Nassau, BAHAMAS, January 2018 (Central Bank of The Bahamas) – The Central Bank announces a further series of measures relaxing Exchange Control (EC) arrangements, to take effect on February 1st, 2018. These cover both current account transactions and certain capital controls on private sector investment and financial flows. The reforms follow consultation with the Government and take into account feedback that the Bank has received from time to time from financial institutions and various private sector stakeholders.

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The government will this year waive the business license fees for new businesses in order to encourage business development and small business enterprise, Prime Minister Dr Hubert Minnis has said.

The government will also 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 January 29, 2018.

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Delivering his first National Address of 2018, Prime Minister Dr Hubert Minnis announced that the government, in conjunction with the Ministry of Tourism, has negotiated additional airlift to Grand Bahama with Sunwing, which should commence this year.

Sunwing Airlines is Canada’s leading leisure airline, offering vacationers more direct flights to “the sunny south” than any other leisure carrier with “convenient flight services” from over 35 airports coast to coast, providing easy access to over 40 of the most popular vacation destinations — including across the Caribbean, Mexico, Central America and Florida.

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Pictured: Dr. Jonathan Rodgers, OMNI’s founding partner announced expansion plans Tuesday as the financial group readies itself to bring a new financial product, accounts receivable financing (factoring), to the local market. (Dupuch Photo/Tosheena Robinson Blair)

OMNI Financial Group Ltd, powered by a $1 million loan from the Inter-American Development Bank (IDB), is set to deliver an innovative financial solution to un-banked and under-banked businesses specifically those in agriculture and fisheries, manufacturing, processing and other cottage industries in The Bahamas.

“The IDB is focused on creating opportunities for the private sector so that the private sector plays a stronger role in the development of The Bahamas. We believe in a more innovative private sector, in a more risk-taking private sector, a private sector that can do business in a more efficient and effective way,” said Florencia Attademo-Hirt, the IDB’s Country Representative.

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Pictured: Prime Minister Hubert Minnis. (Photo/Yontalay Bowe, OPM Media Services)

Prime Minister Hubert Minnis spoke to the nation 29 January 2018 in his annual address.

Read the Prime Minister’s address here:

Fellow Citizens and Residents:

Good evening.

A belated Happy New Year.

Upon our election to office, we pledged to listen to the voice, aspirations, dreams, hopes and desires of our people, and institute policies drawn from the vast experience of Bahamians at home, overseas, and including in the Diaspora.

We are listening to the voices of the people from Bain Town, to Marsh Harbour, to Freeport, to Exuma, Andros, and throughout the Bahamas, and from around the world.

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Grand Palm Beach Acquisitions Ltd has entered into a Purchase and Sale Agreement to buy the large-scale Ginn Sur Mer resort in the West End of Grand Bahama.

Prime Minister Dr Hubert Minnis said the government recently received an application in relation to the West End, Grand Bahama, or the Grand Palm Beach property.

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January 2018 (BFSB) – The Bahamas Financial Services Board and ALIV partnered to host a financial technology (FINTECH) seminar at The British Colonial Hilton. Topics discussed at the seminar included The Disruptive Effect of Fintech, Blockchain, Artificial Intelligence, opportunities for the Bahamas among others.

Read/Download documentation from the event here:

•  Blockchain Assets and the Distributed Economy
•  Draft – Bahamas Position Paper on FinTech 2018

The Caribbean’s justice sector is poised to become faster and more reliable following a technology-driven convention for legal practitioners held in the Bahamas last November.

APEX, a not-for-profit agency established by the Caribbean Court of Justice, organised the inaugural event which brought together over 85 delegates from 15 Caribbean countries to discuss the role of technology in shaping the future Caribbean jurisprudence.

The Curia Court Management Suite, implemented by APEX, seeks to strengthen the administration of justice through the digitisation of court management and proceedings.

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ORLANDO, FL, January 2018 /PRNewswire/ — Margaritaville Holdings today announced the brand is bringing its authentic lifestyle experience to the Bahamas’ capital city with Margaritaville at The Pointe, a $250 million, six-acre development. Already under construction and expected to begin a phased opening in mid-2019, the development will feature a new 150-room Margaritaville Beach Resort, 150 luxury oceanfront residences – 100 of which will be branded One Particular Harbour at The Pointe – a marina, water park, spa, entertainment center, signature Margaritaville food and beverage concepts, retail shops, a kid’s club and more.

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Public financial management reform coordinator Cedric Collie, led an information gathering session with senior financial officers this week in preparation for the overhaul of national financial systems.

Officers were asked to provide input on what they believe are the critical changes needed for a successful reform effort.

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