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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