The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Attorney General yesterday touted the success of the recently-passed Commercial Enterprises Bill, with several applications for "high-tech" projects approved already.

Carl Bethel QC, addressing the mid-year Budget debate in the Senate, said: "I am pleased to confirm that the new Commercial Enterprises Bill is already proving to be a success with several applications having been approved for high-tech projects."

He added that a "quite large project' will provide employment and training opportunities to graduating University of the Bahamas (UoB) students, and have an element of 'headquartering', if finalised.

"In other words, a large international trading conglomerate is looking to move its headquarters to the Bahamas," Mr Bethel said. "Such initiatives under the Commercial Enterprises Bill, and headquartering by international traders and high-tech companies, will hopefully continue to re-position the Bahamian economy, thus creating new highly-skilled and ultimately high-paying jobs throughout our economy."

The Commercial Enterprises Act, officially known as the Act for the Designation of Specified Commercial Enterprises and Specified Economic Zones in the Bahamas, "seeks to liberalise the granting of work permits to an enterprise that wishes to establish itself in the Bahamas, and requires work permits for its management team and key personnel".

The company's investment, however, must be a minimum of $250,000.The legislation enables a 'specified commercial enterprise' to obtain an Investments Board certificate granting it a specific number of work permits for certain positions.The certificate, which will initially be issued for one year and can be renewed, would allow key personnel to set up the company's physical operations in the Bahamas before they obtain a work permit.

Such a permit must be applied for within 30 days of their entry, and the Act mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application.

If the director does not respond within that timeframe, the work permit will be "automatically deemed to have been granted". Work permits issued under the Bill's provisions will be for a three-year period, and are renewable for the same duration.