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Nassau, The Bahamas — Attorney General and Minister of Legal Affairs Allyson Maynard Gibson announced changes December 5 that will speed up the process of business formation in The Bahamas.<\/p>\nNassau, The Bahamas — Attorney General and Minister of Legal Affairs Allyson Maynard Gibson announced changes December 5 that will speed up the process of business formation in The Bahamas.<\/p>\n
The announcement was made at a press conference at the Office of the Attorney General.<\/p>\n
Processing business applications and collecting business tax revenue is one of the Bahamas Government\u2019s Registrar General\u2019s most frequent means of public income.\u00a0\u00a0 The Attorney General\u2019s Office is currently drafting amendments to the Companies Act and the IBC Act to create Schedule Companies.<\/p>\n
Named to the Companies Advisory Committee are: Damian Gomez, Jacinda Butler, Donna Smith, Felix Stubbs, Aliya Allen, Cherise Cox Nottage, Michelle Pindling Sands, Donna Lee Harding, Antoinette Russell, Robin Scavella, and Debi Williams.<\/p>\n
“This advisory committee comprises of a cadre of young and dynamic attorneys, accountants and practitioners in company registration,” said the Attorney General.\u00a0 \u00a0 She said they represent some of the most talented and brightest minds capable of competing with anyone in the world.<\/p>\n
\u201cWe are drafting amendments to the Companies Act and the IBC Act to create a \u2018Schedule Company\u2019.\u00a0 \u00a0 Financial and Corporate Service Providers incorporating a Schedule Company will be able to do so within minutes.\u00a0 \u00a0 They will fit in all the required fields and pay online.\u00a0 \u00a0 This will result in the ability to immediately obtain online a certificate of incorporation.\u00a0 \u00a0 We will also provide ability, in respect of these newly formed companies, to file annual returns and pay annual fees online.\u00a0 \u00a0 This will result in the ability to obtain certificates of good standing online in seconds, as opposed to the days or weeks as now is the case.\u201d<\/p>\n
The Attorney General\u2019s Office has engaged IBM, which is the world\u2019s leader in creating business systems to work with vendors and RGD teams.\u00a0 \u00a0 The technology magnet would advise the Bahamas Government on how to deliver companies within minutes.\u00a0 \u00a0 The AG’s office has also consulted the private sector and their support was indicated by the willingness of the committee members to volunteer their time to help bring into the RGD, 21st\u00a0 Century best practices.<\/p>\n
\u201cWe are all disturbed about The Bahamas\u2019 ranking as 77th\u00a0 in the World Banks\u2019 IFC Report on the ease of doing business.\u00a0 \u00a0 The Bahamas\u2019 ranking as 77th\u00a0 is down eight points from last year\u2019s rating as 71st.\u00a0 \u00a0 The details of the chart show that it takes 10 to 11 days to form a company.\u00a0 \u00a0 This is unacceptable.\u00a0 \u00a0 It is possible to form a company in minutes.\u00a0 \u00a0 The primary mandate of this committee is to advise the Attorney-General on ways for improving company registration thereby enhancing the ease for doing business in The Bahamas,\u201d said AG Maynard Gibson.<\/p>\n
\u201cWe have also asked the advisory Committee to suggest other areas of service that can easily be provided on line in Phase 1 of the Project, in order for The Bahamas to meet national and international standards, challenges, and demands.\u00a0 In order to accomplish this goal, the Committee will meet with staff to sensitise them to the needs of the industry practitioners.\u00a0 \u00a0 They have offered that the staff from the Companies Section at the Registrar General\u2019s Department the opportunity to understudy the processes within the private sector.\u201d<\/p>\n
The Attorney General\u2019s Office believes that the training will give a firsthand appreciation and sensitise Government employees in the Registrar General\u2019s Office of the private sector demands and operations that time is of the essence and time is money for the business sector.\u00a0 \u00a0 The AG\u2019s Office believes the turnaround time for doing business within The Bahamas will be reduced substantially.<\/p>\n
\u201cIBM has indicated that with proper support, this project will be operational within six months,\u201d said the Attorney General Maynard.<\/p>\n
\u201cI salute this effort as it is a classic case of private\/public sector cooperation and a focused attempt to heighten the level of efficiency in the Registrar General\u2019s Department.\u201d<\/p>\n
By Gena Gibbs<\/em><\/span> Caption: The Bahamas Attorney General Allyson Maynard Gibson.<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Attorney General and Minister of Legal Affairs Allyson Maynard Gibson announced changes on December 5 that will speed up the process of business formation in The Bahamas.<\/p>\n","protected":false},"author":48,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[153,40,168],"class_list":["post-29072","post","type-post","status-publish","format-standard","hentry","category-business","tag-business-2","tag-government","tag-politics-2"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/29072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=29072"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/29072\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=29072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=29072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=29072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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