GENERAL

Status: Independent Sovereign State
Location: South east of Florida (US) and northwest of Hispaniola (Haiti and Dominican Republic).
Area: 160,000km2
Capital: Nassau (New Providence Island)
Population: 285,000
Business language: English
Currency: Bahamiam Dollar (B$) is traded on a par with the US$. 1B$=100 cents
Time zone: GMT -5
Business hours: Mon-Fri 9am to 5.30pm
Average temperatures:
Winter: 21ºc - 24ºc
Summer: 27ºc - 32ºc

IMPORTANT CONTACTS

Barry Malcolm
Executive Director
Financial Services Board
Office of the Prime Minister
PO Box N-1764
Nassau
Bahamas
Tel: + 1 242 326 7001
Fax: + 1 242 326 7007

Banking Supervision Department
Central Bank of The Bahamas
PO Box N-4868
Nassau
Bahamas
Tel: + 1 242 322 2193

Registrar General
Office of the Registrar General
PO Box N-532
Nassau
Bahamas
Tel: + 1 242 322 7147/322 2160
Fax: + 1 242 322 5553

EXPAT EMPLOYMENT DETAILS

Work permits are required.

COMMUNICATIONS

Frequent flights to the US with connecting flights from Miami, Atlanta and New York to Europe. The Bahamas is linked directly with the International Telecommunications Network via a Standard A Earthstation and a submarine cable. Cellular services are available.

POLITICAL AND ECONOMIC STABILITY

The Bahamas has had a system of Parliamentary Government for more than 260 years. The Queen of England is the nominal Head of State and is represented in The Bahamas by a Governor General. The Bahamas became an independent nation on 10 July 1973 and is a member of both the British Commonwealth of Nations and the United Nations. Party politics emerged in 1953 with the creation of the Progressive Liberal Party and the United Bahamian Party (subsequently absorbed into the Free National Movement, now the governing party).

KEY ACTIVITIES

The Bahamas Government encourages both local and foreign investors and international business transactions with the enactment of the Trust (Choice of Governing Law) Act 1989, the International Business Companies Act 1989, the Fraudulent Dispositions Act 1991 and the Companies Act 1990. The main industry of the Bahamas is tourism.

ADVANTAGES OF THE BAHAMAS

  • No taxes.
  • Political and economic stability.
  • Skilled, educated workforce and professional infrastructure.
  • An accommodating International Business Companies Act.
  • Well developed, sophisticated banking and trust environment.
  • First class transportation, communications, recreational, and health facilities.
  • Comprehensive investment incentive legislation for industrial development.

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

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com