By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Financial Services Board’s (BFSB) chief executive yesterday described the introduction of e-services at the Registrar General’s Department as a “red letter day” for business in this nation, with the incorporation of companies now available entirely on-line.
Tanya McCartney, who took her new post on December 31, said the ease of doing business is critical to ensuring that client experience matches their expectations.
“It is certainly a red letter day for business in the Bahamas with the introduction of e-services at the Registrar General’s Department,” she told Tribune Business.
“Registered agents will be able to incorporate companies, pay annual fees, reserve company names, conduct company searches and order documents on-line at any time, all the time.”
Ms McCartney added: “A company is a basic building block in the Bahamas’ financial services tool kit. As we promote the Bahamas as a jurisdiction of choice, it is important for the client experience to match the expectation that we set when marketing.
“Ease of doing business is critical to this. The ability to incorporate within 24 hours will improve our competitive advantage.
“I commend the Government. We anticipate that this measure marks a positive step towards further initiatives to improve our individual client experience, and to enhance the ease of doing business generally and further position the Bahamas as a viable, competitive and premier international financial centre.”
The World Bank’s 2016 Ease of Doing Business rankings saw this nation slip out of the World’s top 100 countries, falling nine spots in the global rankings to 106th.
Hope Strachan, minister of financial services, yesterday described the launch of the on-line business registration platforms as a critical component of the Bahamas’ commercial infrastructure, with persons now being able to form a company “within minutes”.
“This will improve the product offering of the Bahamas considerably in terms of financial services,” said Mrs Strachan
“The ease of doing business is a very important part of the reputation of this jurisdiction. Year-over-year,-to date we have been declining considerably in that area. Last year we fell out of the top 100 in the ease of doing business, and that is a concern. I believe that this initiative is going to enhance us to the point that we can arrest that decline. The financial services industry is not dead.”
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