Download Country Profile The Bahamas - caipainvest.org

Country Profile
The Bahamas
Information Provided
by the Bahamas Investment Authority (BIA)
2012
Contents
• Quick Facts
• Other Facts about The Bahamas
o Economy
o Culture
o Education
o Labour Standards
o Media
o Targeted Sectors for Investment
o Targeted Sectors for Export
o Bilateral Investment Agreements /International Investment
Agreements
o Other regional Agreements signed
• Cost of Doing Business in The Bahamas
• Success Stories
o Atlantis Resort, Paradise Island – Kerzner International Bahamas Ltd.
o Freeport Container Port, Grand Bahama - Hutchison Port Holdings
Quick Facts
Capital of country:
Nassau (Population: 248,948)
Other major city:
Freeport (Population: 51,756)
Total Population:
353,658
Official Language:
English
GDP:
US$7.7 billion
GDP per capita:
$21,777 (Preliminary Constant Prices)
Inflation:
2.76% (Jan. 2011)
Unemployment:
13.7%
Labour force:
190,075
Labour Force by Occupation: (Employed Persons by Sex and Occupational Group): Hotel &
Restaurant: 26%; Services: 29%; Industry: 18%; Elementary
Occupation 14%; Agriculture & Fisheries: 2%
Major Exports:
Mineral products, animal products, chemicals
Major Imports:
Mineral fuels, machinery & transport equipment, food & live
animals
Key Productive sectors:
Tourism, banking, cement, oil transshipment
Major trading partners:
United States of America, Puerto Rico, United Kingdom,
France, Nigeria, Canada
Government (type):
Constitutional Parliamentary Democracy
Governor-General:
Sir Arthur Foulkes
Prime Minister:
Hon. Hubert A. Ingraham
Leader of the Opposition: Hon. Perry G. Christie
Other Facts about The Bahamas
Economy:
The Bahamian economy is based on tourism, financial services and construction. Tourism and
its related activities employ about half the Bahamian workforce. Financial services is the second
most important sector of the Bahamian economy due to the country’s status as a low tax
jurisdiction and offshore banking centre.
Culture:
Bahamian culture is a hybrid of African, European and other cultures which have been heavily
influenced by the cultural experiences of the United States and the Caribbean. The Bahamian
“melting pot” finds expression in its love of pageantry and tradition inherited from the British,
but also in its preparedness for the 21st century so closely associated with the modern business
style of North America.
Education:
The Bahamas has an abundance of skilled labour and an educated population. The nation
enjoys an adult literacy rate of above 95 percent. As much as 24 per cent of the National
Budget is allocated to education, exemplifying the true definition of a country that is investing
in its youth and its people.
Labour Standards:
A continuous investment in human capital means The Bahamas offers a large and growing pool
of well qualified and highly educated Bahamian talent to the international investor. The
country’s highly developed tourism and financial services industries benefit significantly from
this pool of talent, as Bahamians combine with international management staff to create a
resident expertise that is comparable to anywhere else in the world.
Media:
The Nassau Guardian, The Tribune, The Journal, The Bahamas Broadcasting Corporation (ZNS
Radio & TV), Cable 12, Jones Communication Network and 11 licences for radio stations.
Targeted Sectors for Investment:
Touristic Resorts; Second Home development; International Business Centre; Marinas;
Information and Data Processing Services; Assembly Industries; High-Tech Services; Ship
Registry; Ship Repair; Light Manufacturing for export; Agro-Industries; Food Processing; Mariculture; Banking and other Financial Services; Captive Insurance; E-Commerce; Aircraft Services;
Pharmaceutical manufacture; Off-shore Medical Centres.
Targeted sectors for Export:
Mineral products, agricultural products
Bilateral Investment Agreements /International Investment Agreements:
23 signed TIEA’s - 14 with OECD members and 7 with G-20 Members; IIPPA with China
Other regional agreements signed:
• Caribbean Basin Initiative,
•
CARIBCAN and
•
the Economic Partnership Agreement
Cost of Doing Business in The Bahamas
Corporate Income Tax
No direct tax however Business Licence Fees
are levied and vary depending on turnover
Personal income Tax
None
Average wage earnings for
occupation groupings1 (US$)
high
level Senior Officials and Managers: $44,522
Professionals: $42,193
Technicians and Associate Professionals:
$35,849
Average cost of electricity (US$ per kwh)
Average cost of water
$14.95 (kwh)
30.00 (minimum charge/3,000 gals.) per meter
per quarter and up to $15.50 per 1,000 gals. in
excess of 400,000 gals. per meter per quarter.
Average cost per sq.ft. for office space
Basic rents range from $25 to $35 per square
foot. In addition Common Area Maintenance
Charges for office space range from $23 to $29
per square foot.
Average cost per sq.ft. for industrial space
Basic rents for warehouse space range from
$8.50 to $15 per square foot.
Average cost per sq.ft. for land
Varies by island
Success Stories
Atlantis Resort, Paradise Island – Kerzner International Bahamas Ltd.
This 3,000 room mega resort was developed by Sol Kerzner, South African hotelier, in 1998 and
features waterparks, slides, aquariums, casino and a mega-yacht marina.
Freeport Container Port, Grand Bahama - Hutchison Port Holdings
This development has the deepest regional port with 9 Super-post Panamax cranes operating at
high end productivity. The port has an annual capacity of more than 1.5 million standard
container units.
For more information, please contact:
The Bahamas Investment Authority
Cecil Wallace Whitfield Centre
West Bay Street
PO Box CB-10980
Nassau, The Bahamas
Telephone Number: 242-327-5826
Fax Number:
242-327-5806
Key Contact Name:
Mrs. Joy Jibrilu, Director of Investments
Email: [email protected]
Website:
www.bahamas.gov.bs/bia