The government last night confirmed that provisional licences are now available to entrepreneurs starting companies in “low-risk” categories.
The move by the Department of Inland Revenue (DIR) is part of the government’s wider effort to improve the ease of doing business by speeding up the process for start-ups and new companies to begin operations.
Provisional licences are granted as part of the business licence application process. Low-risk businesses include home-based businesses, sole proprietors and other small businesses in non-regulated sectors.
They make up the bulk of small business start-ups, and. are eligible for a provisional licence when they complete a first-time application for a full business licence.
“Our early ease of doing business initiatives have systematically targeted small businesses; they represent the majority of businesses and form the backbone of the economy,” said K Peter Turnquest, deputy prime minister.
“Earlier this year, we removed the fee for starting a new business. Next, DIR implemented a system to renew business licences in under 48 hours. Now, we have introduced a provisional licence to help entrepreneurs get started faster and easier.”
Start-up companies that fall under administrative services; apparel and textile manufacturing; art and craft vendors; audio-visual production; civic organisations; clothing and accessory retail; couriers and messengers; florists; furniture manufacturing; general merchandise retail; housekeeping services; marketing and public relations; printing and publishing services; plumbing, roofing, fencing contractors; professional associations; small contractor and construction service providers would likely be able to obtain provisional licences.
After submitting a completed business licence application, eligible businesses can get a provisional licence to operate for 90 days while they wait for approvals to be processed by other government agencies.
Ultimately, new businesses will still need agency approvals from the National Insurance Board (NIB), Department of Environment Health (DEHS), Department of Physical Planning and other relevant entities. However, while these processes are underway, the provisional licence will enable them to move forward to get up and running immediately.
“I am a firm believer that, to the greatest extent possible, the general public should not be inconvenienced by our own inefficiencies. As we digitise more of our processes and integrate systems to streamline inter-agency communication we will be able to deliver more efficient services across government. In the meantime, we are implementing immediate measures to increase the ease of doing business now,” said Mr Turnquest.
Incorporated companies, non-Bahamian companies,and businesses with storefronts or operating in regulated industries are not eligible for provisional licences.
While provisional licences are not available to every business, they do cover a large majority of small businesses in the country.
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