The Tribune

The Bahamas Financial Services Board (BFSB) is aiming to deepen synergies with the shipping industry by joining the Bahamas Maritime Authority (BMA) at Posidonia 2014.

The 40 year-old Posidonia event which takes place in Athens from June 2-6, is the largest gathering of international ship owners in the world. Attendance at this year’s event is expected to exceed the more than 1,870 exhibitors and 18,500 buyers from 92 countries who attended the 2012 version.

“In an increasingly global economy, entities such as those in the maritime sector, which transact business in multiple jurisdictions, value the importance of properly-structured corporate affairs to take advantage of regional and multilateral trade opportunities, tax incentives and mitigation, profits re-allocation, transfer pricing, and double taxation treaty enhancements,” said Aliya Allen, BFSB’s chief executive and executive director.

“Consequently, the creation of a permanent establishment in a tax-neutral jurisdiction such as the Bahamas has a number of business benefits.“

The BMA’s strong reputation in the maritime industry gives the BFSB a strong platform for promoting the country’s financial services offerings to ship owners, with broad-ranging and, at times, complex financial requirements.

“The emergence of the Bahamas as a captive insurance domicile, and the attractiveness of the jurisdiction as a commodities trading hub, are also advantages that should be of interest to those attending Posidonia,” said Ms Allen.

The Bahamas’ growing maritime sector, revolving around ship registry services and shipping companies, and its well-established financial services community, position it to become a regional hub for commodity trading activity.

“For ship owners” said Ms Allen, “there is also the additional advantage of Grand Bahama’s free trade zone, which is also 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.”

Posidonia is organised under the auspices of the Greek shipping community and the five major associations representing Greek shipowner interests: Hellenic Chamber of Shipping; Union of Greek Shipowners; 
Greek Shipping Co-operation Committee; Hellenic Shortsea Shipowners Association; and Association of Passenger Shipping Companies.