The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Prime Minister yesterday said the Government was mulling a Headquarters Encouragement Act to entice technology firms and start-ups to domicile their head offices in the Bahamas.

Dr Hubert Minnis, in his contribution to the mid-year Budget debate, said the Government was studying this recommendation following receipt of the report from its Grand Bahama Technology Hub steering committee, the contents of which were revealed by Tribune Business yesterday.

“The Government is currently considering recommendations which involve legislation for a Headquarters Encouragement Act,” Dr Minnis said, “streamlining the application processes for Business Licenses for tech companies; making it easier for Bahamian tech start-up companies to access funding; amending our education curriculum to focus on technology; making our local University of the Bahamas campus the nation’s technology centre; and marketing Grand Bahama as a technology hub.

“The Government is also presently using ways to attract tech companies, not only with our proximity and infrastructure, but also allowing companies to bring their highly-skilled and specialised talent to come with the company.

“This will provide training opportunities for Bahamians, and will provide incentives for Bahamians abroad to come home.”

The Prime Minister, meanwhile, said the Grand Lucayan deal was “progressing”, but gave no timeline for its likely completion or what the agreement will look like. The original schedule, of an end-February 2018 closing, following the Christmas signing of a Letter of Intent (LOI) by the proposed purchaser, the Wynn Group, has already passed.

“These negotiations are not yet complete and involve putting together not just the sale of assets but the right components, which will provide a unique destination for the island,” Dr Minnis said.

“It involves arriving at an agreement on a number of complex issues that must be resolved. The Government is confident that it is doing all it can to complete the deal and move to renovations and full opening of the Grand Lucayan.”