By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Business Licence issuance and renewal process is “too long, too convoluted” and needs to be reformed, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman said yesterday.
Chester Cooper added that the Chamber had engaged the Government in discussions on how the process could be refined.
“Our members are concerned about many issues that make it more difficult do do business in the country. The Chamber is on a mission to remove many of the obstacles to doing business and create a more enabling environment where business can thrive,” Mr Cooper said.
“Business licensing takes too long, the process is too convoluted, and we have engaged the Government in a discussion as to how to work with them in getting the feedback of small and large business with respect to refining this process.
“We want people to get into business, and businesses to hire people, but we make it a hassle and a hurdle to mobilise their operations quickly. This needs to be reformed.”
Mr Cooper added: “The access to capital is an issue that is often complained about by small, medium and large businesses.
“It appears often times that the system with respect to access to capital is designed to keep us small rather than encourage us to grow larger. The issue of exchange controls is one that needs to be addressed.”
Mr Cooper said the business community was also concerned about Value-Added Tax (VAT) and tax reform in general. “I believe more important than a discussion on VAT is a discussion on fiscal reform. When we look at the track record of government spending, we are concerned that regardless of what type of tax comes, it’s critical that we adjust our approach to spending,” he said.
“The Chamber and its membership generally support tax and fiscal reform. Tax reform is coming, it has to come. The time is now. It is important that the business community has an understanding of VAT and the alternatives.”
Mr Cooper said that while there were challenges, the Bahamas was still a good place to do business. “I can say definitively as a businessman that yes, there are challenges, yes there are obstacles, but the Bahamas in my view is still a great place to do business. I do business in other territories and I would say that regardless of the challenges, the Bahamas continues to be a great place to live and do business,” he added.
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