Bahamas 'won't punish' offenders of new business legislation

The Bahamas government says it has no plans to prosecute persons who have failed to meet the March 31 deadline to register for business licences under the new Business Licence Act.

The Ministry of Finance also said that contrary to reports, the registration of business licences under the new legislation does not carry with it a late fee for persons who have missed the registration deadline.

Under the new law, persons found to be operating a business without a business licence, and who are charged and convicted before the courts for this offence, would be liable to a fine of US$5,000 plus US$100 for each day they are in contravention of the legislation.

State Minister for Finance Zhivargo Laing has instructed the Business Licence office to accommodate last minute registrations, the ministry said in a statement.

The government says the new legislation simplifies the legal and regulatory requirements to start and operate a business in both New Providence and the Family Islands, and facilitates a one-stop-shop approach to business licensing.

As a result, business licensing will become easier, faster and more efficient and it will impose much less of a compliance burden on the private sector.

Among the features of the new Act is the elimination of yearly renewals for business licences. Additionally, small businesses with a turnover of US$250,000 or less per annum who have paid their outstanding fees under the old Business Licence Act, were exempted from the payment of business licence fees for two years to December 31, 2011.

- CMC