REGISTRATION AND LICENSING

There is no specific law or code governing business activities. Business is conducted according to English common law and practice, interpreted by a strong and independent judiciary.

Every enterprise engaged in trade activities within the Bahamas requires a business license, issued by the Ministry of Finance and Planning in accordance with the Business Licenses Act 1980. Non-resident Bahamian companies, as defined in `Part 4, Exchange Controls, Resident and Non-Resident Status', do not require business licenses. License fees are described at `Part 11, Taxation in The Bahamas, Business License Fees' and in `Part 9, Other Forms'. A license will not be issued unless the requirements for Bahamian national participation described in `Part 3, Foreign Investment, Foreign Investment Rules' have been met. Proprietors or managers of new enterprises do not have to prove proficiency or hold qualifications of any sort before licenses are granted.

Under the Shop Licences Act 1933, every establishment that sells to the general public in the Bahamas (such as a retail shop) must obtain a shop license each year from the Licensing Board. The board has absolute discretion as to the issue, limitation, or revocation of such licenses.

Time-sharing activities are governed by the Time-Sharing Act 1984. The construction or use of a building for time-sharing purposes must be licensed by the Investments Board (see `Part 3, Foreign Investment, Real Estate Acquisition'), and a further license must be obtained before an enterprise may market or manage a time-sharing project. The board must approve all contract documentation, as well as the public offer statement. There are strict rules as to the size of a time-sharing building, the rights of the occupants, and the procedures for dealing with members' subscriptions and payments to contractors.

The Registrar General's Department is responsible for maintaining a register of records (births, deaths, and marriages, as well as deeds and documents of public concern) and a companies register (which is maintained by the Registry of Companies, a division of the Registrar General's Department).

Every limited company incorporated in the Bahamas must have a registered office there, the location of which must be recorded in the companies register, advertised in the Official Gazette, and designated by a sign outside the relevant building. A bank or trust company is also required to register with the Central Bank, and an insurance company must register with the registrar of insurance companies.

Under the Registration of Business Names Act 1989, which came into force during 1995, every individual, firm, and company carrying on business in the Bahamas must register its business name, and all changes to it, with the registrar general. Forms obtained from the Registrar General's Department should be filed with a fee of B$50.

PRICE CONTROLS

Price controls over various staple products, including flour and petroleum products, were introduced by the Price Control Act 1971. This act is strictly enforced by a pricing commission, and penalties of up to B$5,000 can be imposed. Wages and salaries are not subject to the Price Control Act.

COMPETITION LAW

The Bahamas has no laws on monopolies or restrictive trade practices, nor on mergers or acquisitions. However, government policy is to support competition, and, as a rule, the government will not agree to requests for exclusive rights to produce a good or offer a service. The Central Bank's permission must be sought for the takeover of any business by foreigners in accordance with the exchange control rules described at `Part 4, Exchange Controls, Inward Direct Investment'.

PATENTS, TRADEMARKS AND COPYRIGHTS

There is no Bahamian legislation concerning patents; instead, UK patent law applies. Applications for patent registration must be made through the British High Commission (the equivalent of an embassy) in Nassau.

Trademarks and service marks may be registered in the Bahamas. The initial registration period for a mark is fourteen years, but this period can be extended by a further fourteen years. Applications for protection should be made to the Registrar General's Department by an attorney in the Bahamas. The owners of trademarks or service marks may grant licenses to third parties for the use of these marks. A mark not used within five years by the person who originally took it out may be cancelled.

Copyrights give protection for fifty years after the death of the originator.

The Bahamas is a member of the Paris convention for the protection of industrial property and of the Berne and universal copyright conventions.

SAFETY AND CONSUMER REGULATIONS

Product liability laws follow English common law since there is no Bahamian legislation. Although there is a consumer advisory council designed to protect consumer's interests, it has no official status as yet

The Environmental Health Act 1987 is designed to promote the conservation of the environment, particularly in the interest of public health. However, no regulations have yet been promulgated under this act. In the absence of such regulations, the Ministry of Health responds to requests to authorize individual projects by issuing informal permission letters, and the government is now requesting environmental impact studies on all proposed property and industrial development.

The Bahamas National Trust is a non-governmental organization, incorporated by an act of Parliament, that is devoted to protecting the environment and the National Park System.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.