The Tribune

The Bahamas Financial Services Board (BFSB) believes this nation has positioned itself as a viable base for commodities traders, one of the world’s largest independent firms in the sector having established a base in Nassau.

“We have all of the key ingredients in place that make the Bahamas an attractive jurisdiction for trading companies looking to relocate a trading facility, or to establish a hub in a new or more favourable time zone,” said Aliya Allen, the BFSB’s chief executive and executive director.

“A modern, well-developed infrastructure, light touch regulation and a tax environment that is favourable to both companies and individuals are important considerations for trading companies,” said Ms Allen. “The Bahamas scores highly in all three areas and positions us to compete with other financial centres that are traditional locations for trading companies.”

The BFSB believes the changing business and regulatory environments in several jurisdictions where major trading companies are based is the “opening of the door” for a nation such as the Bahamas to be an alternative location as a commodity trading hub, since it offers elements necessary for commodity trading and shipping - physical trading and freight, and financial services – and is in a position to develop risk management services.

“The Government is fully committed to the development of all aspects of the financial services industry,” said Ryan Pinder, minister of financial services.

“We view the commodity trading business as another important component of our ever-evolving financial services offerings, and we will work very closely with - and welcome - those companies which have an interest in establishing operations in the Bahamas.”

The Bahamas’ growing maritime sector, revolving around ship registry services and shipping companies, and its well-established financial services community, including diverse banking services and consulting expertise in the areas of legal, accounting, tax, compliance and corporate governance matters, are also elements of a country poised to become a regional hub for commodity trading activity.

“There is also the additional advantage of a free trade zone on Grand Bahama,”’ said Ms Allen, “which is home to one of the most efficient harbours in the region, as well as an international business and logistics park for value-added and cargo handling activities.”

The BFSB believes creating a hub for commodity trading is a logical extension of the strategic vision that directs the development and evolution of the Bahamas’ financial services industry.

“Our goal is to be a globally competitive international business centre for private wealth management, capital investment in the Americas and emerging markets and residency”, said Ms Allen. “Trading companies fit perfectly into this vision.”