The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas must move to combat international perceptions that it is much slower and expensive to do business in this country, a prominent attorney warned yesterday.

Christel Sands-Feaste, a Higgs and Johnson partner, while speaking on a panel at the Bahamas Institute of Chartered Accountants (BICA) conference, said: "The reputation that the international community has of the Bahamas; the very first perception that we get, is that it is more expensive and it is a lot slower in the Bahamas. They ask: Why the Bahamas versus BVI or Cayman?' The perception is we are slower, more expensive and the processes are uncertain."

Mrs Sands-Feaste said 'ease of doing business' challenges were not only affecting companies currently operating in the Bahamas, but also potential new investors assessing the jurisdiction.

"The challenge to the ease of doing business affects new business coming into the jurisdiction. Clients know some of the good things, but they also know the bad things as well. People want certainty and transparency," she said.

Mrs Sands-Feaste added that the 'ease of doing business' is not only a business concern, but affects the entire economy. "I think we underestimate the fact that some of the agencies that affect the ease of doing business affect our daily lives, not just businesses," she added.

"It's a problem that affects all of us. We shouldn't look at it as solely a business issue because it affects the entire economy. We should see it as a something that affects all of us - from the chief executive to someone trying to register the birth of their child."