By FAY SIMMONS
TRIBUNE Business Reporter
jsimmons@tribunemedia.net
AN OPPOSITION MP yesterday said The Bahamas must make it easier to do business, not just easier to regulate companies, calling for faster licensing and administrative approvals to help entrepreneurs establish and expand their ventures.
Contributing to debate on the Companies Amendment Bill in Parliament, Freetown MP Lincoln Deal said regulatory compliance is essential but cannot substitute for a broader economic development strategy aimed at attracting investment, creating jobs and strengthening Bahamian businesses.
“We must make it easier to do business in The Bahamas, not just easier to regulate business in The Bahamas,” he said.
Mr Deal, drawing on his experience in the private sector, said delays in administrative processes can hold back investment and prevent employment opportunities from materialising.
“A delayed approval can mean a delayed investment. A delayed investment can mean a missed opportunity, and an opportunity can mean jobs that never materialise,” he said.
Mr Deal pointed to entrepreneurs seeking to establish a logistics company or expand a catering business, arguing that even those with customers and viable business plans can face obstacles navigating company registration, licensing and other administrative requirements.
“Regulation is absolutely necessary, but unnecessary delay is not,” he said, urging the Government to ensure that Business Licences and regulatory processes moved with the same urgency demonstrated in bringing legislation before Parliament.
Mr Deal said The Bahamas' ambitions should extend beyond creating companies that comply with the law to building an environment in which Bahamian businesses can grow, despite challenges such as bureaucracy and financing constraints.
He also called for a more proactive strategy to strengthen the country's position in international financial services, arguing that the industry should not be approached primarily through successive responses to international regulatory requirements.
The financial services sector contributes to government revenue through taxes and fees, and supports skilled employment among attorneys, accountants, corporate administrators and other professionals, he said.
Mr Deal questioned what specific activities the Government is seeking to expand, and how The Bahamas intended to compete with other financial centres on regulatory certainty, operating costs, professional expertise and administrative efficiency.
He called for a national financial services competitiveness strategy, accompanied by an annual performance report, to track investment activity, business development, employment opportunities, professional training and progress against clearly established objectives.
The strategy, Mr Deal said, should identify opportunities to expand areas such as wealth management, trust services and specialised corporate services, while establishing measurable targets for the industry's development.
“We got to stop being reactive as it relates to our financial services sector,” Mr Deal said. “Be more proactive and look at what our competitors in the area are doing.”
He also questioned whether the industry's success was translating into sufficient opportunities for Bahamian professionals and locally-owned businesses.
Mr Deal said The Bahamas should identify the skills that would be required over the next decade, and develop partnerships between financial institutions, professional bodies and educational institutions to prepare Bahamians for those opportunities.
He called for more opportunities for Bahamian-owned firms to provide professional services to the industry, arguing that its performance should be assessed not only by the international companies operating in the country but also by the Bahamians building careers and businesses within it.
Mr Deal said the Government should demonstrate measurable results from its efforts to strengthen financial services and improve the business environment, including greater administrative efficiency, business growth and job creation.
He supported the Companies Amendment Bill, describing it as a necessary correction to corporate legislation, but said the country's wider economic ambitions should include a stronger competitive position, greater Bahamian participation and an environment that enables businesses to establish, finance and expand their operations.