably eligible for a
Provisional Licence.
- Admin Services
- Apparel & Textile Manufacturing
- Art & Craft Vendors
- Audio-Visual Production
- Civic Organizations
- Clothing and Accessory Retail
- Couriers and Messengers
- Florists
- Furniture Manufacturing
- General Merchandise Retail
- Housekeeping Services
- Marketing and Public Relations
- Printing and Publishing Services
- Plumbing, Roofing, Fencing Contractors
- Professional Associations
- Small Contractor and Construction Service
Providers
For
more information, visit: inlandrevenue.finance.gov.bs.