The Bahamas is paradise. It’s a premier tourist destination because of its beautiful beaches, warm hospitality and tropical climate.
But you already know that.
What you may not realize is that it’s also a buzzing hub for business ventures.
Today, we will discuss why doing business in The Bahamas is a recipe for success.
1. Business Friendly
The Bahamas’ geography and close proximity to the United States puts businesspersons in an advantageous position right out of the gate. You would be hard-pressed to find a more business-friendly environment.
It’s an English-speaking country that has a longstanding, tight-knit relationship with the United States. The Bahamas also shares good rapport with other nations throughout North America and Europe. It’s a central hub for tourism as well with frequent flights to and from destinations around the world.
The Bahamas is in the Eastern time zone, which significantly reduces complications due to time differences. It’s notable that New York, which is home to Wall Street and the most Fortune 500 companies in the United States, is also in this time zone.
2. Strong Financial Sector
The Bahamas has a robust financial services sector, which is supervised by the Central Bank of The Bahamas and the Securities Commission of The Bahamas. The sector accounts for 15%-20% of The Bahamas’ GDP, with hundreds of financial institutions.
The Bahamas is home to a vibrant mix of banks and trusts. There are local and international options including Scotiabank, Bank of The Bahamas, Royal Bank of Canada and Citibank.
The Government of The Bahamas has also established a modern body of laws that cater to the changing needs of multinational companies and are accepted by the major international regulatory agencies.
3. Stable Government
Although The Bahamas is a relatively young nation, its longstanding history of stable government is a marvel to behold. Since 1729, Parliament has successfully operated without interruption.
The Government of The Bahamas has adopted the British Westminster system of Parliamentary democracy. It’s supported by a well-established court system based on English Common Law. Jurisdictional matters are ultimately determined by the Privy Council in London.
4. Stable Economy
The Bahamian economy is supported by the pillars of tourism and financial services. As the wealthiest nation in the West Indies, there are endless opportunities to invest and conduct business. In fact, the Government of The Bahamas actively encourages and incentivizes both foreign and domestic direct investment.
Given the abundance of American visitors to The Bahamas, as well as frequent travel to and from the United States by Bahamians, the two nations will always be interconnected, culturally and economically.
As a result, the economy is guided by a Bahamian professional class that is globally exposed, well-educated and firmly in tune with international trends. The private sector is highly diverse and caters to a broad middle class.
5. Welcoming Community
Foreign direct investments are welcome in The Bahamas with open arms.
The Government of The Bahamas continues to support and incentivize them, and we do not expect this trend to change anytime soon.
We are a gregarious people who readily welcome newcomers to our shores. Our primary and Family Island communities are warm and always willing to support new relationships and initiatives.
Together We Make It Happen
HLB Galanis & Co is your one-stop boutique firm for businesses that want to operate in The Bahamas.
We pride ourselves on providing efficient, timely and cost-effective support, as well as considerable added value. Our unique local knowledge combined with our deep-rooted business, civic and government contacts ensure a smooth and seamless entry into the Bahamian market.
So, no matter your business goals, you can trust us to have your back, because our motto is our promise to you. “Together we make it happen.”