World Country Guide

Business Profile

Economy
One of the wealthiest countries in the Caribbean, The Bahamas depends heavily on its main industry of tourism. Other industries produce rum, oil, pharmaceuticals and salt. Transhipment through Freeport, which enjoys significant tax concessions as a free trade area, is another valuable source of revenue. The Bahamas also has a sizeable and growing offshore banking sector, although it has come under pressure as a result of competition from elsewhere and international efforts to tighten up on ‘tax havens’. In June 2000, the Bahamas were identified by the Organisation for Economic Cooperation and Development (OECD) – the world’s 30 wealthiest economies – as one of 35 countries whose financial laws were inadequate to prevent large-scale tax evasion and possible money laundering. The government has since taken measures to meet the OECD’s requirements. Most foodstuffs and virtually all other products must be imported, mainly from the USA, although oil is purchased primarily from Indonesia and Saudi Arabia. Other than the USA, The Bahamas’ major trading partners are the UK and Puerto Rico.

Business
Normal courtesies are observed, ie appointments are made and calling cards are exchanged. Office hours: Mon-Fri 0900-1700 and 0900-1730 (government offices).

Commercial Information
The following organisation can offer advice: Bahamas Chamber of Commerce, PO Box N-665, Shirley Street, Nassau (tel: 322 2145; fax: 322 4649; e-mail: bahamaschamber@bahamas.net.bs; website: www.bahamasb2b.com/bahamaschamber).

Conferences/Conventions
Conference venues can seat up to 2000 people. Information may be obtained from the Bahamas Tourist Office or the Bahamas Ministry of Tourism in Nassau (see Contact Addresses section).