Joint Statement From Bahamas Financial Services Board, Association Of International Banks And Trust Companies, Ministry Of Finance, Office Of The Attorney General

• Published date: 07 July 2023
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: Bahamas Financial Services Board
• Author: Bahamas Financial Services Board

Business License Bill, 2023 and IBCs

AIBT, BFSB and the Ministry of Finance held an industry consultation on the new provisions in the Business License Bill, 2023 (the "Bill") as it pertains to IBCs who are doing business in or from within The Bahamas and the financial services industry. We are providing this written statement for the benefit of those who were not able to attend the consultation.

The Business License Act (the "Act") is only applicable to a person who carries on a business in or from within The Bahamas¹ . Business "includes a profession. calling, vocation, occupation, trade, manufacture or undertaking of any kind, an adventure or concern in the nature of trade, for the purpose of creating a turnover" ² . This standard has not changed in the proposed legislation, it is the same standard as in prior years.

t is also noteworthy that there is a specific exemption in the Bill for an investment fund regulated under the Investment Funds Act, 2019 (No. 2 of 2019) and the carrying out of activities as a pure equity...