The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Baker Tilly accounting firm’s global head yesterday said the Bahamas has “all the ingredients to become a world class international financial centre”, but it needs to get the message out.

Geoff Barnes, the firm’s worldwide president and chief executive, urged this nation to capitalise on both its favourable ratings from the Organisation for Economic Co-Operation and Development’s (OECD) tax forum and growing links with China to drive the economy forward.

Speaking to Tribune Business during his visit to Nassau, Mr Barnes said: “The last thing you want is for the Bahamas to be the best kept secret in the world.

“That would be the take away for me. With all the stuff going on here, it strikes me that there are great opportunities here.

“It seems to me that you’ve got all the ingredients here for the creation of a world class international financial centre,” he added.

“All that you need is probably there already; I’ve seen pockets of it, if there’s a desire and will to push it forward.”

While acknowledging the “fierce competition” between international financial centres (IFCs), Mr Barnes said the Bahamas’ stable and transparent legal and banking systems, together with its adherence to International Financial Reporting Standards (IFRS), were among the qualities that gave it a competitive advantage.

With the Bahamas faring well under both so-called ‘Peer Reviews’ conducted by the OECD’s Global Forum on Taxation, Mr Barnes said the ‘white flag’ or clean bill of health was “a very positive position to be in”.

The key now, the Baker Tilly chief said, was “getting the message out”.

“If the regulators are giving you a thumbs up, how do you get that message out to the buying public globally,” he explained. “If the regulators are prepared to say this about you, you’ve got to capitalise on it.

“The Bahamas has an opportunity to promote what you get if you register a corporate entity here and have meaningful structures, not just a plaque on the wall. I think there’s a great opportunity for the Bahamas in that respect.”

Mr Barnes also urged this nation to capitalise on China’s increasing investment and interest in the Bahamas, which is extending beyond the $2.6 billion Baha Mar project and Airport Gateway road.

With China’s global strategy continuing to expand, and its economy growing by an astounding 8 per cent, the Baker Tilly chief executive said it was crucial for Bahamas to understand Beijing’s investment philosophy and strategy.

“You’ve got a major, major investor here for the long haul. These guys are in for the long haul,” Mr Barnes told Tribune Business of China.

“It’s not easy to get into their philosophy, and you have to get into their confidence. If you can couple that with an understanding of their business methods, it’s a great opportunity for the Bahamas.”